Stocks finished at record highs for a 6th consecutive week, as investors digested more quarterly corporate earnings, including stronger-than-expected numbers from streaming giant Netflix.
Australian shares extended losses into the early afternoon, as weak Chinese economic data weighed on market sentiment, hitting commodity stocks particularly hard. The S&P/ASX 200 dropped 0.9%, or 73.6 points, to 8282.3, retreating from the previous session’s record close of 8355.9. All sectors traded in the red, with Utilities leading the declines, driven by a 6% slump in APA Group after major shareholder Unisuper offloaded $500 million in shares.
A wrap of the week in markets from the boys at MPC Markets.
We cover stocks, politics, opportunities on the ASX and geopolitics
Johns Lyng Group Limited (JLG) consist of Insurance Building and Restoration Services, Commercial Building Services. The existing resources will be focused on large-loss insurance building services. Current work now relates to legacy contracts and projects.
Overall, the Q3 2024 update suggests that Telix is maintaining or improving upon its strong H1 2024 performance.
Stocks surges for the 4th session in the last 5, as stronger-than-expected monthly retail sales indicated a robust U.S. consumer and chips stocks were buoyed by TSMC’s upbeat forecast.
The S&P/ASX 200 Index was up 73 points, or 0.7%, at 8363.5 by midday, having earlier climbed as much as 1.2% to a new intraday high. The Australian economy added 64,100 jobs in September, more than double the forecast, with the unemployment rate steady at 4.1%.
US stocks moved higher overnight following a wobble the previous day as chip stocks steadied and investors continued to rotate out of the Mag7 into the broader market.
Australian shares trimmed losses but remained down in early afternoon trade on Wednesday, driven by a tech sector slump after a surprise report from Dutch chipmaker ASML raised concerns over the global AI boom. The S&P/ASX 200 fell 0.1% to 8309, retreating from Tuesday’s record close of 8318.4.
US stocks followed world stocks lower on Tuesday as weak sales forecast from chipmaker ASML weighed on tech shares, while crude extended its slide due to easing supply worries and weakening demand.
A rally in mining stocks and banks helped the Australian sharemarket hit a new record high on Tuesday. The benchmark S&P/ASX 200 Index rose 0.9% to 8331.7 points in the afternoon, surpassing its previous peak of 8285.7 points set last month. Investor sentiment was boosted by a strong session on Wall Street, where the S&P 500 hit another record, driven by a surge in tech stocks, particularly chipmakers.
Johns Lyng Group Limited (JLG) consist of Insurance Building and Restoration Services, Commercial Building Services. The existing resources will be focused on large-loss insurance building services. Current work now relates to legacy contracts and projects.
