AU Evening Wrap: Rally extends into third week as China reopens
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• The $S&P/ASX 200 (.XJO.AU)$ rallied 63 points or 0.88 per cent to 7239.
• Top gainers: $Champion Iron Ltd (CIA.AU)$ , $Pilbara Minerals Ltd (PLS.AU)$ , $Liontown Resources Ltd (LTR.AU)$
• Top losers: $Healius Ltd (HLS.AU)$ , $Domino's Pizza Enterprises Ltd (DMP.AU)$ , $Ansell Ltd (ANN.AU)$
- moomoo News AU
A volatile week that included interest rate worries and a meltdown in green metal miners came good in the end as investors bet on a recovery in Chinese demand for Australian raw materials.
Iron ore and copper jumped overnight as Shanghai and Beijing continued to relax Covid restrictions. A retreat in the US dollar following soft US payrolls data boosted gold, crude and other commodities.
Rates worries crimped gains on both sides of the Pacific this week. Perversely, US stocks rallied overnight as soft payrolls data appeared to reduce pressure on the Federal Reserve to hike rates aggressively.
The $S&P 500 Index (.SPX.US)$ jumped 1.84 per cent, extending its recovery from last month's 52-week low to 9.6 per cent. The $Nasdaq Composite Index (.IXIC.US)$ put on 2.69 per cent.
Last night's private-payrolls miss sharpened hopes tonight's US employment report will indicate rate rises are already have a cooling effect on the labour market, easing pressure on wages.
Interest rates will remain front and centre next week when the Reserve Bank holds its monthly policy meeting.
All eyes are now glued to the RBA interest rate decision due next week, which is expected to provide further cues on market direction.”
—— Kunal Sawhney, chief executive of research group Kalkine, said.
S&P/ASX 200 Movers for Friday (3/6)
How to find the above information in moomoo app:
1. Open moomoo app
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
10 Top-Traded AU Stocks for Friday (3/6)
How to find the above information in moomoo app:
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
Source: Dow Jones Newswires, The Market Herald
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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