Local shares are set for further gains as positive news for Netflix, and ASML and SAP fuelled global tech stocks. Further strength in semis saw NVDA into fresh highs. Elon Musk has opened a fresh bottle of visine ready to help him straighten up to deliver Tesla results after market. Resmed reports also after market
US January PMI data added to positive sentiment according to ANZ research “We read the firmer-than-expected PMI as a sign that the economy is on track for a soft-landing. Higher new orders, the above-50 level on employment and a cooling off in price measures are all an encouraging start to the year.
Earlier European Tech stocks ASML and SAP jumped on positive news fueling tech indexes there to their highest levels in over 2 years. The Euro Stoxx 50 closing at its highest level since May 2001
Local markets may be further boosted by strength in iron ore as China's central bank looks set to lower bank reserve ratio requirements within a fortnight. What could go wrong there?
Pilbara Minerals warned investors that no interim dividend would be forthcoming and the news proved to be a market catalyst for a rotation into struggling resource stocks generally, particularly battery metals. Many lithium, graphite and REE stocks showed signs of life as investors looked for bargains among the badly battered wretched wreckage littering the ground of the ASX materials sector.
CNNs Fear and Greed Index is in EXTREME GREED territory at 77.
The Lit ETF pared earlier gains to plumb session lows by the close.
The ASX will be closed tomorrow for Woolworths Day
