Economic Calendar
Thursday, 25th November
Private New Capital Expenditure (QoQ) (Q3)
Friday, 26th November
Retail Sales (MoM) (Oct)
The ASX200
It was back into the red for the ASX200 on Wednesday.
Partially reversing a 0.78% gain from Tuesday, the ASX200 slipped by 0.15% to end the day at 7,399.44.
A mixed session for the big-4 banks and commodity stocks weighed following a pickup in 10-year U.S Treasury yields on Tuesday.
Following FED Chair Powell’s reappointment, the markets have shifted on FED monetary policy, pushing the 10-year higher.
Eurozone and U.S private sector PMIs from Tuesday also continued to point to supply chain disruption and yet higher cost pressures.
The Stats
In the 3rd quarter, construction work down slipped by 0.3% quarter-on-quarter, following a 0.8% increase in the quarter prior. Economists had forecast a 3.1% slide.
The numbers had a muted impact on the day, however.
The Market Movers
It was a mixed day for the banks. ANZ and CBA rose by 0.88% and by 0.37% respectively. Westpac and NAB fell by 0.05% and by 0.07% respectively, however, with Macquarie Group sliding 1.48%.
Commodity stocks also had a mixed session. Newcrest Mining fell by 1.16%, with Rio Tinto ending the day down by 0.06%. Fortescue Metals Group Ltd and BHP Group saw gains of 1.27% and 0.50% respectively, however.
Other Asian Markets
Elsewhere, it was another mixed session. The CSI300 and the Hang Seng Index rose by 0.07% and by 0.14% respectively, while the Nikkei slid by 1.58%.
The Day Ahead
It’s another relatively quiet day ahead on the Aussie economic calendar. Private new CAPEX figures for the 3rd quarter will be in focus, with economists forecasting a 2% fall.
From overnight, however, market reaction to U.S economic data and the FOMC meeting minutes will set the tone.
Gains for the NASDAQ and the S&P500, in response to the FOMC meeting minutes, should deliver some early support.
The Futures
In the futures markets, at the time of writing, the ASX200 was up by 7 points.
For a look at all of today’s economic events, check out our economic calendar.
