Here are three dot points summarising your update:
- All Ordinaries (ASX:XAO) snaps four-day losing streak, rising 0.1 per cent as Pro Medicus (ASX:PME) jumps on a $40m contract, while IperionX (ASX:IPX) falls on a short report.
- Elders (ASX:ELD) surges on stronger livestock prices; Fleet Partners (ASX:FPR) gains on acquisition news; BHP (ASX:BHP) steady despite UK court ruling.
- US markets drop 1.2 per cent ahead of key data, with NVIDIA (NYSE:NVDA) result in focus; Berkshire (NYSE:BRK.B) buys US$5b of Alphabet (NYSE:GOOGL) as Bitcoin slumps 30 per cent.
ASX (ASX:XJO) sinks as tech, crypto sell off gather steam, GQG Partners (ASX:GQG) outperforms, CommBank (ASX:CBA) hits 6 month low
The local market felt the brunt of a turn in sentiment around the world, as investors brace for a correction following months of positive sentiment. The All Ordinaries (ASX:XAO) fell 2 per cent on Tuesday, as every sector finished lower, with technology the hardest hit down by 6 per cent for the day. Healthcare and consumer staples were the only places to hide, down 0.5 and 0.2 per cent respectively, as investors turn to the likes of ResMed (ASX:RMD) and CSL (ASX:CSL)amid times of volatility. GQG Partners (ASX:GQG) was a rare winner with the fund manager gaining 3.5 per cent as the underlying funds they manage are set to outperform after calling for a reset in technology valuations. Commonwealth Bank (ASX:CBA) and the banking sector more broadly continues to be hit by the turn in sentiment, with shares hitting a 6 month low during the session. The bad news from overseas comes as the RBA predicted inflation to remain above 3 per cent and thus limiting the chance of a further rate cut.
James Hardie (ASX:JHX) surges on strong result, TechnologyOne (ASX:TNE) tanks on slowing growth
Building products supplier James Hardie (ASX:JHX) overcame the broadening volatility, posting a near 10 per cent gain after delivering second quarter net sales of US$1.29 billion, a massive 34 per cent jump on the prior year, driven by the Azek acquisition, and improving sales in its outdoor living division. Profit was weaker, down 84 per cent, as the company flagged writedowns and struggles in its core US siding business. Shares in TechnologyOne (ASX:TNE) a software provider to government and community organisations was smashed by nearly 20 per cent, despite the company reporting ‘in line’ results, that showed a 19 per cent increase in profit, and annual recurring revenue growth of 18 per cent. It wasnt enough to offset concerns about valuations within the technology sector, with investors selling off the stock in response, while management also delivered a special division. Plenti (ASX:PLT) was another winner with shares surging on a significant jump in loan originations, but 26 per cent, and contributing to a near 150 per cent increase in cash profit.
S&P500 sell off extends to four days, NVIDIA (NYSE:NVDA) drops again, Apple (NYSE:AAPL) outperforms on China sales
All three US benchmarks fell for a fourth straight day overnight, with the S&P500 and Nasdaq both finishing 0.7 per cent lower, taking the losing streak to the worst since August. While the weakness was focused on the technology sector, with a Magnificent 7 index falling 1 per cent, the market rallied into the close. NVIDIA (NYSE:NVDA) fell more than 1 per cent ahead of results that will come after market close tomorrow, while Apple (NYSE:AAPL) outperformed, gaining 0.3 per cent, as the company reported a 37 per cent increase in sales in China, and a shift to 25 per cent market share in the key market following the release of the iPhone 17. Microsoft (NYSE:MSFT) and NVIDIA (NYSE:NVDA) have agreed to invest another US$15 billion into OpenAI competitor Anthropic as the AI arms race continues. Home Depot (NYSE:HD) has cuts its earnings guidance as they flagged consumers were slowing down on big ticket purchased amid weakening sentiment.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | -1.9 | -3.8 | -5.5 | -4.2 | 4.4 |
| Financials | -1.9 | -3.2 | -3.6 | -1.2 | 6.6 |
| Resources | -3.0 | 0.9 | 0.8 | 12.7 | 24.9 |
| Information Technology | -3.1 | -8.6 | -13.4 | -17.8 | -9.6 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | -0.8 | -2.3 | -0.2 | 3.4 | 14.2 |
| Europe | -1.0 | -1.2 | 0.1 | 2.5 | 27.7 |
| Japan | -2.1 | 0.1 | 2.3 | 3.3 | 25.5 |
| China top 50 | -0.4 | -1.4 | 2.3 | 4.1 | 35.0 |
| India top 50 | 0.8 | 1.1 | 0.2 | 1.6 | 3.8 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | 0.3 | -0.2 | -1.5 | -0.2 | 5.2 |
| Australian Corporate Bond | 0.1 | -0.2 | -1.3 | 0.0 | 5.8 |
| US Treasury | 0.1 | -0.2 | -0.9 | 1.6 | 5.0 |
| Cash | 0.0 | 0.1 | 0.3 | 0.9 | 4.1 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | -0.8 | -1.0 | -4.0 | 21.7 | 54.9 |
| Silver | -1.7 | -0.2 | -6.0 | 33.4 | 62.7 |
| Crude Oil | -1.8 | 5.0 | -2.7 | -1.6 | |
| Bitcoin | -4.9 | -9.8 | -11.8 | -19.8 | 0.4 |