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The Overnight Report: Holding Pattern


Foiled Again
The futures had it right yesterday morning – the ASX200 opened up 23 points in the first five minutes. But that was the end of that. In a choppy, low volume, lacklustre session the index proceeded to fall back to square by the close.
There appears little incentive to push the market to a new high at this point, with 7400 again a barrier. The likely reason is we have Australia’s CPI out tomorrow, a Fed statement on Thursday, a big week in the US earnings season and the first trickle of the local earnings season. All could be pivotal. ....

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The Overnight Report: Lock It In


No Idea
On Wednesday every sector bar technology closed stronger and yesterday every sector bar two closed lower. When the opening bell rang yesterday nothing happened. By 11.30am the index had struggled to up ten points before heading south all afternoon.
The two sectors posting gains were materials (+1.4%) on a pop in the gold price and utilities (+0.7%) as Spark Infrastructure came out of its trading halt and rose another 6.1%. Spark is prepared to chat to the consortium on the hunt, but not to allow due diligence.
Given the market was not fazed about the extended Sydney lockdown on Wednesday, probably focusing on federal/state government assistance, the new Melbourne lockdown was likely not the trigger for the sell-off. ....

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