Pre-Market Pulse 17th February – Stocks weighed down by consumer and inflation concerns
Stock closed just shy of record Friday as data pointing to weakness in the consumer and ongoing inflation concerns weighed upside momentum
Stock closed just shy of record Friday as data pointing to weakness in the consumer and ongoing inflation concerns weighed upside momentum
Australian shares experienced an early boost but were trimmed by midday as profit-taking in Commonwealth Bank shares slowed gains. The index, which had risen as much as 0.8%, was up 0.3% at 8,567 points, while the All Ordinaries Index climbed 0.4%.
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Stock closed higher overnight after President Donald Trump signed an order to explore reciprocal tariffs on U.S. trading partners, but stopped of implementing the measures immediately as some had feared.
The Australian sharemarket reached a new peak on Thursday, driven by strong earnings results and the high-profile debut of Chemist Warehouse. The S&P/ASX 200 rose 0.2% to 8554.20, nearing its intraday record. Despite gains in materials stocks, only three of eleven sectors advanced. The All Ordinaries also added 0.2%.
Stocks ended down overnight after a hotter-than-expected U.S. inflation reading added to worries that the Federal Reserve would not cut interest rates anytime soon, while CVS Health and Gilead Sciences rallied after upbeat quarterly reports.
The Australian sharemarket advanced on Wednesday, driven by a rally in Commonwealth Bank (CBA) following stronger-than-expected earnings. The S&P/ASX 200 rose 27.5 points (0.3%) to 8511.5 by mid-afternoon, with six of eleven sectors gaining.
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Stocks were heavy overnight after Federal Reserve Chairman Jerome Powell said the Fed doesn’t need to be hurry to cut rates again at a time when many are concerned that President Donald Trump’s tariffs could fuel inflation.
The Australian sharemarket turned lower on Tuesday afternoon as gains from upbeat earnings were offset by a sharp sell-off in CSL. The S&P/ASX 200 was flat at 8483.50 by mid afternoon, while the All Ordinaries Index edged 0.05% higher. Industrials and technology stocks led gains, with nine of the ASX 200’s eleven sectors in positive territory.
Earnings update for Macquarie group MQG:ASX