![]() They argue that inflation has already peaked, and is expected to drift lower as supply chain problems resolve. "Whether this ends up being the case, and how long rates are kept at elevated levels, will depend on the path for inflation." "While some further rate hikes are expected – in particular, by the ECB and the Fed – the peak of the global tightening cycle is in sight," NAB senior economists Gerard Burg and Tony Kelly wrote in their report. The bank said consequence is that "lending standards" are likely to "tighten further", contributing to expectations that central banks (like the US Federal Reserve and others) may not need to lift interest rates as much from now on. The bank also said we should expect some fallout from last month's "banking stress".īy that, it was referring to the collapse of two US banks ( Silicon Valley Bank and Signature Bank), along with a crisis-of-confidence leading to the forced takeover of Credit Suisse (by UBS). ![]() NAB has published a somewhat gloomy research report, warning that the bounce in global GDP during the March quarter (driven by China's economic recovery) won't last. Star Entertainment shares plunged 7.4% after the casino operator warned its "current earnings performance is at unprecedented low levels", and that it would sack 500 full-time employees. On the flip side, the worst performing stocks were Lake Resources (-8.1%), Domain (-4.4%), Kelsian Group (-3.8%) and Karoon Energy (-3.6%). Mining stocks were the top gainers on the market after iron ore prices jumped to one-week highs.īHP, Rio Tinto and Fortescue Metals rose between 0.2% and 1.5%.īHP and Rio are scheduled to report their quarterly production figures later this week. In other words, clients are still pulling their money out of AMP, but at a slower rate compared to previous quarters. Today's best performing stocks include Telix Pharmaceuticals (+5.4%), IGO (+4%), Gold Road Resources (+3.9%) and De Grey Mining (+3.5%).ĪMP shares jumped 3.7% after the company said the "net cash outflows" (for its wealth management business) had fallen. However, it still remains close to a six-week high.Īlmost every sector was in the red, except for materials (+1%) - which kept the market afloat.Įssentially, mining stocks posted such strong gains that it offset losses in practically all the other sectors. ![]() The ASX 200 ended its day with very little change ( flat, in other words).
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