Cory Russell
Feb 14, 2023 16:49
It was a mixed morning session. While there were no material stats from the US to deliver a bullish start to the Tuesday session, a US household survey eased fears of a hot US CPI Report.
According to a Monday Fed press release, the January 2023 Survey of Consumer Expectations showed that household growth expectations fell significantly in January while holding above pre-pandemic levels. The survey results eased fears of a hotter-than-expected January CPI Report, supporting a bullish US market session.
On Monday, the NASDAQ Composite Index rose by 1.48%, with the Dow gaining 1.11%. Investor optimism delivered early support.
The ASX 200 was up 0.30% this morning. Economic indicators from Australia delivered mixed results. While consumer confidence waned in February, business confidence rebounded in January, which was market positive. The NAB Business Confidence Index rose from -1 to +6, while the Westpac Consumer Sentiment Index fell by 6.9%, reversing a 5.0% rise from January.
Easing fears of a hotter-than-expected US CPI Report delivered a bullish session for the Dow on Monday, which provided ASX 200 support this morning. However, the Index saw a modest gain, with the RBA monetary policy outlook a headwind.
This morning, bank stocks had a mixed session. National Australia Bank (NAB) and Westpac Banking Corp (WBC) saw gains of 0.67% and 0.19%, respectively, while the Commonwealth Bank of Australia (CBA) and ANZ Group (ANZ) were down by 0.07% and 0.04%, respectively.
Mining stocks were also having a mixed session. Rio Tinto (RIO) fell by 0.15%, while BHP Group Ltd (BHP) and Fortescue Metals Group (FMG) were up 0.08% and 0.45%, respectively. Newcrest Mining (NCM) resumed its upward trend, rising by 0.63%.
Oil stocks were on the rise, with Woodside Energy Group (WDS) and Santos Ltd (STO) up by 0.55% and 0.50%, respectively. The current uptrend in crude oil prices delivered support. The upside came despite a morning pullback in crude oil prices. WTI was down 1.24% to $79.15.
Feb 13, 2023 15:51
Feb 14, 2023 17:01