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Chapter 1: Why has the ASX200 experienced eight straight days of declines?
a listener production.
Eight straight days of declines for the Aussie market, but most sectors still rose in April.
And what pushed oil prices to their highest level since 2022?
Good afternoon, I'm Steve Daglian. I'm Laura Bessarati. It's Thursday, the 30th of April. Welcome to the CommSec Market Update.
Well, Stevie, an eighth straight session of declines. That means it's been our longest losing streak since September 2018. So you have to go back about seven and a half years to find a longer losing streak.
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Chapter 2: What factors contributed to oil prices hitting a four-year high?
So if we get to nine days, I'm going to have to take some time to go back through every single day like I have been doing, maybe go back even more years to find out when the last longest losing streak was.
I was going to ask you how long it took to find that stat, because for me too, I had the same statistic.
I'm glad we both did it separately.
That's right. It did take a long time. So that means the market has basically shed around 3.4% of its value over that losing streak as well. We're sitting at a fresh three-week low as well. And I think it's easy to forget that despite this losing streak, the market is still up this month. We're still up by roughly 2%.
But I think it doesn't really feel like that because a few weeks ago, we're up three times as much. And this decline has just taken some of that shine off.
All right, let's look at what's happened over the course of the month first, and then we'll look at what's happened today, because as you point out, it's been a turbulent month. This is on the back of, of course, the very fluid situation between the US and Iran. It's dragged on, of course, for another month, and the conflict has entered a ninth week.
Now, early in the month, as you said, the Aussie market was up closer to 6%. We got within striking distance of a record high, but as you mentioned earlier, Now, just ahead of the close today, it looks like we're going to end the month about 2% higher. So we've still gained back some of the lost ground from March when we were down by close to 8%, but still have a long way to go.
There's been a lot going on, of course, between the US and Iran, but also a number of companies have declined. downgraded guidance due to the impacts of the conflict. And of course, yesterday, we saw inflation soar to 4.6% for the year to March. That was driven by higher transport and petrol prices.
And it really just puts another rate hike on the table next Tuesday on May the 5th when the RBA meets next.
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Chapter 3: How did inflation data impact market expectations for interest rates?
It blamed factors such as higher tariffs, inflation and higher input costs.
And I will just mention WiseTech as well. The sixth best performer on the market today, 3.5% higher, seems to be in response to a broker note, which highlighted that the sell-off in the tech sector might perhaps be overdone. We mentioned it is one of the worst performers of the year so far. And remember that WiseTech shares are still down about 40% over the past six months or so.
And one of the weights, I guess, on some of these software as a service companies is the threat of AI on creating more competition.
All right, looking ahead tomorrow morning, we get results out from Apple. That's the last of the magnificent seven for now. We have Nvidia about a month later. They're always late to the party. We have US inflation data out tonight as well. This is the Fed's preferred measure, the PCE deflator. We have some other interest rate decisions tonight, including the
ECB and the Bank of England or the European Central Bank, I should say, for those that aren't across that. And then tomorrow, some results. We have ANZ's half-year results, but also some more quarterly results out as well from the likes of Liontown and ResMed. Then we have Harvey Norman paying out their dividend.
Absolutely. I think that wraps it up. Have a great evening, everyone. Make sure to tune in to our morning podcast with Gil and also James.
Ciao.
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