ASX200: Private Sector PMIs in Focus early in the Session

Economic Calendar

Wednesday, 24^th November

Construction Work Done (QoQ) (Q3)

Thursday, 25^th November

Private New Capital Expenditure (QoQ) (Q3)

Friday, 26^th November

Retail Sales (MoM) (Oct)

The ASX200

It was a bearish start to the week for the ASX200, with a Monday pullback reversing gains from Thursday and Friday

Following a 0.24% rise from Friday, the ASX200 fell by 0.59% to end the day at 7,353.1. Monday’s loss also marked a 7^th day in the red from 11-sessions.

There were no major stats from Australia or China to influence the 200 on the day.

The Big-4 banks weighed heavily once more, with travel stocks also hitting reverse in response to the latest COVID-19 news from Europe.

Amongst the worst performers was Qantas, which slid by 4.0%.

The Stats

There were no major stats to provide direction on the day.

The Market Movers

It was a bearish day for the banks. Westpac and CBA slid by 2.08% and by 2.06% respectively to lead the way down. ANZ and NAB fell by 1.98% and by 1.19% respectively, with Macquarie Group ending the day down by 1.01%.

Commodity stocks had a mixed session. Newcrest Mining fell by 1.85%, while Fortescue Metals Group Ltd and Rio Tinto ended the up by 2.13% and by 1.74% respectively. BHP Group rose by a more modest 0.36%.

Joining Newcrest mining in the red were oil stocks. Woodside Petroleum fell by 1.85%.

Other Asian Markets

Elsewhere, it was a mixed session. The CSI300 and Nikkei 225 Seng saw gains of 0.46% and 0.09% respectively, while the Hang Seng Index slipped by 0.39%.

The Day Ahead

It’s a busier day ahead on the Aussie economic calendar. Australian prelim private sector PMIs for November will be in focus early in the session.

While we can expect the numbers to influence, market sentiment to the latest rise in new COVID-19 cases will likely remain key.

Overnight gains from the U.S, however, will provide some early support going into today’s session.

The Futures

In the futures markets, at the time of writing, the ASX200 was up by 15 points.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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