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Powell’s elucidations on economic resilience and fiscal paths ignite an upward trajectory in bond yields, simultaneously casting shadows on the equity market’s performance.
The ASX faced a harsh decline influenced by escalating Middle East tensions and unexpected shifts in Australia’s domestic unemployment figures.
Last Night’s Market Recap Daily Weekly Daily Weekly Overnight – Fresh highs in bond yields squash earnings positivity Equities fell
The ASX today is abuzz with Whitehaven Coal’s victorious bid for BHP’s Queensland mines, a move set to redefine industry competition and market dynamics.
A recent rally in the underlying Uranium price. We are generally bullish the energy sector and see PDN as a short term buy with a ~10% trailing stop
Anticipating next week’s US company earnings updates. Key insights, market reactions, and expert analysis. Stay informed on the latest financial updates and trends.
Equities fell overnight led by tech, as investor sentiment was soured by Nvidia-led weakness in chip stocks and a jump in Treasury yields following stronger retail sales data that boosted bets on a Fed rate hike by year end.
ASX shows adaptability, navigating through RBA’s robust monetary discussions and global uncertainties, reflecting a market responsive to multifaceted economic and geopolitical influences.
*** GENERAL AVICE ONLY***
Trade Date: 17/10/2023
Recommendation
Entry price: <1.045 Target Price: >1.95
Stop Loss: 0.81 (9% trailing)
Rationale
PPK Group’s subsidiary BNNT has announced it has significantly reduced the price of its high-quality, Australian-made boron nitride nanotubes (BNNT) following a series of production improvements that have dramatically lowered the cost of production for the multi-use super material. BNNT now starts from US$150/gram, compared to the approximately US$400/gram offered by competitors.
Equities rallied overnight as investors piled back into big tech, shrugging off an ongoing climb in Treasury yields as optimism of quarterly earnings expected this week.
The unfolding geopolitical turmoil in the Middle East casts a shadow over the ASX, driving fluctuations and a downturn in technology stocks.
