Australian Shares

Via the AFR: Appaloosa Management’s David Tepper sounded a strong note of pessimism on the state of the stock market, calling it the most overvalued ever outside of the bubble of 1999.

  By Chris Becker  Another sour night on overseas markets with Federal Reserve Chair Powell giving a reality check on the economic impact of COVID-19, causing a selloff across Wall Street as Chinese/US relations also took a dive.

Asian markets gapped lower and were bearish throughout the session until a surge in the afternoon saw many put in scratch sessions or mild rises.

The Australian dollar is still under pressure this morning: Bonds are bid: XJO is bleeding once more: Big Iron is down modestly: Big Gas more: And Big Gold is soft: Big Banks do not look well: While Big Chunt has kept the dream alive: At issue is the so-called virus “second wave”.

  By Chris Becker  The latest US CPI data and somber (i.e realistic) testimony from Dr Fauci about the coronavirus in the US put a big dampener on risk taking overnight with US stocks falling 2% across the board.

A mixed trading session throughout Asia with most stock markets slipping or putting in scratch sessions in response to the equally mixed and cautious run on Wall Street overnight.

  By Chris Becker  Increased trade tensions between China and the US added caution to the mix in a flat session overnight on risk markets with most bourses making a hesitant start to the trading week.

A good start to the week here in Asia with most stock markets rising in unison in response to the positive swing on the disastrous US unemployment print on Friday night.

Via Goldman which sees the S&P500 minus 18% to 2400 by August: First, COVID-19 infection rates outside of New York continue to grow.

One of the reasons for the Nasdaq outperformance in recent weeks has been that its demand has held up versus wider business owing to the great decentralisation.

Via REA this morning: No guidance on the market at all.

By Chris Becker  Risk swung back to confidence overnight as the Federal Reserve turned Japanese in its rhetoric, while US initial and continuing jobless claims hit new record highs and well above expectations.

Yet another day of mixed results here in Asia with the return of Japanese traders not increasing any risk appetites.

By Chris Becker  Risk sentiment is as petulant as a six year old boy cooped up doing homeschooling for the third week in a row, having a tantrum overnight as Federal Reserve officials continued to explain their monetary stimulus program to a market that just wants more and more.

By Chris Becker  A better mood on risk markets overnight as more regions and countries announce easing on lockdowns in the face of the coronavirus impact, with markets still pricing in a sharp V-shaped recovery.

Swings and roundabouts as risk taking came back to bid across what remains open here in Asia, with stock markets up and European futures looking bright for tonight’s session.

By Chris Becker  Quite a mixed session overnight following an equally mixed bag of results in Asian trading yesterday.

Risk was again off today here in Asia despite several closed markets for the May Day holidays with the Sell in May meme in full swing as European futures are down over 3% going into the London open.

Virgin Australia’s administrators Deloitte stated on 30 April that 20 parties had expressed an interest in buying the failed airline.

The Australian dollar is copping it this morning: Bonds are bid: Stocks were down moderately but have firmed: Big Iron is out the door: Big Gas too: Big Gold is rebounding: Big Banks not so much!