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Afternoon trading August 1, page-9

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01/08/24

13:16

Post #: 75026227
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Originally posted by highlandlad: ↑

Thanks @shovel40, @Fiji1 and morning crew.

Half-time wrap:

The share market built on yesterday's interest rate relief rally, climbing to a new high after the US Federal Reserve signalled it may cut rates as soon as next month.

The ASX 200 broke 8,100 for the first time with a rise of 30 points or 0.37% to 8,122.

A strong night on commodity markets and strength in rate-sensitive tech, property and utility stocks laid the groundwork for the advance. Drags included some banks and industrials.

The market appeared to take in its stride news that a private survey of Chinese companies showed factory activity contracted in July for the first time in nine months. Caixin's Manufacturing PMI fell to 49.8 from 51.8 in June. Readings below 50 indicate shrinking activity.

US stocks jumped overnight after Fed Chair Jerome Powell said a rate cut would be on the table when the central bank next meets in September if inflation keeps falling back towards target. Investors piled back into beaten-down AI chip stocks, helping lift the Nasdaq Composite 2.64% and the S&P 500 by 1.58%.

Personal trading: Took MND at round-number support and rode the rebound. Had the good fortune to be out before the trading halt. Also took M7T on retrace.

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bought a few more KGL at my limit with them now hold wait and see
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