Tech rebound leads ASX higher, Aussie uptrend intact
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The news: The benchmark ASX 200 closed 0.4% higher on Tuesday, following overnight gains on Wall St, as third quarter earnings excitement superseded uncertainty over the Middle East. The All Ordinaries gained 0.4% and the Aussie dollar is buying 63.6 US cents, keeping this week's slow and steady uptrend intact for the time being.
The numbers: IT stocks performed best by sector, gaining 1.3% but failing to claw back even half of Monday's 2.8% slide. Real estate (+1.2%) and communications stocks (+0.8%) also did well, while healthcare stocks lost 1.2%. The healthcare tumble was led by a continued selloff of CSL, after the biotech's boss Paul McKenzie tried to reassure shareholders at Monday's AGM about the likely impact of GLP-1 drugs such as Ozempic. CSL is down 17.6% for 2023.
The context: RBA governor Michele Bullock will speak in a fireside chat at the Australian Financial Security Authority Inaugural Summit in Sydney tomorrow morning. AGM season continues tomorrow with Origin set to report to shareholders at 10am AEDT. Johnson & Johnson, Bank of America, Goldman Sachs and Lockheed Martin will report quarterly earnings overnight. US retail figures and Canadian inflation data are due at 11:30pm AEDT.
