Muirfield Wealth

Muirfield Wealth Our experienced team helps Australians navigate the ups and downs of the financial landscape.

11/04/2024

The local ASX is set to open relatively flat this morning after the US market saw a rebound overnight on the back of yesterdays inflation data induced a sell off.
The Tech Heavy Nasdaq Composite rose 1.7%. The S&P 500 gained 0.7%. The Dow Jones Industrial Average shed about 2 points, or 0.01%.
In commodity markets, Brent crude oil was down 0.3% to US$90.22 a barrel, while gold was down 0.04% at US$2,371.58.
Despite the European Central Bank signaling it may begin cutting interest rates soon European markets ended their session lower.
All eyes will be on US first quarter earnings which start tonight with three major US banks including JPMorgan Chase & Co, Citigroup and Wells Fargo & Co reporting.

21/03/2024

Despite US markets hitting record highs Australian shares are set to open lower
Futures are down 0.2% or 14 points as of the time of printing, suggesting the slightly lower open.
All three major U.S. stock indexes rose to new records overnight, aided by investors' growing conviction that the surge in borrowing costs is coming to an end soon.
This coupled with strong US earnings and optimism about rate cuts generally following the Swiss central bank delivering a surprise cut and the Bank of England leaving rates on hold as expected.
The Dow Jones Industrial Average led the way, adding 0.7%, or 269 points to 39,781.37. The S&P 500 0.3% higher to 5,241.53, and the tech-heavy Nasdaq Composite gained 0.2% to 16,401.84.
In commodity markets, Brent crude oil was down 0.5% to US$85.54 a barrel, while gold was down 0.3% at US$2,181.02.

20/03/2024

AustraliaAsiaEuropeNorth America
The local share market is set to open higher this morning, after US benchmarks rose on Tuesday.
ASX futures were up 0.3% or 23 points suggesting a higher open.
U.S. main indexes closed higher despite sharp declines in some tech names. The DJIA rose 0.8% to 39111, the S&P 500 gained 0.6% to 5179 and Nasdaq rose 0.4% to 16167.
Yesterday’s no change in rates from the Reserve Bank was expected, focus is now likely to turn to when the eventual rate cuts will commence with some commentators saying as early as June, however the consensus appear to be for September (maybe).
The US Federal Reserve is expected to keep interest rates on hold tonight. Investors and traders alike are now pricing in three 25 basis points cuts later this year despite US housing starts in February rising 10.7% and building permits up 1.9% both stronger than forecast

In commodity markets, Brent crude oil was up 0.5% to US$87.29 a barrel, while gold was down 0.1% at US$2,157.73.

18/03/2024

The local market is set to open slightly higher, after tech stocks lead gains in the US overnight.
ASX futures were up 0.03% or 3 points at the time of writing, suggesting a slightly higher open.
U.S. stocks were mostly higher, led by a 4.4% rise in Alphabet shares, after a Bloomberg report that Google's Gemini artificial-intelligence engine could be used in Apple's iPhone.
The DJIA rose 0.2%, or 75 points, to 38790, the S&P 500 gained 0.6% to 5149 and the Nasdaq climbed 0.8% to 16103.
Traders and investors alike are looking to this week's Federal Reserve's meeting for further pointers on its monetary policy and the likely timing of rate cuts.
Locally the Reserve Bank board will deliver its policy decision with markets pricing the cash rate to be unchanged with a 60% chance of a cut by August.
The Bank of Japan also meets today amid speculation that it could end the longest run of negative interest rates in history.
In commodity markets, Brent crude oil was up 1.9% to US$86.93 a barrel, while gold was up 0.2% at US$2,160.36

14/03/2024

Good Morning the local stock market is set to open lower, after broad based falls in U.S. markets .
ASX futures were down 0.7% or 56 points as we go to print.
Overnight markets fell after another round of inflation data came in hotter than expected. The data is further evidence that inflation remains stubborn in the US
The S&P 500 fell 0.3% to 5,150.48, leaving it down 0.5% from its record close Tuesday. The Dow Jones Industrial Average lost 0.4% to 38,905.66, while the tech-heavy Nasdaq Composite declined 0.3% to 16,128.53.

Brent crude oil was up 1.3% to US$85.11 a barrel, while gold was down 0.6% at US$2,162.19.

13/03/2024

The local market is set to open higher, after a mixed session on Wall Street seeing tech stocks end lower, energy up.
ASX futures are up 0.3% or 22 points as we write, suggesting a higher open.
U.S. markets ended narrowly mixed as investors look ahead to upcoming inflation and labor data as well as next week's Federal Reserve meeting. Later tonight US retail sales are forecast to improve to 0.8% month-on-month in February, rebounding from a 0.8% drop in January.
The DJIA index rose 37 points, or 0.1% to 39043, while the S&P 500 slipped 0.2% to 5165 and the Nasdaq dropped 0.5% to 16177.
In commodity markets, Brent crude oil was up 2.5% to US$83.94 a barrel, while gold was up 0.8% at US$2,174.48.
Locally, Myer reports is HY24 results today, while companies trading ex-dividend today include Breville, Eagers Automotive, Inghams, Regis Healthcare, Southern Cross Media and TPG Telecom.

