ASX Update: Stocks Steady on GDP, Inflation Surprises

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ASX Update: Stocks Steady on GDP, Inflation Surprises

The Market Herald2023-03-01

Aussie shares reversed early losses after weaker-than-expected inflation and economic growth reports appeared to ease pressure on the Reserve Bank to keep raising interest rates.The S&P/ASX 200 ...

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stardice
·2023-03-01
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Hi001
·2023-03-01
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The dollar dropped to a two-month low below 67 US cents before paring its fall to 0.1 percent at 67.24 US cents.Gains in resource stocks and some defensive sectors helped offset declines in property and banking stocks.What’s driving the marketHopes that inflation peaked last year were boosted by news the Consumer Price Index recorded year-on-year growth of 7.4 percent in January, down from 8.4 percent in December. Economists had predicted a smaller moderation in price growth to 8.1 percent.A 2.3 percent decline in the cost of fruit and vegetables and clothing helped offset gains in rents and housing. While the decline was welcome, price growth remained elevated by historical standards.“This month’s annual increase of 7.4 percent is lower than the 8.4 percent rise for the year to December 2022. It is, however, the second highest annual increase since the start of the monthly CPI indicator series in September 2018, signifying ongoing high inflation,” Michelle Marquardt, ABS Head of Prices Statistics, 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.“After four quarters of strong growth following the Delta-variant lockdowns, growth in household spending softened in the December quarter. Spending on discretionary services drove the rise in household consumption, however growth markedly slowed in comparison to the September quarter,” Katherine Keenan, ABS head of National Accounts, said.While the reports suggest higher interest rates are having the desired effect of cooling consumption, they are unlikely to deter the Reserve Bank from raising official rates again next week, according to the CEO of research group Kalkine, Kunal Sawhney.“January month’s CPI reading is lower than the preceding month’s reading, but the commentary by ABS clearly mentions that it ‘signifies ongoing high inflation’. Also, food and housing prices are the biggest contributors to inflation, suggesting that the RBA might want to increase the cash rate further to bring down inflation,” Sawhney said.“GDP’s 0.5% growth in December 2022 quarter came as much from ‘continued growth in household spending’ as other factors, which is another reason why the RBA might continue to make borrowings tougher by hiking cash rate.”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.Going upResource 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 5.31 percent, Pilbara Minerals 5.28 percent and Perseus Mining 4.33 percent. Among the heavyweights, Newcrest gained 3.04 percent, BHP 2.26 percent, Woodside Energy 2.05 percent and Rio Tinto 2.07 percent.NextDC climbed 2.82 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. Heavy Rare Earths firmed 12 percent following the “most significant” results to date from its Cowalinya rare earths project in W.A. 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.Going downThe 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 4.59 percent, HMC Capital 4.01 percent and Arena REIT 2.59 percent. Industrial landlord Goodman sagged 2.06 percent.The big four banks lost between 1 and 1.7 percent. Other drags included Transurban -1.52 percent, CSL -0.59 percent and Coles -0.44 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 1.82 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 2.4 percent, Link Administration 4.59 percent, Orora 3.54 percent, AUB 1.99 percent, Australian Ethical percent and The Lottery Corporation 0.91 percent. AMP was unchanged. Australian Ethical gained 1.74 percent.Other marketsAsian markets were mixed. The Asia Dow inched up 0.09 percent. Hong Kong’s Hang Seng improved 0.32 percent. China’s Shanghai Composite dipped 0.02 percent. Japan’s Nikkei shed 0.25 percent.US futures added to last night’s retreat. S&P 500 futures were recently off 12 points or 0.3 percent.Gold unwound some of last night’s 0.7 percent rally, falling US$3.80 or 0.2 percent to US$1,832.90 an ounce.Brent crude declined 21 US cents or 0.25 percent to US$83.24 a barrel.","kind":"highlight","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":9940932191,"gmtCreate":1677637777714,"gmtModify":1677637781084,"author":{"id":"3569374298664989","authorId":"3569374298664989","name":"stardice","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3569374298664989","authorIdStr":"3569374298664989"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940932191","repostId":2316655629,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940936771,"gmtCreate":1677637652393,"gmtModify":1677637655796,"author":{"id":"3584865393434866","authorId":"3584865393434866","name":"Hi001","avatar":"https://static.tigerbbs.com/fdb94b71a386dca6e0927a9a6df8e9d6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3584865393434866","authorIdStr":"3584865393434866"},"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940936771","repostId":2316655629,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":27,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}