• The ASX surged by another 1% on Thursday
  • The all crucial US CPI will be released later today (US time)
  • ASX lithium stocks rallied

 

The ASX 200 rallied by yet another 1% on Thursday, closely tracking the bullish sentiment on Wall Street overnight.

Traders jumped from bonds to equities as bets that the RBA would raise its rates by 25bp in the February meeting sharpened.

At 2pm AEDT, interbank futures implied a 95% chance of a 25bp increase placed by traders.

The elephant in the room however will be the US CPI data due later tonight, with economists predicting that it will soften compared to last month.

It’s been clear from recent Fed commentaries that policymakers will be sticking to their hawkish script come Feb 1st.

Last night, Fed Reserve Bank of Boston president Susan Collins said she’s leaning toward supporting a 25bp rate hike.

 

“Another good inflation number tonight could change that as the trend has already been very encouraging, and the jobs data that appeared to throw a spanner in the works last month has since been revised out,” said OANDA analyst, Craig Erlam.

China’s inflation meanwhile was in line with expectations at 1.8% YoY, according to Chinese data released today.

Australia’s trade surplus unexpectedly widened in November to $13.2 billion (from $12.7 billion in October), according to ABS data released this morning.

The surplus is the highest level since a record hit in June, as imports continue to fall.

Back to the ASX where all 11 sectors finished in the green. Mining, Energy and Financial sectors recorded gains of over 1% each.

The Mining Index (ASX:XMJ) has been rallying hard in 2022, and is now only 2% from its April 2022 record high as investors anticipate a Chinese reopening.

Battery metal mining stocks were once again in demand today, with Liontown (ASX:LTR) and Lake Resources (ASX:LKE) each rising by 3%.

Looking ahead to tonight’s session on Wall Street, the US CPI, jobless claims and ECB economic bulletin are all due for release.

 

BIG CAP WINNERS

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Security Description Last % Volume MktCap
PLS Pilbara Min Ltd 4.14 3.89 22,712,414 $11,931,918,570
LTR Liontown Resources 1.56 3.67 10,212,523 $3,294,653,025
VSL Vulcan Steel 8.55 3.39 82,629 $1,086,748,890
PNV Polynovo Limited 2.52 3.28 1,689,037 $1,678,729,279
ASX ASX Limited 68.27 3.13 343,931 $12,815,999,724
CTD Corp Travel Limited 16.74 3.08 343,502 $2,376,330,115
CNI Centuria Capital 1.86 3.05 381,347 $1,437,498,356
WAF West African Res Ltd 1.25 2.89 1,043,950 $1,237,638,812
BLD Boral Limited 3.18 2.75 985,469 $3,408,543,215
NAN Nanosonics Limited 4.59 2.68 614,311 $1,350,071,954
WEB Webjet Limited 6.64 2.63 1,812,559 $2,475,011,051
SVW Seven Group 22.41 2.47 298,511 $7,944,509,060
DHG Domain Holdings Aus 2.91 2.46 509,462 $1,793,906,315
FMG Fortescue Metals Grp 22.84 2.42 5,975,358 $68,660,917,671
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ANZ Banking Group (ASX:ANZ) rose 1.5% as the company reported its top 20 shareholders after the bell last night.

Polynovo (ASX:PNV) rose almost 3% as the company lodged its JP Morgan Healthcare Conference presentation slides post-trade yesterday ahead of an overnight presentation.

 

BIG CAP LOSERS

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Security Description Last % Volume MktCap
NHC New Hope 5.91 -3.83 5,971,647 $5,417,134,589
SYA Sayona Mining Ltd 0.23 -3.19 29,656,391 $2,041,149,372
YAL Yancoal Aust Ltd 6.11 -3.17 2,297,262 $8,331,972,847
SMR Stanmore Resources 3.15 -3.08 1,276,699 $2,929,490,519
GOR Gold Road Res Ltd 1.79 -2.99 2,614,182 $1,979,715,428
MEZ Meridian Energy 4.76 -2.66 108,185 $6,178,585,597
PSI Psc Insurance Ltd 4.97 -2.36 14,095 $1,802,585,865
WHC Whitehaven Coal 8.64 -2.26 12,521,320 $7,973,655,787
CEN Contact Energy Ltd 7.18 -2.05 4,200 $1,834,854,227
TLX Telix Pharmaceutical 6.24 -2.04 833,274 $2,015,103,445
29M 29Metalslimited 2.27 -1.52 912,918 $1,107,119,028
IMU Imugene Limited 0.16 -1.52 6,281,739 $1,059,583,091
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