MARKET AT 7
Good evening. Tech shares carried Wall Street to a record overnight, and the ASX has now gained three days running. Australian households are in a far gloomier mood. Here's the night in four stories
MARKET AT 7
ASX rises for third day as Nasdaq hits record high
ASX gains for a third day as Nasdaq hits record high
The ASX 200 rose 0.6% to close at 8,736 on Tuesday, its third straight gain. It followed a strong Monday on Wall Street, where the Nasdaq rose 1.1% to a record on a surge in tech shares. The S&P 500 gained 0.7% and the Dow added 0.2%.
The local market didn't copy the tech move. Real estate led the ASX, up 1.2%, while the tech sector fell 1.1%. US bond yields, now at 24-year highs, kept a lid on gains. Higher yields make safer investments pay more, which can pull money away from shares. The Australian dollar was flat at 69.7 US cents.
ALSO TODAY
ALSO TODAY
Consumer sentiment falls 4.7% as fuel and rate worries bite
Westpac and the Melbourne Institute's consumer sentiment index dropped to 80.4 in October, down from 84.4 in September. Westpac says petrol is above $2.30 a litre nationally, and more than 80% of consumers expect mortgage rates to rise over the next year. It links the slump to the Reserve Bank's latest rate rise, which Westpac says took the cash rate to 4.6%. Source: ABC News, 6 Oct → · Source: Westpac IQ, Oct →
Oil holds near $100 as CBA warns stockpiles are thin.
Brent futures finished at $100.68 a barrel, up 0.4%, according to ABC. CBA commodities analyst Vivek Dhar says global oil inventories sit at five-year lows, leaving markets at least 10 to 15 weeks of oil and refined products. A later Trading Economics quote had Brent near $98, down 2.2%, as Middle East exports recover and G7 countries release reserves. Source: ABC News, 6 Oct → · Source: Trading Economics, 6 Oct →
Dicker Data halts trading.
Dicker Data shares are in a trading halt, according to Market Index. Halts usually come before a major announcement, such as a deal or a capital raise. The reason wasn't confirmed at publication. Source: Market Index, 6 Oct →
THE MARKET WRAP
OUR TAKE:
Share markets are celebrating a tech rally while Australian households watch petrol top $2.30 a litre. Oil near $100 is the link between the two, and it's the number to watch.