• ASX up 0.8% on Friday, up almost 4% for the week
  • All sectors gained except for Healthcare as traders pile back on to risk
  • Neuren was the best performer, up 16pc

 

Local shares surged almost 1% on Friday as traders piled back on to risk assets. For the week, the ASX 200 index was up by almost 4%.

Market sentiment is high following data release showing that US CPI and PPI are at their lowest levels in a at least 12 months.

Goldman Sachs believes these data are “consistent with our view that Fed tightening is in its final innings”.

On the ASX, all sectors rose except for Healthcare, which was weighed down by a 1% drop in sector heavyweight CSL (ASX: CSL).

$1b capped Neuren Pharma (ASX:NEU) was the best performer, up 16% after a licence agreement announcement (more details below).

Tech stocks led with many pundits saying that the recent upswing points to a new bull market.

In the US, tech-heavy Nasdaq is up by 36% so far this year, and historical data shows that if the Nasdaq follows the same pattern of the 1990 and 2002 bull markets, as it has so far, it could see further gains of about 8% over the next three months, and +18% over the next six.

Meanwhile, Deputy RBA Governor Michelle Bullock will replace Phil Lowe as the next RBA governor – the first ever woman to hold the job – after getting the nod ahead of rivals.

PM Albanese said Bullock was “eminently qualified”.

“Ms Bullock is an accomplished economist with wide experience at the RBA, including as deputy governor and deputy chair of the Payment Systems Board,” said the PM.

Based on her recent public addresses, analysts believe that Bullock is more dovish than her predecessor.

 

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Block Inc (ASX:SQ2) rose after its NYSE-listed parent shares lifted 7% in New York.

Neuren Pharma (ASX:NEU) surged after announcing an expansion of its global partnership with US partner Acadia for trofinetide (sold under the brand DAYBUE in the US).

Under the new agreement, Acadia’s (NASDAQ:ACAD) exclusive licence for trofinetide in North America has now been expanded to a worldwide exclusive licence.

 

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