ASX Update: China Revival Hopes, Tech Rally Boost Market

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ASX Update: China Revival Hopes, Tech Rally Boost Market

The Market Herald2022-06-03

A surge in commodity prices as China reopened helped propel Australian shares towards a third straight winning week as the mood on global markets improved.The S&P/ASX 200 jumped 51 points or 0.71 ...

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Mm101
·2022-06-03
Yes
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Ahsiang
·2022-06-03
Sure Bo
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taigur
·2022-06-03
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Vicholes
·2022-06-03
[Happy]
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Tech stocks also rose firmly in line with the overnight trend in the US.What’s driving the marketExpectations for a recovery in demand as China lifts Covid restrictions saw substantial moves in a range of Australian exports. Spot iron ore prices jumped 5.1 percent in China. Copper rallied 4.8 percent in US trade. Van Eck’s exchange-traded fund of rare earths/strategic metals rallied 5.1 percent.“Pandemic restrictions in the world’s largest consumer had weighed on demand in recent months. With those now being lifted, the market is looking to a boost to demand as economic activity picks up,” ANZ senior commodity strategist Daniel Hynes said.Wall Street’s steady recovery from last month’s lows continued as weak payrolls data suggested rate increases were taking effect. In the looking-glass world of financial markets, bad news for the economy is currently seen as market-friendly because it reduces pressure for aggressive rate increases.The S&P 500 jumped 1.84 percent, extending its recovery from last month’s 52-week low to 9.6 percent. The Nasdaq Composite put on 2.69 percent.“The major Wall Street indices closed higher last night, led by heavy-weight tech stocks, especially FAANG stocks [Facebook, Apple, Amazon, Netflix, Google] whose sky-high values tend to give the broader market a harder push higher or lower,” Kunal Sawhney, chief executive of research group Kalkine, said.“Further cues about the health of the US economy will come tonight when the Labor Department releases the employment report for May. Of late, the jobs market bounced back strongly with low unemployment and higher job postings after a slow recovery initially.”The greenback fell with last night’s jobs setback, increasing the appeal of dollar-denominated commodity prices for holders of other currencies. The Australian dollar climbed more than 1 percent to its highest in six weeks. The Aussie was lately buying 72.57 US cents.Going upBHP advanced 2.63 percent to its highest since mid-April as bulk metal miners responded to positive pricing signals. Fortescue Metals put on 4.12 per cent, Rio Tinto 2.68 percent and Champion Iron 7.38 percent.Diversified miner OZ Minerals added 5.14 percent. South32 gained 2.01 percent.The commodities rally brought relief at the end of a challenging week for investors in green metals. Pilbara Minerals bounced 6.14 percent, Liontown Resources 6.3 percent and Mineral Resources 4.99 percent.A four-week high in gold boosted the local sector. De Grey rose 5.77 percent, Gold Road Resources 5.91 percent and Ramelius 4.13 percent. Newcrest put on 1.48 percent.The volatile tech sector tracked the latest upswing on the Nasdaq. WiseTech advanced 5.41 percent, Afterpay parent Block 4.41 percent and Altium 4.28 percent.Going downDiagnostic imaging provider Healius dropped 7.45 percent after warning of a “difficult” second half. The company said it was trading broadly in line with revised guidance but was experiencing high levels of Covid infections among staff and patients.“Healius announces that its unaudited underlying EBIT for the year-to-date to May 2022 is in the order of $473 million, with strong trading in the first half but more difficult market conditions in the second half of the financial year,” the company said.Traditional defensive assets faced selling pressure as investors rotated into sectors with better upside potential.Protective wear manufacturer Ansell fell 3.49 percent following a downgrade from Credit Suisse. Domino’s Pizza cooled 1.88 percent. Gas infrastructure provider APA Group shed 1.92 percent.Insurers IAG and QBE fell 0.58 and 0.87 percent, respectively.A retreat in bond yields kept the banks in check. NAB dipped 0.4 percent. CBA shed 0.5 percent.Other marketsIn Asia, the regional Dow gained 0.39 percent. Japan’s Nikkei rallied 1.12 percent. Markets in China closed for a holiday.US futures inched higher. S&P 500 futures added three points or almost 0.1 percent.Gold built on last night’s four-week high. The yellow metal firmed US$4.10 or 0.2 percent to US$1,875.20 an ounce.Oil kept most of last night’s 1.1 percent advance.  Brent crude eased six US cents or 0.05 percent to US$117.55 a barrel.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9050443713,"gmtCreate":1654230333932,"gmtModify":1676535417462,"author":{"id":"3565081661382277","authorId":"3565081661382277","name":"Mm101","avatar":"https://static.tigerbbs.com/01758aa877d9e5a9767d24de3a4e2ff1","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3565081661382277","authorIdStr":"3565081661382277"},"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050443713","repostId":1179501813,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9050423862,"gmtCreate":1654227005356,"gmtModify":1676535416867,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"htmlText":"Sure Bo","listText":"Sure Bo","text":"Sure Bo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050423862","repostId":1179501813,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9050467754,"gmtCreate":1654226638078,"gmtModify":1676535416811,"author":{"id":"3586820830754122","authorId":"3586820830754122","name":"taigur","avatar":"https://static.tigerbbs.com/e45e0c930235cf33f2a0affde26e97b8","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3586820830754122","authorIdStr":"3586820830754122"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050467754","repostId":1179501813,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9050464135,"gmtCreate":1654226316527,"gmtModify":1676535416804,"author":{"id":"4088125554959510","authorId":"4088125554959510","name":"Vicholes","avatar":"https://static.itradeup.com/news/a52c68e0b84d7f61c9d9ccf225bb2bb8","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4088125554959510","authorIdStr":"4088125554959510"},"htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050464135","repostId":1179501813,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":68,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}