Daily Market Reports | Jan 20 2022
This story features MEGAPORT LIMITED. For more info SHARE ANALYSIS: MP1
The company is included in ASX200, ASX300, ALL-ORDS and ALL-TECH
| World Overnight | |||
| SPI Overnight | 7235.00 | + 10.00 | 0.14% |
| S&P ASX 200 | 7332.50 | – 76.30 | – 1.03% |
| S&P500 | 4532.76 | – 44.35 | – 0.97% |
| Nasdaq Comp | 14340.26 | – 166.64 | – 1.15% |
| DJIA | 35028.65 | – 339.82 | – 0.96% |
| S&P500 VIX | 23.85 | + 1.06 | 4.65% |
| US 10-year yield | 1.83 | – 0.04 | – 2.04% |
| USD Index | 95.58 | – 0.18 | – 0.19% |
| FTSE100 | 7589.66 | + 26.11 | 0.35% |
| DAX30 | 15809.72 | + 37.16 | 0.24% |
Greg Peel is scheduled to return after Australia Day.
It's a tough ask for investors to make up their mind and show some conviction these days. Too many conflicting moving inputs will make anyone freeze and procrastinate about what should be the next decision.
Bond yields did not move higher last night, but the US dollar weakened and the Nasdaq continued heading further south. Dollar weakness proved a nice cushion for metals and energy prices, while ongoing uncertainty finally put a bid under gold and silver prices.
Is it possible that we all start zooming in on what exactly the Russians might be up to? Europe is no longer confident an open conflict with Putin's army is not a genuine option. The Ukraine seems to have already made up its mind.
Is everybody ready for gunshots at dawn?
Meanwhile, a number of US companies continue to release better-than-expected financial results and forward guidances, with last night each of Morgan Stanley, Bank of America, United Health and Procter & Gamble doing exactly that.
The market's response: "it's complicated".
Or to put this in a different format: It's not you, it's me. Sorry.
If SPI futures are anything to go by, expectations should remain low for today's session on the ASX, maybe with exception of miners and energy companies, and of course, the next one to release a trading update. Issuing updates has become akin to playing Russian Roulette these days.
Witness the share price reaction for Megaport ((MP1)) yesterday.
Memo to US bond investors: can we push the 10-year to 2% in a hurry, please, so the rest of the world can get on with our lives?
Now, if only someone can get a tranquilizer in Putin's morning tea, the rest of the year should all be fine. China is not thinking about invading anything, one presumes, while its housing market needs propping up.
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 1841.00 | + 26.60 | 1.47% |
| Silver (oz) | 24.15 | + 0.68 | 2.90% |
| Copper (lb) | 4.44 | + 0.04 | 0.94% |
| Aluminium (lb) | 1.38 | + 0.01 | 0.72% |
| Lead (lb) | 1.07 | + 0.01 | 0.86% |
| Nickel (lb) | 10.19 | – 0.08 | – 0.77% |
| Zinc (lb) | 1.63 | + 0.01 | 0.49% |
| West Texas Crude | 86.68 | + 0.79 | 0.92% |
| Brent Crude | 88.12 | + 0.17 | 0.19% |
| Iron Ore (t) | 130.20 | + 2.90 | 2.28% |
The Australian share market over the past thirty days…
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| AKE | Allkem | Upgrade to Outperform from Neutral | Credit Suisse |
| Downgrade to Accumulate from Buy | Ord Minnett | ||
| ARB | ARB Corp | Upgrade to Neutral from Underperform | Macquarie |
| AWC | Alumina Ltd | Upgrade to Outperform from Neutral | Credit Suisse |
| BGA | Bega Cheese | Downgrade to Hold from Add | Morgans |
| CAR | Carsales | Downgrade to Lighten from Hold | Ord Minnett |
| CCX | City Chic Collective | Upgrade to Buy from Accumulate | Ord Minnett |
| CWY | Cleanaway Waste Management | Upgrade to Overweight from Equal-weight | Morgan Stanley |
| HVN | Harvey Norman | Upgrade to Outperform from Neutral | Credit Suisse |
| IMD | Imdex | Downgrade to Neutral from Buy | UBS |
| JBH | JB Hi-Fi | Upgrade to Add from Hold | Morgans |
| PAN | Panoramic Resources | Downgrade to Hold from Add | Morgans |
| PAR | Paradigm Biopharmaceuticals | Upgrade to Hold from Reduce | Morgans |
| PLS | Pilbara Minerals | Upgrade to Neutral from Underperform | Credit Suisse |
| RBL | Redbubble | Downgrade to Equal-weight from Overweight | Morgan Stanley |
| REA | REA Group | Upgrade to Buy from Hold | Ord Minnett |
| SEK | Seek | Upgrade to Accumulate from Hold | Ord Minnett |
| WES | Wesfarmers | Upgrade to Add from Hold | Morgans |
For more detail go to FNArena's Australian Broker Call Report, which is updated each morning, Mon-Fri.
All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website. Click here. (Subscribers can access prices on the website.)
(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author's and not by association FNArena's – see disclaimer on the website)
All paying members at FNArena are being reminded they can set an email alert specifically for The Overnight Report. Go to Portfolio and Alerts on the website and tick the box in front of The Overnight Report. You will receive an email alert every time a new Overnight Report has been published on the website.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided. www.fnarena.com
FNArena is proud about its track record and past achievements: Ten Years On
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: MP1 - MEGAPORT LIMITED
