• The ASX has had a two-day winning streak, closing 0.53% higher
  • Markets in Asia-Pacific following US and Europe higher
  • ANZ said anticipated slowing of Australian consumer spending has started

 

With just one more trading day before the Christmas break, the benchmark S&P/ASX200 closed up 0.53%, opening ~0.6% higher but pulling back slightly in afternoon trade.

Aussie markets followed Wall Street higher which was buoyed by better than expected consumer confidence levels in December.

US markets finished up, with the Dow Jones putting on 1.60%, the tech heavy NASDAQ up 1.54%, and the S&P 500 gaining 1.49%. Stocks in Europe also rallied.

Local markets were driven higher today utilities, up 1.42% and IT, which rose 1.27%, with materials the only sector in negative territory, down 0.27%

There was also reason for a happy dance around the Asia-Pacific region today with all the major indices making up ground, but losing a bit of steam in the afternoon session. The Heng Seng led gainers up 2.54%, with the CSI 300 rising 0.70%.

The Kospi was up 0.82%, Topix rose 0.78% and Nikkei 225 gained 0.51% in its afternoon session.

While markets are heading higher, ANZ data shows anticipated slowing of consumer spending has begun. The ANZ-observed spending from 20 November to December 18 was only 10% above 2019, despite CPI rising 10.5% from December 2019 to September 2022 and the population growing 1.8% from December 2019 to June 2022.

 

LARGE CAP WINNERS

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Domain Holdings (ASX:DHG) was back up today after its share slid ~9% on Tuesday after reporting a challenging environment so far this quarter.

In a trading update Domain noted a deterioration in conditions meant the 4% new listings growth delivered in the September quarter was followed by declines of 16% in October and 22% in November.

 

LARGE CAP LOSERS

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29 Metals (ASX:29M) leads the losers today after yesterday providing an update on operating performance in the December 2022 quarter and preliminary metal production guidance for 2023.

29M said it expects copper and zinc metal production are expected to be in the lower half of the guidance range for 2022.

Gold and silver metal production are expected to be at or above the top end of the guidance range
for the full year; and total capital and site costs are expected to be in the top half of the guidance range, while selling costs are expected to be at the bottom end of the guidance range.

James Hardie Industries (ASX:JHX) is among the biggest losers today. According to the AFR, the building materials producer is cutting hundreds of jobs globally and making workers redundant before Christmas as it struggles with what it claims is “a perfect storm” of falling demand and soaring costs.

JHX today put out an announcement from CBA saying on behalf of its subsidiaries it had ever so slightly reduced its substantial holdings to below the 4% threshold from 4.008% to 3.997%.

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