Futures Point North Before Retail Sales Figures

By on November 25, 2021 0


Reversing a loss of 0.15% from Wednesday, ASX200 rose 0.11% to end the day at 7,407.29.

Bank stocks weighed on Thursday, while commodities and tech stocks provided support, with the rise coming on the back of modest US gains on Wednesday.

Statistics

Economic data was limited to new private CAPEX figures at the start of the session.

In the 3e quarter, new private CAPEX fell 2.2% against an expected decline of 2.0%. New private CAPEX increased 4.4% in the previous quarter.

According to abs.

  • Buildings and structures fell 0.2%, while spending on equipment, factories and machinery fell 4.1%.
  • Although negative, the estimate for 2021-2022 was raised 8.7% to A $ 138.6 billion.

Market movers

It was a bearish day for the banks. ABC in the lead, slipping 1.45%, with ANZ and Westpac see losses of 0.87% and 0.78% respectively. NAB and Macquarie Group ended the day down 0.46% and 0.72% respectively.

Commodities stocks had a bullish session, providing much needed support. Fortescue Metal Group Ltd. and Rio tinto led the way, with gains of 1.76% and 1.64% respectively. Newcrest Mining and BHP Group ended the day up 0.46% and 0.99% respectively.

Other Asian markets

Elsewhere, it was another mixed session. The Nikkei Index and the Hang Seng Index rose 0.67% and 0.22% respectively, while the CSI300 fell 0.41%.

The day to come

It’s another relatively calm day to come on the Australian economic calendar. October’s retail sales figures will be the center of attention as the session begins. Expect a lot of influence, as consumerism is the key to economic recovery.

With the US markets closed on Thursday, expect the futures markets to provide direction alongside commodity prices as well.

However, a continued increase in new cases of COVID-19 across Europe will likely test support for riskier assets.

Future

In futures markets, at the time of writing, the ASX200 was up 4 points.

For an overview of all of today’s economic events, check out our economic calendar.