ASX Close: China Recovery Helps Stocks Trim Falls

The Market Herald2023-03-01

A rebound in the Chinese economy combined with market-friendly Australian inflation and economic growth data to help the share market trim early losses.The S&P/ASX 200 cut a 42-point loss to seven ...

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Simonnov
2023-03-01
Simonnov
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TaiWoeiHaur
2023-03-01
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Banks, landlords and companies trading ex-dividend were among the biggest drags.What moved the marketStocks unwound most of their early losses as investors embraced reports showing Chinese factory output accelerated, the Australian economy expanded less than expected and inflation cooled more than anticipated.A long-awaited post-lockdown acceleration in the Chinese economy kicked into gear last month as factory activity logged its biggest increase since 2012. The manufacturing purchasing managers’ index climbed to 52.6 from 50.1 in January. A separate gauge of services sector activity rose to 56.3 from 54.4. Both measures were significantly stronger than economists anticipated.Chinese stocks led an Asian rally after China’s Minister of Finance Liu Kun said the recovery was still not stable and the government would expand fiscal spending this year and encourage investment.The Hang Seng index in Hong Kong surged 3.37 percent. The Shanghai Composite gained 0.9 percent. The Asia Dow advanced 0.91 percent. Japan’s Nikkei firmed 0.2 percent.Australian stocks were already well off their lows as soft domestic data soothed fears of another four interest rate hikes. Consumer prices were 7.4 percent stronger in January than the same time last year, well above the Reserve Bank’s target but down from 8.4 percent growth recorded in December.“While caution is required around reading too much into this measure – taken at face value, peak quarterly inflation may now have passed,” IGA market analyst Tony Sycamore said.A separate report showed the economy grew less than expected in the last three months of 2022. Gross domestic product increased by a seasonally-adjusted 0.5 percent. The increase was the fifth in a row, but the second where growth slowed from the previous quarter. Economists expected stronger growth of around 0.7-0.8 percent.A volatile session for forex traders saw the dollar plunge on the Australian data, then rally on the Chinese news. The dollar was lately ahead 0.3 percent at 67.49 US cents after falling briefly below 67 cents.The market’s early weakness followed a downbeat conclusion to a losing month on Wall Street. The S&P 500 faded 0.3 percent overnight. For the month, the broadest of the three major US indices lost 2.6 percent. The Dow dropped 4.2 percent and the Nasdaq 1.1 percent.Winners’ circleResource stocks outperformed for a second day. Overnight rebounds in gold, copper, oil and iron ore helped raise the materials sector further from Monday’s eight-week low.Ramelius put on 6.7 percent, Perseus Mining 4.83 percent and Allkem 4.58 percent. Among the heavyweights, Newcrest gained 3.73 percent, Fortescue 3.36 percent, Rio Tinto 2.48 percent and Woodside Energy 2.48 percent.NextDC climbed 2.73 percent to a six-month high after yesterday forecasting full-year revenues near the top of previous guidance.Traders continued to reward positive battery metal assays. Oceana Lithium gained 6.94 percent after samples from its project in Brazil returned assays of up to 3.61 percent lithium oxide.Pandemic star Harris Technology was unchanged after sales revenues almost halved last half from the prior corresponding period. The online retailer lost $2 million as it reduced inventory by dumping underperforming products at clearance prices. Shares that traded at 22.5 cents in 2020 were available for 1.6 cents this morning.DoghouseThe interest rate-sensitive property sector led the selling as short-term bond yields hovered near their highest in more than a decade. The yield on two-year Australian government bonds neared its highest since 2012 before retreating after the morning’s economic data.Lifestyle Communities shed 4.94 percent, HomeCo Daily Needs 3.04 percent and HMC Capital 2.75 percent. Industrial landlord Goodman sagged 2.17 percent.The big four banks lost between 1.14 and 2.07 percent. Other drags included CSL -1.16 percent, Transurban -1.06 percent and Coles -1.05 percent.Coal producer Terracom fell 1.32 percent after the corporate regulator launched civil proceedings over alleged breaches of whistleblower legislation. ASIC accuses the firm of making false or misleading announcements to the market relating to allegations of falsifying coal quality certificates.Tyro Payments dropped 3.33 percent after David Thodey resigned as Chair of the board. The former Telstra CEO had served on the board for more than four and a half years. Fiona Pak-Poy will take over the role.A string of companies were suspended by the exchange operator for failing to lodge trading updates by yesterday’s deadline. Among the more prominent names on the naughty list were McPherson’s, Energy World, Structural Monitoring Systems and Spacetalk.Among companies trading ex-dividend, Telstra dropped 2.88 percent, Link Administration 5.68 percent, Orora 3.12 percent, AUB 2.1 percent and The Lottery Corporation 2.12 percent. AMP gained 1.93 percent and Australian Ethical 4.93 percent.Other marketsUS futures overcame early weakness to sit unchanged at the Australian close.Brent crude built on last night’s US$1.44 rebound. The global oil benchmark rallied 46 US cents or 0.55 percent to US$83.91 a barrel.Gold was little changed, rising 40 US cents or 0.02 percent to US$1,837.10 an ounce.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9940923713,"gmtCreate":1677655979732,"gmtModify":1677655983696,"author":{"id":"4097750438225520","authorId":"4097750438225520","name":"Simonnov","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Ic","listText":"Ic","text":"Ic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940923713","repostId":2316665539,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940963386,"gmtCreate":1677651834545,"gmtModify":1677651838295,"author":{"id":"3563667765668803","authorId":"3563667765668803","name":"TaiWoeiHaur","avatar":"https://community-static.tradeup.com/news/4573ecee7a4a891ace3e5566a59069d5","vip":1,"crmLevel":5,"crmLevelSwitch":1},"htmlText":"👋&nbsp;","listText":"👋&nbsp;","text":"👋","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940963386","repostId":2316665539,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":19,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2316665539"}