Episode Details

The ASX 200 bounced back 125 points to 8,622 (1.5%) as the roller coaster continued this week. News from the White House on peace progress was the kicker, together with unemployment numbers coming in worse than expected at 4.5%. Pressure off the RBA. Both banks and resources fired today, with CBA up 0.9% and WBC rising 2.2%, with the Big Bank Basket rising to $273.39 (+1.4%). MQG jumped 1.7% and other financials also did well, with IFT up 4.6% and CGF rallying 1.9%. REITs were also back in demand as yields fell, with GMG up 2.8% and GPT rising 1.5%. Industrials firmed, with WES up 1.4% and CSL rising 1.6%, while RMD was also back in demand, up 1.2%. QAN jumped 3.1% on lower crude prices and VGN took off 9.3%, although volumes were small.

Retailers were better as yields cooled and unemployment may mean the RBA is on hold again. JBH up 3.4% and HVN up 2.1%. GYG had a strong day on a broker upgrade, up 13.0%. Tech stocks were mixed. CAT jumped 10.9% after numbers yesterday, with broker upgrades helping. TNE dipped 2.3%, WTC fell 0.5%, and the All-Tech Index was up 0.3%

In resources, BHP jumped 3.1% on copper exposure, RIO up 3.2%, and gold miners were back in favour. NST fell 2.1% as the CEO stepped down. EVN up 3.8% and GMD rising 0.7%. Lithium stocks were better, with LTR up 4.2% and MIN jumping 2.9%. Oil and gas stocks eased back, as did coal, but uranium stocks rose.

In corporate news, SGH fell 0.8% after a very in-depth investor day. IPX rose 5.2% after commissioning a 300-tonne axis SACMI in US. 

On the economic front, unemployment came in worse than economists expected at 4.5%. Morgan Stanley is predicting the largest house price correction in 40 years! The bank is talking a 10% fall. 

Asian markets better, Japan up 3.2%, Hong Kong down 0.7%, China down 0.6%. Kospi up 8.2%

US futures ease with Dow down 74, Nasdaq down 6. European futures opening around 1% lower. Oil up 1%.

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