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ASX200: Futures Point Northwards ahead of Retail Sales Numbers
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Australian retail sales figures will be in focus later this morning. A continued rise in new COVID-19 cases across Europe and the threat of more restrictions could be a drag, however.
The ASX200
It was back into the green for the ASX200 on Thursday.
Reversing a 0.15% loss from Wednesday, the ASX200 rose by 0.11% to end the day at 7,407.29.
Bank stocks weighed on Thursday, while commodity and tech stocks delivered support, with the upside coming off the back of modest gains from the U.S on Wednesday.
The Stats
Economic data was limited to private new CAPEX figures in the early part of the session.
In the 3rd quarter, private new CAPEX fell by 2.2% versus a forecasted 2.0% decline. Private new CAPEX had increased by 4.4% in the previous quarter.
According to the ABS.
- Buildings and structures slipped by 0.2%, while expenditures on equipment, plant, & machinery slid by 4.1%.
- While negative, the estimate for 2021-22 was raised by 8.7% to A$138.6bn.
The Market Movers
It was a bearish day for the banks. CBA led the way down, sliding by 1.45%, with ANZ and Westpac seeing losses of 0.87% and 0.78% respectively. NAB and Macquarie Group ended the day down by 0.46% and by 0.72% respectively.
Commodity stocks had a bullish session, delivering much-needed support. Fortescue Metals Group Ltd and Rio Tinto led the way, with gains of 1.76% and 1.64% respectively. Newcrest Mining and BHP Group ended the day up by 0.46% and by 0.99% respectively.
Other Asian Markets
Elsewhere, it was another mixed session. The Nikkei and the Hang Seng Index rose by 0.67% and by 0.22% respectively, while the CSI300 slipped by 0.41%.
The Day Ahead
It’s another relatively quiet day ahead on the Aussie economic calendar. Retail sales figures for October will be in focus early in the session. Expect plenty of influence, with consumption key to the economic recovery.
With the U.S markets having been closed on Thursday, expect the futures markets to also provide direction alongside commodity prices.
A continued rise in new COVID-19 cases across Europe, however, will likely test support for riskier assets, however.
The Futures
In the futures markets, at the time of writing, the ASX200 was up by 4 points.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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