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11 Oct 2019 (TheAge) – ASX: Conflicting trade headlines drive wild session for ASX

(11 October 2019, The Age, Business, p27, By David Scutt) ‘Australian shares endured a wild ride on Thursday, gyrating throughout the session as a swathe of conflicting headlines on trade talks between the United States and China saw investor sentiment change in the blink of an eye. After three trips into negative territory and two … Continue reading

8 Oct 2019 (TheAge) – ASX: US-China trade talks to dominate as public holidays subdue local trading

(8 October 2019, The Age, p29, By Lucy Battersby) ‘The local market had a strong session on Monday albeit with very low volumes due to public holidays around the country. A positive lead came from Wall Street US on Friday after US non-farm payrolls expanded by 136,000 in September. This missed expectations but still boosted … Continue reading

5 Oct 2019 (AFR) – Investors ignoring growing global economic risks, RBA warns

(5 October 2019, AFR, p6,  Karen Maley, Columnist) ‘Global equity, bond and commercial property markets could suffer savage sell-offs if investors, who have until now been remarkably complacent about risk, suddenly wake up to the deteriorating global outlook. In its October Financial Stability Review, the Reserve Bank highlights the darkening global outlook, as economic activity has … Continue reading

1 Oct 2019 (TheAge,SMH) – ASX ends September on a dour note, Nufarm soars

(1 October 2019, The Age, Business, p27, By David Scutt) ‘Weighed down by steep declines in financial and tech stocks, Australian shares fell at the start of the new trading week.The benchmark S&P/ASX 200 Index slipped 27.8 points, or 0.4 per cent, to close at 6688.3, unwinding earlier gains that saw it lift as much … Continue reading

28 Sept 2019 (AFR) – US stocks hit 3-week low as trade tensions rise

(28 September 2019, AFR online, Sarah Ponczek and Vildana Hajric) ‘New York | A week dominated by political drama in Washington ended with the spectre of a deepening trade war, sending US stocks to a three-week low and bolstering demand for haven assets. The S&P 500 fell 1.1 per cent in the five days to … Continue reading

25 Sept 2019 (AFR) – The return of value investing – As the gloom gathers, value investing shines brighter

[COMMENT: Warning!! Make sure to read this article in entirety before deciding whether the information is useful or not.] (25 September 2019, AFR, p31,  Michael McCarthy) ‘Value investing has intuitive appeal. Identify a company with a value higher than its current share price, buy and wait. Eventually, the short-term “voting machine” that is the market … Continue reading

23 Sept 2019 (AFR) – There are still too many risks to chase value stocks

(23 September 2019, AFR, p20,  Jun Bei Liu) ‘There is never a dull day on the sharemarket. The end of the volatile reporting season marked the beginning of the great rotation from recent winners into losers, so to speak. The US equity market staged a five-standard deviation rally − a particularly rare event − of … Continue reading

20 Sept 2019 (AFR) – ASX hits seven-week high on rate cut hopes

(20 September 2019, AFR, p28, Elouise FowlerReporter) ‘Stocks rallied to a seven-week high on Thursday after the US Federal Reserve cut interest rates and as a rise in the jobless rate boosted the chance of the Reserve Bank of Australia cutting interest rates next month. The S&P/ASX200 closed up 0.5 per cent at 6717.5 points, … Continue reading

14 Sept 2019 (AFR) – ASX: Trade war hopes, ECB stimulus push ASX higher

(14 September 2019, AFR, p33, Elouise Fowler, Reporter) ‘The local sharemarket closed the week higher after the European Central Bank pushed the stimulus button and trade war tensions eased ahead of high-level talks between the US and China in October. The S&P/ASX200 ended the week up 14.33 points, or 0.33 per cent, higher at 6669.19, … Continue reading

11 Sept 2019 (AFR) – Investors doubt consumers have got their mojo back

(11 September 2019, AFR, p17, Sue Mitchell, Senior Reporter) ‘The ink is barely dry on retailers’ full year accounts but investors are anxiously awaiting first quarter and annual meeting sales updates to see if an encouraging uptick in consumer spending in the first few weeks of 2020 is sustained. Retailers such as Woolworths, Wesfarmers, JB … Continue reading