11/03/2024

Good Morning, Local Markets are looking to open marginally higher this morning with the ASX futures slightly up 0.05% or 5 points at the time of writing.
Overnight US markets saw the S&P 500 fall for a second straight session ahead of key inflation data that could give an indication on when the Federal Reserve might start cutting interest rates.
The US benchmark index edged down 0.1% to 5,117.94 but remained within 1% of its record. The tech heavy Nasdaq was 0.4% lower at 16,019.27, while the Dow Jones Industrial Average added 0.1% at 38,769.66.
In commodity markets, Brent crude oil was up 0.4% to US$82.43 a barrel, while gold was up 0.2% at US$2,182.75.
In the world of cryptocurrency firms, such as Coinbase Global, benefited as bitcoin hit a fresh record high.
We’re watching NAB business confidence figures at 11:30am today. News Corp, IGO and Lifestyle Communities all trade ex-dividend today

03/03/2024

Good Morning and welcome to Monday.
Australian shares are set to open marginally higher, ASX futures were up 0.1% or 11 points this morning.
Trading Friday saw the tech-heavy Nasdaq Composite hit a new all-time high, rising 1% to 16275, a gain of 2% this week.
The S&P 500 gained 0.8% to 5137, also a new all-time high, up 1% for the week. The DJIA rose 0.2% to 39087.
Europe's benchmark index hit a new record high, as did Japan's Nikkei share average.
China shares posted a third straight weekly gain with investor focus on this week’s National People’s Congress with any hints at the government’s willingness to support the economy closely watched.
Traders and investors alike will be watching miners after a fall in iron ore prices. However energy will be a sector to watch after oil prices rose ahead of OPEC’s.
AI continues to drive gains in Technology stocks.
Looking to the week ahead, building approvals in focus today, US factory orders on Tuesday, followed by key GDP figures in Australia on Wednesday.
It could an interesting week ahead.

01/03/2024

Good morning ,
The local market is set to open higher this morning, with the SPI Futures Index trading 20pts higher this morning at 7,680, This follows yesterday’s ASX 200 gains of 38pts yesterday to close 0.5% higher at 7,699.

US Markets overnight saw the S&P 500 rise 27pts overnight to close 0.5% higher at 5,096, reaching an all-time high. With the Communication sector being the strongest performer (+1.2%).
US inflation data did not exceed forecasts, albeit remaining stubbornly above the central bank’s January targets.
Core inflation data came in line with expectations for January at 0.4%, having come in at 0.2% in the prior month. Personal Income rose 1.0%, ahead of the anticipated rise of 0.4% (versus 0.3% in the p*p) and Personal Spending fell in line with expectation at 0.2% (0.7%).
Meanwhile the Nasdaq was boosted yet again by Nvidia and other tech stocks linked to AI, while Boeing shares softened on speculation it could be liable for criminal prosecution with reports that the Department of Justice is investigating the loss of one of its jet's doors in January.
Treasury yields edged lower in response to the data on market expectations that the Federal Reserve will begin cutting interest rates in June.

28/02/2024

Good Morning.
The local share market is set to open lower this morning. The SPI Futures Index is trading 11pts lower this morning at 7,618.
This follows overnight weakness in weaker European markets brought about by weak corporate earnings and a broadly softer US market with investors there looking towards the release of key inflation data tonight our time. Consensus appears to be for softer data.
In commodity markets, Brent crude oil fell 0.2% to US$83.47 a barrel
Corporate reporting continues today with Harvey Norman, Star Entertainment, South32, Ramsay Health Care, Southern Cross Media, Karoon Energy set to announce their numbers.

On the local economic data front we get to see the latest retail sales figures, business investment and private sector credit data today.

26/02/2024

The local share market looks set to open lower, with the Nvidia-led rally stalling on Wall Street.
This morning ASX futures are down less than 0.1% or 4 points, giving up some of yesterday’s gains.
U.S. stocks took a break from last week's rally with the main indexes closing lower.
The S&P 500 fell 0.4% to 5070, the DJIA slipped 0.2% to 39069 and the Nasdaq Composite lost 0.1% to 15976.
In commodity markets, Brent crude oil rose 1.3% to US$82.65 a barrel, while gold was up 0.2% at US$2,032.39.
In local bond markets, the yield on Australian 2 Year government bonds was down at 3.80% while the 10 Year yield was also down at 4.10%

25/02/2024

Friday saw the ASX 200 rise 32pts to close the week out at 7,644 with nine of the eleven sectors finished in the black let by the Technology sector (+1.5%).
Australian shares are set to open higher this morning, while Wall Street ended the week flat Nvidia remained in the headlines approaching $2 trillion market cap.
The SPI Futures Index was trading 4pts higher this morning at 7,605.

Commodities remain in focus this week with oil prices down more than 2% on Friday, while gold prices were buoyed by a softer dollar and safe-haven demand from escalating tensions in the Middle East. Nickel prices posted their biggest weekly gain in seven months as expansion of Western sanctions against Russia triggered short covering.

In local bond markets, the yield on Australian 2 Year government bonds was up at 3.87% while the 10 Year yield was also up at 4.19%.

More earnings this week, with today seeing, Kogan.com, Adairs, Michael Hill and Adore Beauty announcing numbers today.

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