• The ASX is up another 1% today, and 6% for the month
  • Tech, Utilities and Real Estate lead
  • The RBA announces its rates decision next Tuesday


The ASX 200 was up another 1% on Friday, taking the benchmark 2% higher for the week following the 3% jump the previous week.

For the month of July, the index is up by around 6%.

The ASX took the strong lead from Wall Street overnight where the US markets brushed aside data that showed the US economy has shrunk by another 0.90% in the June quarter.

The US GDP has now contracted for the last two quarters (-1.6% in March qtr), satisfying the definition of a technical recession.

This has raised the debate over whether the Fed should pursue its hawkish course of raising rates in the months ahead.

Both US President Biden and Treasurer Yellen have insisted that the US is not in a recession.

“This is not an economy that’s in a recession,” Yellen said. “A recession is broad-based weakness in the economy. We’re not seeing that now.”

Biden meanwhile is set to speak to China’s Xi later tonight as tensions intensify over Pelosi’s planned trip to Taiwan.

Back to the ASX where all 11 sectors pointed north today as Tech, Utilities and Real Estate led – up by around 2% each.

Quarterly earnings announcements from smaller caps stocks were the order of the day as the ASX page became increasingly flooded with lodgements.

Looking ahead next week, Tuesday could be a big day in the markets as the RBA announces its rates decision. Consensus is for another 50bp hike.

The US crude inventory will be released on Wednesday, while the July unemployment rate is out on Friday (all US time).



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Origin Energy (ASX:ORG) was up 3.6% after the release of its quarterly report. Origin says it’s been an ‘extraordinarily challenging quarter’.

Its Australia Pacific LNG (APLNG) revenue increased 6% for the quarter to $2.58b. Domestic gas sales meanwhile, lifted 4% quarter-on-quarter.

Stockland (ASX:SGP) was up 2% after confirming that the sale of its Retirement Living business to EQT Infrastructure will settle today.

As previously disclosed, the sale of the Retirement Living business will result in a taxable gain for Stockland. It’s anticipated that in FY23m the tax payable will be in the range of 5-10% of Group FFO (funds from operations).



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BNPL play Zip Co (ASX:ZIP) was down 20% today on no specific news.