7 Sept 2019 (AFR) – ASX ekes out weekly gain on trade optimism

(7 September 2019, AFR, p33, Sarah Turner) ‘The ASX eked out a weekly gain, recapturing one-month highs, as fresh trade talks between the US and China managed to calm global growth worries. The S&P/ASX 200 ended Friday’s session 34 points, or 0.5 per cent, higher at 6647.30 That mild advance cemented a weekly gain of … Continue reading

6 Sept 2019 (AFR) – ASX rallies and dollar pushes up on US-China trade hopes

(6 September 2019, AFR, p1, Sarah Turner and Vesna Poljak) ‘An unexpected revival of US-China trade talks, the cooling of political mayhem in Hong Kong and the no-deal Brexit vote in the UK have helped soothe fears about the global economy and set off a rally in Asian markets. The S&P/ASX 200 Index advanced 0.9 … Continue reading

4 Sept 2019 (AFR) – Active managers fail to shine

(4 September 2019, AFR, p27, Elouise Fowler) ‘More than nine out of 10 large-cap fund managers failed to deliver a better return than the market in 2018-19. Fund managers recorded an average return of 6.3 per cent, well below the gain of 11.6 per cent enjoyed by passive investors in S&P/ASX 200 index funds, S&P … Continue reading

31 Aug 2019 (AFR) – Trade war and earnings punish ASX

(31 August 2019, AFR, p33, William McInnes, Reporter) ‘A strong session on Friday wasn’t enough to offset steep losses earlier in August, as the Australian sharemarket finally recorded its first negative month of the year. The trade tensions and warnings of an economic downturn the market had been stubbornly ignoring for the first seven months … Continue reading

31 Aug 2019 (AFR) – Reporting season: Tensions relieved ahead of testing second half – The best and worst of reporting season

(31 August 2019, AFR, p23, Chanticleer, James Thomson) ‘It’s been a long, tense reporting season, so let’s celebrate the hits, misses and silliness of four big weeks. Thank God that’s over. The August reporting season is always exhausting for executives and investors, but there has been an extra layer of tension rippling through the 2019 … Continue reading

30 Aug 2019 (AFR) – ASX: Earnings-driven rally pushes ASX higher

(30 August 2019, AFR, p36, William McInnes and Elouise Fowler) ‘A late rally pushed the sharemarket higher for a third straight session on Thursday, extending its recovery from Monday’s sell-off. Despite a lack of news on Wall Street, the Dow Jones Industrial Average rose by 1 per cent during Wednesday’s trade, with the S&P 500 … Continue reading

30 Aug 2019 (AFR) – Judge paves way for Trans-Tasman court over broker collapse

[COMMENT: What happens when our stock broker goes belly up?] (30 August 2019, AFR, p39, Michael Pelly, Legal Affairs Editor) ‘Federal Court judge Jacqueline Gleeson has paved the way for a historic joint sitting of New Zealand and Australian courts to handle the liquidation of a stockbroker. Justice Gleeson said the bid to sort through … Continue reading

27 Aug 2019 (AFR) – ASX loses $27b as trade war escalates

[COMMENT: Beware of scary headlines!! This often happens. Our share market loses billions of dollars of value in one day, and the daily news reports make it that it’s a really big deal. But take a look at my price chart herewith. The fall on Monday brought the market down but the index is still … Continue reading

27 Aug 2019 (AFR) – APRA’s game-changing intervention in super

(27 August 2019, AFR, p9, Joanna Mather, Superannuation writer) ‘The prudential regulator will intervene to settle a quarrel over the extent to which unlisted property and infrastructure can be counted alongside bonds and cash as “defensive” assets. The practice of classifying unlisted assets as partially defensive – rather than wholly growth – is contentious, having … Continue reading

26 Aug 2019 (AFR) – Value investing: Why it’s hard to say when value wins again

[COMMENT: The ongoing debate about value investing versus growth investing, and their usefulness, is discussed in this article – very interesting.] (26 August 2019, AFR, p15, Jonathan Shapiro, Senior Reporter) ‘Cliff Asness says much of his job is about sticking to his finely-tuned investment strategy like grim death. It’s the question every almost every fund … Continue reading

