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On April 26, UBS said that the current market thinking is consistent with the banks basic forecast, that is, tariffs will be reduced from the current announced level for the rest of the year, and the Federal Reserve will further cut interest rates this year. However, as uncertainty in trade, economy and Federal Reserve policy remains high, expected volatility also remains high. However, UBS believes that the US stock market is attractive, and the S&P 500 index target continues to be 5,800 points by the end of the year. UBSs current basic forecast is that the Federal Reserve will cut interest rates by 75 to 100 basis points this year, but in the short term, the Feds policy flexibility seems more limited because it must balance concerns about economic growth with the risk of inflation recovery.According to AFP: Senior officials said that Ukrainian President Zelensky and US President Trump may meet in Rome.Spokesman for Ukrainian President Volodymyr Zelensky: Ukrainian President Volodymyr Zelensky has arrived in Rome to attend the Popes funeral.According to the Ukrainian National News Agency: Russian troops launched 414 attacks in the Zaporizhia region at night.Market news: Ukrainian President Zelensky and his wife arrived in Rome.

Hang Seng Index, ASX200, Nikkei 225: ASX 200 Gets Wall Street Support

Cory Russell

Feb 14, 2023 16:49


Market Overview

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.

ASX 200

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.

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