• The ASX ended Friday higher, but down for the week
  • Lithium stocks outperformed
  • Bitcoin tumbled to a 2-month low

 

Aussie shares ended the week on a winning note, up by 0.4%. For the week, the ASX 200 index was down 0.3% ahead of the RBA meeting on Tuesday.

We also await the Q1 CPI release on 26th April to get confirmation of inflationary trends, but on balance, analysts believe the RBA is likely to increase the cash rate by 25-basis points next week and in April.

“It would be a difficult call for it to pause with an inflation rate (62% of the bucket) running at three times the mid-point of their target range,” said Morningstar head of equites, Peter Warnes.

“However, there is increasing evidence the tightening is working, as disposable incomes are being challenged in addition to meaningful negative real wages growth,” he added.

Sectors to gain the most today were Comm Services and Healthcare, while Utilities and Real Estate contracted.

Lithium stocks like Pilbara Minerals (ASX:PLS) and Liontown Resources (ASX:LTR) were some of the best gainers.

There was also a batch of large capped stocks trading ex-dividend today including: ALD, LIC, NEC, SXL and TWE.

Regionally, China’s Caixin services PMI rose more than expected in February, suggesting an economic recovery in the country is gathering steam.

The US has clamped down on more Chinese tech companies, this time slapping an export ban on Chinese server maker Inspur Group and units of genetics firm BGI, citing national security interest.

Bitcoin has tumbled by 5% in the last few hours to a 2-month low of US$22,338.

This comes amid reports that US crypto bank Silvergate was questioning its own survival, and defunct Japanese crypto exchange Mt. Gox making a distribution of funds to creditors via its bankruptcy trustee.

Overnight, US jobs date came in strong again as new jobless claims tallied just 190,000 versus 193,000 forecast.

ECB president Christine Lagarde meanwhile assured any interest rate moves by the ECB would remain dependent on economic data.

 

BIG CAP WINNERS

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Washington H. Soul Pattinson (ASX:SOL) rose half percent after confirming that it has received firm commitments to raise $24.9 million via a Placement.

 

BIG CAP LOSERS

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Arafura Rare Earths (ASX:ARU) slipped 10% on no news.

Pushpay (ASX:PPH) fell 3% after announcing that its shareholders voted to reject a takeover offer by Pegasus Bidco for NZ$1.34 in cash per share.

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