The Australian markets had a challenging week, with the ASX 200 index declining by 1.45%. Major banking stocks like Commonwealth Bank of Australia (-1.96%), National Australia Bank (-2.46%), Westpac Banking Corporation (-4.98%), and Australia and New Zealand Banking Group (-2.76%) were among the top losers. Mining giants BHP Group (-3.00%) and Rio Tinto Group (-4.22%) also faced significant losses, likely due to concerns over the Chinese economy.
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In the past few months, iron ore prices have surged from $90 to $105 per tonne, sparking a rally in Australian mining stocks. For companies like BHP and Rio Tinto, this price rebound could mean billions in additional revenue. Given that China imports over 44% of global iron ore, any fluctuation in Chinese demand sends immediate ripples through the market. But how sustainable is this price surge? And more importantly, how should Australian investors navigate the intertwined complexities of China’s credit expansion and its impact on commodity markets?
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Australian Market Update:
The ASX 200 remained relatively flat over the past week, posting a modest 0.03% gain. However, there was significant rotation amongst sectors. The materials sector, led by mining giants BHP Group (10.91%) and Rio Tinto (12.77%), was the top performer, buoyed by rising commodity prices. Fortescue also saw impressive gains of 14.01%. However, the financial sector faced significant selling pressures, with major banks such as Commonwealth Bank of Australia (-7.16%), National Australia Bank (-6.88%), Westpac Banking Corporation (-5.27%), and Australia and New Zealand Banking Group (-4.55%) all recording falling stock prices.
The ASX 200 remained relatively flat over the past week, posting a modest 0.03% gain. However, there was significant rotation amongst sectors. The materials sector, led by mining giants BHP Group (10.91%) and Rio Tinto (12.77%), was the top performer, buoyed by rising commodity prices. Fortescue also saw impressive gains of 14.01%. However, the financial sector faced significant selling pressures, with major banks such as Commonwealth Bank of Australia (-7.16%), National Australia Bank (-6.88%), Westpac Banking Corporation (-5.27%), and Australia and New Zealand Banking Group (-4.55%) all recording falling stock prices.
We are excited to announce our partnership with Ducktober, a unique and impactful initiative organized by the Waves of Wellness (WOW) Foundation! This annual fundraising event takes place during Mental Health Awareness Month in October, and all funds raised directly helps WOW continue to provide free surf therapy programs.
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This week, the ASX 200 showed positive movement, rising by 1.08%, closing at 8,209.5 points on Friday 20th September. Gains were supported by strength in financials, energy, and mining sectors. Notably, major banks saw a boost, with Westpac rising by 2.38%, NAB by 2.29%, and ANZ by 2.21%. The miners were also strong contributors, with Fortescue Metals up by 2.56%, and BHP Group gaining 2.00%.
The recent decision from the U.S. Federal Reserve (the Fed) to reduce interest rates by 50 basis points, bringing the federal funds rate to a range of 4.75% to 5%, has drawn attention from markets worldwide, including Australia. With inflation in the U.S. having moderated to approximately 2.2%, close to the Fed’s long-term target, many are questioning the rationale behind this rate cut and its broader implications for investors.
This week, Australian markets demonstrated a solid performance, with the ASX 200 rising by 1.1%. Materials led the way with a notable 4.2% increase, buoyed by renewed optimism around potential stimulus measures from China. Lithium stocks enjoyed a rebound from recent lows due to supply cuts, while fears of supply restrictions from Russia impacted uranium, nickel, and titanium markets positively. Oil prices also saw an uptick, supported by output disruptions in the US Gulf of Mexico. The Financials sector lagged slightly, down 0.8%, as investors took profits after a strong run of fresh peaks in the major banks.
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03-05-2021
George Lucas, Raiz Group CEO
First let’s take a look at equity markets. Even as the equity markets put in strong performances in April, we’re seeing investors switching into cash at the fastest rate since March 2020.
