Proactive Investors
Published Mar 25, 2024 09:12
Updated Mar 25, 2024 09:30
The morning catch up: ASX to start the week flat ahead of inflation data and Easter break
It is a shortened trading week this week ahead of the Easter break, the start of school holidays and with a mixed lead from Wall Street. With that in mind, markets look set for a subdued start today which could linger for the rest of the week.
Investors may be buoyed by inflation figures due mid-week and retail figures the following day.
ASX 200 futures are up just 7 points, or 0.1%, to 7,829 points this morning.
The ASX 200 was up 1.29% last week, led by Materials (+2.35%), Real Estate (+1.88%) and Financials (+1.44%).
What happened last week?
(Source Commsec):
US markets
Were mixed on Friday. In the absence of US economic data, traders kept an eye on Fedspeak. US Federal Reserve chair Jerome Powell’s remarks during a 'Fed Listens' event didn’t include monetary policy.
Nike (NYSE:NKE) fell 6.9% after the world's largest sportswear maker warned that revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage. Lululemon Athletica (NASDAQ:LULU) slid 15.8% after the company forecast annual revenue and profit below expectations.
But shipping company FedEx (NYSE:FDX) surged 7.4% on solid earnings and a US$5 billion share buyback plan. Chip giant Nvidia popped 3.1% after UBS raised its price target to US$1,100.
European markets
Paused near record highs on Friday with British, German and Italian stocks outperforming regional peers following a slate of dovish cues from major central banks this week.
Losses in rate-sensitive technology shares and the personal and household goods index, which each fell about 1%, were offset by gains in defensive utility and real estate shares, which both gained about 1%.
Currencies
Were mixed against the US dollar in European and US trade.
Commodities
Global oil prices slipped on Friday and were flat on the week as the possibility of a ceasefire in Gaza weakened crude benchmarks, while the war in Europe and shrinking US rig count cushioned the fall. The number of rigs fell by one to 509 for the week, according to Baker Hughes, indicating lower future supply.
Base metal prices were mixed on Friday.
What about small caps?
The S&P/ASX Small Ordinaries finished Friday 1.02% lower to 3,061.10. Over the last five days, the index was 0.90% higher.
It has been a steady start for small-cap newsflow. You can read about the following and more throughout the day.
Read more on Proactive Investors AU
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