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The morning catch up: ASX set to recover in early trade; US rallies with strong tech performance

Published 15/02/2024, 09:32 am
Updated 15/02/2024, 10:00 am
© Reuters.  The morning catch up: ASX set to recover in early trade; US rallies with strong tech performance

After a day of losses, the ASX has a good chance to recover the majority, with ASX Futures pointing to a 0.7% or 52-point lift in early trading.

Just as it was driven lower by US markets yesterday, the ASX is likely to rise in their way today, after the Nasdaq and S&P500 made strong recoveries overnight.

Nvidia and Alphabet (NASDAQ:GOOGL) led the market up, with the former briefly overtaking the latter on a 2.5% gain before Alphabet lifted 0.6% itself.

Meta gained 2.86% while chip manufacturers like AMD (NASDAQ:AMD) and Qualcomm (NASDAQ:QCOM) lifted between 2.6% and 4.2%.

Rideshare stocks were also on the up - Uber gained 14.7% and Lyft a strong 35.1% - meanwhile, flexible short-term accommodation company AirBnB lost 1.7% despite strong quarterly revenue gains.

On the flip side, Apple (NASDAQ:AAPL) shed a further 0.5%, now down 0.9% over the last three days.

Overall, investors were out in force overnight buying the dip, lifting the Dow Jones 151 points or 0.4%, the Nasdaq 203.5 points or 1.3% and the S&P500 1%.

European markets

The inflation story was flipped in the UK yesterday; inflation numbers came in cooler than expected, lifting hopes the Bank of England could issue rate cuts sometime soon.

It was once again the tech stocks that benefited; Siemens Energy lifted 5.7%, German software company SAP SE (ETR:SAPG) lifted 1.3% and the country’s largest semiconductor manufacturer, Infineon Technologies AG, gained 1.32%.

Overall tech stocks gained 1%, mining slipped 0.3% to near a four-month low and the aerospace and defence index briefly brushed a new all-time high, closing up 1.2%.

The FTSE300 gained 0.5% and the FTSE100 0.8%.

Currencies and commodities

The US dollar weakened in overnight trading. The Euro gained from US$1.0693 to US$1.0725 by close of market, the Australian dollar from US64.61 cents to US64.90 cents and the Japanese Yen from 150.75 yen per US dollar to 150.60 at the end of the US session.

Oil fell as US inventories increased by 12 million barrels to 439.5 million barrels in the last week – Brent dropped by US$1.17 or 1.4% to US$81.60 a barrel, US Nymex by US$1.23 or 1.6% to US$76.64 a barrel.

Base metals were mixed; Copper futures fell 0.4% but aluminium futures rose 0.7% and iron ore futures by US8 cents or 0.1% to US$129.10 a tonne.

Gold futures dipped marginally, decreasing by US$2.90 or 0.1% and settling at U$2,004.30 an ounce, with spot gold trading around US$1,990 an ounce at US close.

On the small cap front

The ASX Small Ordinaries shed 1.07% yesterday, following the ASX down as the larger index shed 0.85%.

You can read about the following and more throughout the day on our website.

  • Accelerate Resources Ltd (ASX:AX8) has confirmed strong continuity of mineralisation at the Prinsep Lithium Project, with rock chip assays grading up to 1.5% lithium oxide.
  • Imugene Ltd (ASX:IMU, OTC:IUGNF) is dosing its first patient in a Phase 1 onCARlytics trial assessing the effect of its CD19 oncolytic virotherapy drug candidate in an intravenous monotherapy, targeting adult patients with advanced or metastatic solid tumours.
  • Ora Banda Mining Ltd (ASX:OBM) is ramping up underground development at the Riverina gold mining operation, part of its ambition to reach gold production of 100,000 ounces per year.
  • Animoca Brands Corporation Ltd has partnered with Param Labs to launch Web3 products and to refine Param Labs’ blockchain and token economy design in the Middle East and North Africa and beyond.
  • Read more on Proactive Investors AU


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