That's still (roughly and without doing the calc) 10% below where we are now. So, unless the index is going to drop 10% in a hurry (famous last words), Santa still may give Australia a look-in.
KH
7,008.900 is today's low so far for the XJO ( top 200) so maybe the ASX is just late to the bears' picnic
well if 7,000 ( for the XJO ) fails as a support ( and with most big players sleeping off Xmas ) how much retail cash is still waiting on the sidelines ( i added extra GNC this morning ) , and how many stop-losses are left unattended ,That's still (roughly and without doing the calc) 10% below where we are now. So, unless the index is going to drop 10% in a hurry (famous last words), Santa still may give Australia a look-in.
KH
am certainly considering winding back ( lower ) my existing orders in the marketand ... you can bet that all those people who manage money, and all those Super Funds with super-sized current-year equity market losses, will be selling as much as they can during this week between Christmas and the end of the year, just so that they can make their December reports look as good as possible.
I'm guessing that tomorrow's closing auction (match-out, or whatever they call it) will be a doosie, and that might be the time to submit all the buy orders I've been holding back for the past few months.
KH
Australian shares are at their lowest level since mid-November on Thursday as investors turned their attention to 2023 and the threat of a global slowdown.
The S&P/ASX 200 index was down 1.2 per cent in afternoon trade to a seven-week low of 6998.10 — which would be its lowest close since 6964.00 on November 11. Health care was the only sector to be in the green as energy and real estate pace broad losses.
It comes as Asian markets retreat with Tokyo’s Nikkei 225 down 1.3 per cent and the 1.2 per cent for the Hang Seng in Hong Kong.
Futures tied to Wall Street suggest a rebound is unlikely to be on the table with the Dow Jones down 0.1 per cent, S&P 500 up 0.1 per cent and Nasdaq futures 0.2 per cent stronger.
With the end of the month, quarter and year approaching, some investors are also using this time to rebalance their portfolios ahead of 2023.
Global players were “leaning into a defensive posture as investors contemplate the implications of Russia’s new oil ban and China’s reopening,” Stephen Innes of SPI Asset Management wrote in a note.
Investors have also been concerned that China’s decision to reopen could add fuel to the inflation fire and push interest rates higher. Overnight moves by the US and Italy to slap new restrictions on arrivals from China have added to the uncertainty.
A pullback in global crude prices overnight amid a surge in China’s Covid-19 cases saw oil stocks give up strong gains from the previous session as Woodside Energy dropped 3.3 per cent to $35.61, Santos fell 2.8 per cent and Beach Energy declined 2.3 per cent.
Energy, the worst performing sector, was weighed down by Whitehaven Coal, which slid 4.2 per cent — taking total losses in the past two days to past 12 per cent. Shares in Bowen Coking Coal gained 5 per cent to 32c after the completion of loading its first coal train through its Mallawa train loadout facility following refurbishment works.
Renewed fears of a potential recession in 2023 saw bond yields rally overnight, which in turn pulled down the real estate sector by more than 2 per cent. Shares in Goodman Group were down 1.3 per cent, Mirvac dropped 2.5 per cent and Stockland dived 3.3 per cent to $3.61.
Singapore iron ore futures consolidated gains after rising to their highest level since early August of nearly $US114 per tonne. Shares in Fortescue Metals fell 0.5 per cent to $20.72 after an earlier gain, while Rio Tinto fell 0.5 per cent and BHP retreated 1.4 per cent.
Some lithium stocks bucked the trend as Sayona Mining surged 10.3 per cent to 18c despite not releasing any news, while Core Lithium rallied 2.6 per cent. Both miners were among the hardest hit on Wednesday.
Star Entertainment disclosed that chief executive Robbie Cooke was issued $3.2m worth of performance shares late last week following shareholder approval at the casino operator’s annual meeting in November. The embattled group was down 1.9 per cent to a fresh 34-month low of $1.79.
Financials held up compared to broader losses across the index as ANZ slid 0.5 per cent, Commonwealth Bank dropped 0.8 per cent, NAB fell 0.9 per cent and Westpac declined 1.2 per cent.
Health was the only sector to rise as CSL gained 0.1 per cent.
The dollar was near US67.53c at the close.
Additional reporting AFP
MATT BELL BUSINESS REPORTER
Strange headline. Looks to me like the markets adding to them not shaking them off.ASX closes 1.3% lower as markets try to shake off last year's losses
Orthodox calendar?Well, by my reckoning, Santa has finally arrived. A little late, perhaps, but he eventually got here.
The S&P/ASX 200 up approx 3.6% since the close on 3 January 2023. A nice little rally indeed!
KH
Lol, you're right! St Nicholas may have converted!Orthodox calendar?
The XSO S&P Small Ordinaries up approx 5.6% for same period.The S&P/ASX 200 up approx 3.6% since the close on 3 January 2023. A nice little rally indeed!
Any calendar as long as it keeps on keeping on !!!!!Orthodox calendar?
Any calendar as long as it keeps on keeping on !!!!!Orthodox calendar?
Santa's back in town.........he has lollies for fund managers too, PTM despite sensitive announcement few days agoWell, by my reckoning, Santa has finally arrived. A little late, perhaps, but he eventually got here.
The S&P/ASX 200 up approx 3.6% since the close on 3 January 2023. A nice little rally indeed!
KH
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