Federal Reserve meeting weighs on stocks
James Dunn
September 19, 2023
The local share market started the week lower, ahead of the US Federal Reserve’s two-day policy meeting, which begins on Tuesday.
The local share market started the week lower, ahead of the US Federal Reserve’s two-day policy meeting, which begins on Tuesday.
Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished down -0.67% to 7230.40.
A positive mood on Friday lifted the benchmark Australian index, the S&P/ASX 200 (INDEXASX: XJO), by 92.5 points, or 1.3%, to 7,279 points, in its best day since July. That helped push the index to a 1.7% rise for the week.
The Australian August job report blew expectations out of the water, with 64,900 jobs created in the month, well above the 23,000 anticipated by economists.
A tech slide dragged the ASX indices lower on Wednesday, ahead of the US inflation data coming in overnight.
The benchmark S&P/ASX200 (INDEXASX: XJO) index managed to finish 14.6 points, or 0.2%, higher at 7206.9, with the broader All Ordinaries (INDEXASX: XAO) index tracking that rise in percentage terms, adding 15.1 points to 7402.9.
Liontown Resources Ltd (ASX:LTR) shares were in focus today on news that Gina Rinehart’s Hancock Prospecting had bought a substantial stake.
Indeed, MMA Offshore find themselves in the enviable position of being a dominant regional player in several key global markets where, over the next five years, there are expected to be over USD$400B in greenfield oil and gas projects coming on line that fall squarely within their area of expertise:
Both local benchmarks, including the S&P/ASX200 (INDEXASX: XJO) fell 1.2% on Thursday, as pressure continues to build from poor global economic data.
The local share market started the week lower, ahead of the US Federal Reserve’s two-day policy meeting, which begins on Tuesday.
Here’s today’s The Match Out report from Market Matters’ James Gerrish. Key point: the S&P/ASX 200 (INDEXASX: XJO) finished down -0.67% to 7230.40.
A positive mood on Friday lifted the benchmark Australian index, the S&P/ASX 200 (INDEXASX: XJO), by 92.5 points, or 1.3%, to 7,279 points, in its best day since July. That helped push the index to a 1.7% rise for the week.
The Australian August job report blew expectations out of the water, with 64,900 jobs created in the month, well above the 23,000 anticipated by economists.
A tech slide dragged the ASX indices lower on Wednesday, ahead of the US inflation data coming in overnight.
The benchmark S&P/ASX200 (INDEXASX: XJO) index managed to finish 14.6 points, or 0.2%, higher at 7206.9, with the broader All Ordinaries (INDEXASX: XAO) index tracking that rise in percentage terms, adding 15.1 points to 7402.9.
Liontown Resources Ltd (ASX:LTR) shares were in focus today on news that Gina Rinehart’s Hancock Prospecting had bought a substantial stake.
Indeed, MMA Offshore find themselves in the enviable position of being a dominant regional player in several key global markets where, over the next five years, there are expected to be over USD$400B in greenfield oil and gas projects coming on line that fall squarely within their area of expertise:
Both local benchmarks, including the S&P/ASX200 (INDEXASX: XJO) fell 1.2% on Thursday, as pressure continues to build from poor global economic data.
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