ASX chalks up new lows for 2023
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The news: The Australian sharemarket plumbed new yearly lows on Thursday, after climbing US treasury yields sent shivers through Wall St overnight. The benchmark ASX 200 closed 0.61% lower to 6,812.30, its lowest close since roughly the same time last year. The Aussie dollar has fallen below 63 US cents and tapped its lowest level since November 2022, but it's hanging on for now at 62.9 US cents.
The numbers: By sector, only utilities finished in the green (+1.3%) after a 2% uptick in oil prices overnight, which eased after Israel agreed to delay its ground invasion of Gaza for now. The volatility of IT stocks was clear as they lost 2.6% for the day, a small dent in the year-to-date's 14.4% gains. Real estate lost 2.1% and communications services lost 1.9%.
The context: AGM season continues tomorrow, with Skycity, Carsales, Fletcher Building and insurance broker network Steadfast to present to shareholders. The ABS will release national accounts and producer price index (PPI) data at 11:30am AEDT. Globally, the European Central Bank will hold its rates press conference just before midnight AEDT tonight, and overnight investors will be watching a speech from Federal Reserve governor Christopher Waller.
