To The Moon

The Australian sharemarket opened higher on Friday, following Wall Street gains, after fresh inflation data revived hopes of a January interest rate cut by the US Federal Reserve.The S&P/ASX 200 index was up 0.5%, or 41.70 points, to 8629.90 at 10.10am AEDT, with nine of the 11 sectors in positive territory. For the week, the benchmark is on track to fall 0.8%.Investor sentiment was supported after core consumer prices rose 2.6% year-on-year in November, while the overall CPI increased 2.7% over the same period. ANZ reports that markets are now pricing about a 25% chance of a January reduction and a near-certain move by April.“November’s inflation undershoot has armed Fed doves with strong ammunition for a January rate cut,” Principal Asset Management’s Seema Shah said in a note. “It’s

The Australian sharemarket edged into positive territory on Thursday following a late afternoon rally in technology stocks, though caution persisted amid a sell-off in the energy sector and lingering fears of an artificial intelligence bubble.The S&P/ASX 200 index inched up 3 points to 8588.2, snapping three sessions of losses. Even so, the local bourse has shed 1.3% since Monday.Out of the 11 sectors, four closed in the red.The technology sector rebounded in the final minutes of trading from a Nasdaq-inspired sell-off sparked by reports that Blue Owl would not back a US$10bn ($15 billion) deal to build a data centre in Michigan with the tech giant Oracle.The news still weighed on many local tech stocks, with NextDC falling 4.4% to $12.14 and Megaport down 1.8% to $12.13. Beaten-down f

The Australian sharemarket opened weaker after a selling wave washed through the tech sector after a report of an unexpected financing turn regarding an Oracle data centre.The S&P/ASX 200 index was down 12.80 points, or by 0.2% to 8572.40 at 10.20am AEDT, with eight of the 11 sectors off. Blue Owl, a longtime partner in Oracle’s rapid AI infrastructure build-out, has opted not to contribute equity for a data centre in Michigan, Bloomberg reported. This saw the Nasdaq drop by 1.8% and the S&P 500 by 1.2%.On the ASX, technology was the weakest as it tacked the Nasdaq. Data centre operator NextDC dived 4.7%, TechnologyOne 2% and WiseTech Global by 0.9%.Energy was lower as Woodside dropped 2.1% as it announced the unexpected departure of chief executive Meg O’Neill, who will become the

The Australian sharemarket dropped on Wednesday after key US jobs data did little to bolster expectations of further interest-rate cuts and oil fell to its lowest level in almost five years.The S&P/ASX 200 was down 13.7 points, or 0.2%, at 8585.20, with 10 of the 11 sectors lower, led by energy.Wall Street had a mixed session overnight after the US unemployment rate edged up to 4.6% from 4.4%. Evercore ISI economist Krishna Guha said the data were not “weak enough to spur another near-term rate cut”. Bond markets are pricing in roughly a 20% chance of a US Federal Reserve rate cut in January.On the ASX, Woodside fell 2.4% to $23.4 after Brent crude slid 2.7% to settle at $US58.92 a barrel overnight, as traders weighed the prospect of a deal in Ukraine that could ease restrictions on Ru

The Australian sharemarket opened lower on Wednesday as heavy losses among energy and banking stocks offset a rebound in materials a week out from Christmas.The S&P/ASX 200 index was down 30.8 points, or 0.4%, to 8568.10 at 10.12am AEDT, with seven of the 11 sectors lower.Energy was the weakest sector as Woodside fell 2.1% as global oil prices fell 2% to the lowest level since early 2021 on expectations the war in Ukraine could end. Santos fell 1.6% as it executed a conditional sale to divest its 42.86% operated interest in the Mahalo Joint Venture in Queensland’s Bowen Basin to Comet Ridge and its PNG LNG venture repaid its debt ahead of time.Consumer staples were down as Treasury Wine Estates dived 10.8% as the company downgraded its profit, which Citi said was 31% below consensus.Co

The Australian sharemarket fell on Tuesday, tracking broad weakness in US futures stock indices as investors turned cautious about the path of interest rates in America and Australia ahead of key labour data in the world’s largest economy.The US will release its long-awaited combined employment reports for October and November later, following delays to data collection during the longest government shutdown in America’s history. Markets expect at least two more rate reductions by the Federal Reserve next year.The S&P/ASX 200 eased 0.4%, or 36.1 points, to 8598.90, in the second consecutive session of losses. Of the 11 sectors, only industrials and consumer staples closed in the green.Rate-sensitive sectors, including tech, consumer discretionary and real estate, were among the laggards

The Australian sharemarket opened higher on Tuesday as gains by the heavyweight miners and banks offset falls elsewhere.The S&P/ASX 200 index advanced 0.4%, or by 35.10 points, to 8670.10 at 10.10am AEDT, with six of the 11 sectors stronger.Financials was the best performer, up 1.1% in early trade, with ANZ up 2%, National Australia Bank by 1.7%, Commonwealth Bank 1.4% and Westpac by 1.1%.Miners were mixed with BHP and Rio Tinto up 0.5% and 1.2% respectively as copper rose overnight as markets focused on tight supply next year, with renewed disruptions and resilient demand offsetting concerns about the global economy, ANZ says. Among gold miners, Northern Star fell 0.7%, but Newmont rose 0.7%.DroneShield rocketed 19.6% to be the market leader, as it secured a $49.6 million contract thr

The Australian sharemarket dropped on Monday after a sell-off in commodity prices hit the mining giants, with both BHP and Rio Tinto tumbling more than 2%.The S&P/ASX 200 index fell 62.3 points, or 0.7%, to 8635, tracking broad weakness on Wall Street amid investor jitters about the US tech sector. On the ASX, the materials sector was by far the biggest detractor on the bourse, leading ten of the 11 sectors into the red.That’s after copper fell more than 3% on Friday from a record high, while iron ore futures lost as much as 1.6% in Singapore to $US100.70 a tonne on Monday, after China said it would introduce a licensing system on the export of certain steel products from January.“A risk-off tone across markets weighed on sentiment across the base metals complex, with copper giving up

The Australian sharemarket opened lower on Monday as lower commodity prices weighed on local stocks ahead of the federal government’s mid-year budget and economic update.The S&P/ASX 200 index fell 49.5 points, or 0.6% to 8647.80 at 10.10am AEDT as all 11 sectors traded down.Materials slumped as copper fell more than 3% on Friday as a risk-off tone swept markets, with a sell-off in artificial intelligence-focused stocks triggering profit taking across the base metals complex, according to ANZ. BHP dropped 1.6%, Rio Tinto 1.1% and South32 by 1.4%. Fortescue fell 0.8% as it struck a binding deal to acquire the remaining 64% of Alta Copper it does not already own at $C1.4 per share, moving to full control of the Canadian-listed developer via a plan of arrangement.Technology all weighed as

The Australian sharemarket sank for a fourth straight week to a six-month low, with nearly $40 billion wiped out on Friday amid renewed AI jitters and a stronger-than-expected US jobs report that clouded the outlook for rate cuts.The S&P/ASX 200 fell 136.20 points, or 1.6%, to 8416.50, taking its weekly loss to 2.5%. The index has now dropped 5.2% in November, putting the month on track for its worst performance since September 2022.Capital.com analyst Kyle Rodda said the sell-off was driven by uncertainty over US monetary policy after the economy added 119,000 jobs versus forecasts for 50,000.“While the chances of a cut are marginally higher, the markets are still implying a line-ball decision in December. There’s also the question of the trajectory for rates going into 2026 and wheth