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Ukrainian President Zelensky: Europes interceptor missiles cannot be stuck in warehouses.Ukrainian President Zelensky: This week, 13 regions of Ukraine were attacked. Russia launched more than 1,550 attack drones, about 1,560 guided-missile bombs, and 62 missiles at our cities and communities.On August 16, the Russian Ministry of Defense announced that its air defense systems intercepted and destroyed 822 Ukrainian drones over Russian airspace overnight. The Ministry stated, "Overnight, on-duty air defense systems intercepted and destroyed 822 Ukrainian fixed-wing drones over the Belgorod, Bryansk, Vladimir, Volgograd, Voronezh, Kaluga, Kursk, Lipetsk, Nizhny Novgorod, Oryol, Rostov, Ryazan, Tambov, Tula, Moscow region, Krasnodar Krai, Crimea, the Black Sea, and the Sea of Azov."A NATO military spokesperson said the drone shot down in Romanian airspace appears to be Russian.On August 16th, Sophie Huynh, Portfolio Manager and Strategist at BNP Paribas Asset Management, stated that Europe is more likely to be a beneficiary of AI than a developer, with the automotive industry being one of the beneficiaries. Currently, European automotive stocks are so cheap that almost no one is really considering their upside potential. The key is understanding when the market will start talking about this, as it may take a year or two of holding these deep value sectors before the market consensus realizes it truly works. Many positive news regarding US consumer spending has already been priced in by the market, so the momentum of the US economy is slowing, while Europe is just beginning to recover.

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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