the COB: take a hike
Episode description
Overnight markets shrugged off Chair Powell confirming that rate hikes were coming sooner rather than later, and following SPI futures the ASX added around 1% in early trade. However, conviction wasn’t high and momentum faded. A softer USD boosted commodities across the board and the miners had a solid session. While BHP and Rio added 1%, Fortescue went the other way as a broker questioned the market’s enthusiasm for FFI and downgraded FMG to a sell. Energy topped the ladder, the complex 3% higher, goldies also on a tear. Nickel Mines and Liontown Resources are riding the EV materials wave, closing up 6-7%. The ASX200 followed the path of least resistance and closed up 49 points or 0.7%.
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