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The ASX 200 trades 7 points higher (0.10%) at 6962 at 3.30pm.
The ASX 200 has today made a positive start looking to end its seven-week losing streak. A lack of fresh bad banking news over the weekend, along with reports of a possible buyer of Silicon Valley Bank, provided the catalyst for early gains.
However, without some clarity around protection for US bank deposits over $250,000 and reports that Russia will station nuclear weapons in neighbour Belarus, there was only limited appetite for anything other than a tepid rally.
Geopolitics and banking crises aside, this week also sees a renewed focus on Australian macro data ahead of next week’s RBA Board Meeting. Tuesday 28th of March sees the release of retail sales data for February, followed by monthly inflation data on Wednesday.
Both data points were highlighted by the RBA Board minutes as two of the four it will be watching closely s it looks to pause its rate hiking cycle as early as next week.
Members “agreed that upcoming releases on employment, inflation, retail trade and business surveys would provide important additional information, as would developments in the global economy.”
Banking sector
It’s been a mixed day for the banking sector.
- NAB climbed 0.7% to $27.37
- Westpac added 0.26% to $21.26
- ANZ added 0.09% to $22.55
- CBA fell 0.4% to $95.45
- Macquarie fell 0.8% to $168.22.
Energy sector
Energy stocks have fallen on news that the Green party will support Labor’s energy package plan.
Consumer Staple sector
The defensive Consumer Staple sector gained, led by Endeavour Group, which added 3.71% to $6.98.
Lithium stocks
The recent carnage in the Lithium sector has continued today as Lake Resources fell 11.46% to $0.43c on news that its Non-Executive Director, Stuart Crow, sold about $4 million worth of shares last week.
ASX 200 technical analysis
Providing the ASX 200 continues to hold above support 6910/00, the pullback from the February 7567 high is viewed as a countertrend (an “ABC” Elliott Wave correction), and a rebound is expected to follow. Aware that should the ASX 200 see a sustained break below support at 6910/00, it would negate our positive bias and warn of a retest of the bottom of its 12-month range at 6410.
ASX 200 daily chart
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