ASX 200 afternoon report: December 14
ASX 200 market update as of December 14, 3.15 pm AEDT.
The ASX 200 trades 43 points higher (0.59%) at 7246 at 3.15 pm Sydney time.
A sea of green across the regional bourse today, and the ASX 200 has been a willing participant after U.S headline inflation slowed by more than expected for a second consecutive month.
While it’s still early for the Fed to declare victory in its war on surging prices, the slower rate of inflation will allow the Fed to ease the pace of its rate hiking cycle from 75bp to 50bp at tomorrow morning’s FOMC meeting.
However, the last thing that Fed Chair Powell wants to see is another easing in financial conditions after yields and the greenback cratered overnight. Expect to see hawkish tones ring out from the Fed Chair in the accompanying statement and press conference.
Nonetheless, interest rate-sensitive tech stocks have joined today’s rally. Afterpay owner Block added 8% to $104.15, Novonix added 5.5% to $1.92, and Megaport continued its good run adding 3% to $7.33.
Energy sector
Energy stocks have gained as the softer-than-expected inflation data raised expectations of a soft landing, sending the price of crude oil back above $75.00.
- Woodside Energy added 1.45% to $35.65
- Beach Energy added 1.4% to $1.63
- Santos added 1.3% to $7.19.
Coal miners have continued to bounce back from their legislation inspired sell-off earlier in the week.
- Whitehaven added 3.3% to $9.91
- Coronado added 1.8% to $1.96
- Yancoal added 1.75% to $6.08
- New Hope added 1.75% to $5.84.
The share price of the big iron ore miners has rebounded as authorities in China press ahead with their rapid reopening plans and support for the property sector.
Banks
A mixed day for the banks as Bendigo handed back a good chunk of yesterday’s gains.
- Bendigo Bank fell -4.24% to $9.26
- NAB fell -0.9% to $30.51
- ANZ fell -0.85% to $23.90
- Macquarie Bank added 0.7% to $174.16.
Technically, a push above 7300 in the ASX 200 would indicate that the pullback/correction from the 7375 high is complete at Monday’s 7156.5 low and that the Santa Claus rally has commenced.
The AUD/USD is trading at .6830, after reaching a 13-week high overnight at .6894.
ASX 200 daily chart
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