ASX200 Afternoon Report September 12th 2022
The ASX200 trades 71 points higher at 6965 at 3.05 pm Sydney time
Share this:
The ASX200 trades 71 points higher at 6965 at 3.05 pm Sydney time
A rebound-on Wall Street last week led by the high beta Nasdaq (4%) has been behind a solid session to start the week for the ASX200.
Last week's recovery on Wall Street was driven by hope that the Feds rate hiking cycle is set to decelerate after the September FOMC, as well as lower oil prices and solid economic data.
Also playing a part, a break from the unrelenting barrage of hawkish Fed Speak with the Fed now in a two-week blackout ahead of the September FOMC meeting.
Strong China credit data released on Friday, that helped the price of iron ore back above $100 p/t has supported the big miners.
FMG gained 3.76% to $18.49. BHP added 3.4% to $39.39, Mineral Resources climbed to a fresh record high as it added 3.35% to $73.90, and Rio Tinto added 1.84% to $96.10.
Gains for IT stocks, enjoying the prospect of less aggressive rate hikes into year-end, led by Sezzle as it added 7% to $0.69c. EML Payments added 4.5% to $1.04. Afterpay owner Block added 4.5% to $108.55, Life 360 added 4% to $5.65, and Megaport added 3.7% to $8.62.
The Financial Sector has kicked higher after all 4 of the big banks passed on last Tuesday's RBA 50bp rate hike in full. ANZ added 1.6% to $23.19. Westpac added 1.2% to $21.51, CBA added 0.85% to $96.35 and NAB added 0.64% to $30.03.
After touching a seven-month low last week at $81.20, the price of crude oil is back trading above $85.00, helping Beach Energy to add 1.5% to $1.68. Woodside added 1.4% to $33.00. Santos fell 1.15% to $7.76 on speculation that a large Chinese shareholder was selling down its stake in the oil and gas producer.
Shares in a2milk were up almost 4% in early trading on news that the license for its partner in China, Synlait had been extended. The share price has since trimmed gains to be trading at $5.68, +2.16%.
Technically last week's rebound sets the ASX200 up for a period of choppy range trading between 6700 and 7100, in line with our view of U.S equity markets.
Source Tradingview. The figures stated are as of September 12th, 2022. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation
How to trade with City Index
You can trade with City Index by following these four easy steps:
- Open an account, or log in if you’re already a customer
• Open an account in the UK
• Open an account in Australia
• Open an account in Singapore
- Search for the company you want to trade in our award-winning platform
- Choose your position and size, and your stop and limit levels
- Place the trade
The ASX200 trades 71 points higher at 6965 at 3.05 pm Sydney time
A rebound-on Wall Street last week led by the high beta Nasdaq (4%) has been behind a solid session to start the week for the ASX200.
Last week's recovery on Wall Street was driven by hope that the Feds rate hiking cycle is set to decelerate after the September FOMC, as well as lower oil prices and solid economic data.
Also playing a part, a break from the unrelenting barrage of hawkish Fed Speak with the Fed now in a two-week blackout ahead of the September FOMC meeting.
Strong China credit data released on Friday, that helped the price of iron ore back above $100 p/t has supported the big miners.
FMG gained 3.76% to $18.49. BHP added 3.4% to $39.39, Mineral Resources climbed to a fresh record high as it added 3.35% to $73.90, and Rio Tinto added 1.84% to $96.10.
Gains for IT stocks, enjoying the prospect of less aggressive rate hikes into year-end, led by Sezzle as it added 7% to $0.69c. EML Payments added 4.5% to $1.04. Afterpay owner Block added 4.5% to $108.55, Life 360 added 4% to $5.65, and Megaport added 3.7% to $8.62.
The Financial Sector has kicked higher after all 4 of the big banks passed on last Tuesday's RBA 50bp rate hike in full. ANZ added 1.6% to $23.19. Westpac added 1.2% to $21.51, CBA added 0.85% to $96.35 and NAB added 0.64% to $30.03.
After touching a seven-month low last week at $81.20, the price of crude oil is back trading above $85.00, helping Beach Energy to add 1.5% to $1.68. Woodside added 1.4% to $33.00. Santos fell 1.15% to $7.76 on speculation that a large Chinese shareholder was selling down its stake in the oil and gas producer.
Shares in a2milk were up almost 4% in early trading on news that the license for its partner in China, Synlait had been extended. The share price has since trimmed gains to be trading at $5.68, +2.16%.
Technically last week's rebound sets the ASX200 up for a period of choppy range trading between 6700 and 7100, in line with our view of U.S equity markets.
Source Tradingview. The figures stated are as of September 12th, 2022. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation
- Open a Forex.com account, or log in if you’re already a customer.
- Search for the pair you want to trade in our award-winning platform.
- Choose your position and size, and your stop and limit levels.
- Place the trade.
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD weekly outlook: Oil, inflation and NFP in focus
After coming under significant pressure in recent weeks, the EUR/USD came off its lows to finish the week on a positive note on Friday, albeit with only a mild rebound. That was not enough to prevent the exchange rate falling for the third consecutive week, as the US dollar and bond yields rallied across the board.
Gold Q4 2026 outlook: Resilience in the face of rallying dollar and yields
As we headed towards the latter stages of Q3 and into Q4, the Fed had just hiked rates in a hawkish FOMC meeting, while the likes of the ECB and BoJ had also tightened their respective policies. Oil prices remained elevated amid the prolonged US-Iran conflict. Meanwhile, bond yields were breaking out, and the dollar was higher across the board. Yet, remarkably, gold was still holding in the positive territory for the third quarter, even if it had weakened somewhat in September.
Oil Quietly Hands the Fed a Reason to Stay Hawkish
Oil prices and the U.S. dollar are both on the front foot as elevated energy costs feed Fed warnings that inflation may prove sticky.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.