ASX 200 rises amidst mixed global markets
Australian market update
The ASX 200 delivered a positive return of 0.79% over the past week, despite the mixed performance of its constituents. Commonwealth Bank of Australia, CSL Limited, National Australia Bank, Westpac Banking Corporation, and Australia and New Zealand Banking Group all posted strong gains, ranging from 2.18% to 2.53%. However, heavy-weights like BHP Group (-2.58%), Rio Tinto Group (-3.32%), and Fortescue Metals Group (-1.47%) dragged on the index’s performance, reflecting the ongoing challenges in the global commodities market.
US Tech races on
In the US, the S&P 500 and NASDAQ recorded modest gains of 0.50% and 0.80%, respectively, while the Dow Jones Industrial Average edged up by 0.24%. The technology sector, represented by the US Information Technology index, was the top performer with a 2.27% return, boosted by NVIDIA’s impressive 7.92% gain. However, sectors like US Utilities (-3.38%), US Real Estate (-1.22%), and US Communication Services (-1.18%) weighed on the broader market.
Mixed global markets
European markets delivered mixed results, with the DAX rising 1.32% and the CAC 40 gaining 0.48%, while the FTSE 100 slipped -0.32%. In Asia, the Nikkei 225 surged 2.51%, but the Shanghai Composite plummeted -7.80%, reflecting the ongoing challenges in the Chinese economy, including disappointing loan expansion and weak domestic demand.
Key takeaways for Australian investors
The mixed performance of the Australian and global markets highlights the importance of maintaining a well-diversified portfolio to navigate the current uncertainty. While the strong performance of the banking sector and healthcare giants like CSL Limited is encouraging, the weakness in the commodities sector and the ongoing challenges in the Chinese economy may continue to impact the ASX 200.
All financial returns are price returns sources from Yahoo Finance, covering the period from 4/10/2024 to 11/10/2024.
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