24 Aug 2019 (AFR) – Investing: Small-cap bargains beneath the gloom

(24 August 2019, AFR, p28, Tony Featherstone, Finance writer) ‘Canny investors should be keeping an eye on the huge gap between soaring tech/mining stocks and a “black hole” of underperformers that could be set for takeovers. Australia’s small-cap universe is diverging into two worlds – a narrow group of soaring tech and mining stocks, and … Continue reading

24 Aug 2019 (AFR) – Why a good short is a ‘slow bleed’

(24 August 2019, AFR, p22, Vesna Poljak, Jonathan Shapiro and Jemima Whyte) ‘Activist short-sellers made a startling impression on the Australian market over a year ago, striking at targets with mixed precision but genuine impact. Now the reception has changed. ‘ <snipped…> ‘Activist short-sellers made a startling impression on the Australian market over a year … Continue reading

24 Aug 2019 (AFR) – ASX: Firmer earnings and brighter forecasts lift ASX

(24 August 2019, AFR, p33, William McInnes, Reporter) ‘Australian shares rose firmly this week as a number of better-than-expected earnings and positive outlook statements lifted the market to its best week since July 5. The S&P/ASX 200 Index rose 117.6 points, or 1.8 per cent, to 6523.1 while the broader All Ordinaries firmed 128.4 points, … Continue reading

19 Aug 2019 (AFR) – ASX struggles through ‘messy’ earnings season amid rising global risks

(19 August 2019, AFR, p22, Patrick Commins, Columnist) ‘Investors are set to start the week on a steadier footing after a tumultuous two weeks, but an early reading on global manufacturing activity looms as a key test for investors as the ASX’s underwhelming earnings season rolls on.’ <snipped…> ‘So far, the profits season has provided … Continue reading

17 Aug 2019 (AFR) – Recession fears push ASX lower for second week

(17 August 2019, AFR, p33, William McInnes, Reporter) ‘Australian shares fell heavily for a second week running, as global recession fears mounted following the inversion of the US yield curve. The S&P/ASX 200 Index fell 178.9 points, or 2.7 per cent, to 6405.5 while the broader All Ordinaries lost 177.5 points, or 2.7 per cent, … Continue reading

16 Aug 2019 (AFR) – Big US investors use summer sell-off to ramp up bets

(16 August 2019, AFR, p29, David Randall and Jennifer Ablan) ‘New York | The summer sell-off is finally here – and not all US investors are rattled by it. After a record-setting first half of the year that pushed US stock markets to new highs, a more than 760-point drop in the Dow Jones Industrial … Continue reading

16 Aug 2019 (TheAge,SMH) – Australian stocks thumped amid US recession fears

(16 August 2019, The Age, p4, By David Scutt) ‘Australian stocks were thumped on Thursday, logging their worst trading session in a year after moves in the US bond market stoked fears of a recession in the world’s largest economy. Around $60 billion in sharemarket value was torched as the benchmark S&P/ASX 200 tumbled 2.85 … Continue reading

15 Aug 2019 (NYTimes) – US Stock Markets, Jolted by Economic Worry, Suffer 2nd Worst Drop of 2019

[COMMENT: In trading Thursday, the major US equity indices all fell almost 3 percent. Now that is a large amount for an index to fall in just one day.] (15 August 2019, New York Times online, By Matt Phillips) ‘Trade-war worries hammered financial markets again on Wednesday as data from Germany and China showed trouble … Continue reading

15 Aug 2019 (AFR) – A contrarian investor’s guide to the trade war

(15 August 2019, AFR, p29, Patrick Commins, Columnist) ‘There are scenarios where a US-China trade deal happens sooner than the market believes, which could lead to a “violent” reaction in a very one-sided market. As 10-year bond yields in Australia fell below 1 per cent for the first time last week, my colleague wondered whether we … Continue reading

10 Aug 2019 (AFR) – Trade war drags ASX to worst week in 9 months

(10 August 2019, AFR, p33, William McInnes, Reporter) ‘Australian shares were unable to recover from a heavy sell-off at the start of the week, as trade war concerns pushed the local sharemarket to its worst week in nine months. The S&P/ASX 200 Index fell 184.2 points, or 2.7 per cent, to 6584.4 this week while … Continue reading