Stocks rallied on Thursday as investors regained confidence in the economy following encouraging consumer and labor data that helped ease recession worries.

The Dow Jones Industrial Average leaped 554 points, or 1.39%, to end the day at 40,563.06. The S&P 500 closed up 1.61% at 5,543.22, for its sixth straight gain. The broad market index has advanced roughly 8% from its intraday bottom on Aug. 5. The Nasdaq Composite jumped 2.34% to 17,594.50.

COMMODITES

• Oil rises nearly 2% on upbeat US economic data, geopolitical tension.
• Gold pares gains as dollar, bond yields climb after strong US data.
• Iron ore hits over 14-mth low as weak China property data clouds demand outlook.
• BHP strike in Chile enters third day, buoying global copper price.

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ASX 200 gave up its gains to be up only 15 points to 7866 (0.2%) after being skewered by jobs data and iron ore prices in Singapore. Economic data showed the jobs market was still tight despite the headline number rising to 4.2%. Iron ore slid again in Singapore on Chinese steel news, BHP fell 1.0% and RIO was off 3.6%, including its dividend. FMG down another 2.9% with MIN falling 3.0%. Lithium sector off again, despite PLS bidding for LRS. Scrip bid and PLS dropped 3.9% on the news. Gold miners slid with EVN giving up some recent gains, NST down 0.7% and uranium and coal stocks easing back again. Banks were firm with WBC and ANZ taking up the running. CBA steady and the Big Bank Basket up to $229.33 (0.8%). MQG rallied 1.3% with the ASX bouncing back 0.9%. MFG results out and an acquisition boosted fund managers. GQG up 4.8%. TLS did well on results up 2.1% with many industrials in the green. Healthcare was an interesting space, COH was dumped 7.3% on lower guidance and CSL drifted. Tech mixed, APX down 4.2% and WTC off 0.5%. In other corporate news, ORG fell 9.4% on pessimistic outlook news, GMG beat estimates but not enough to keep it positive, down 1.3%. NUF fell 9.8% on a trading update and TWE reported as expected with the de-premiumisation charge. On the economic front, local jobs numbers came in at 4.2% slightly higher than expected but participation increased. In China, more dismal data and steel companies pulling back hurt commodities. Asian markets slightly better, Japan up 0.7%, China up 0.8% and HK unchanged. UK GDP in focus.

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The NASDAQ and S&P 500 finished 0.03% and 0.38% higher, extending their winning streak to five sessions. US Inflation data reassured the markets the Fed would start cutting rates next month. The Dow advanced 243 points (+0.61%). Up 303 points at best. Down 28 points at worst. Small firms Russell 2000 eased 0.52%, and the VIX dropped 12.53% as sentiment improved. Treasury yields were mixed. 10Y yield was little changed down 0.7bps and the 2Y yield rose 2.4bps. Markets are now pricing a 37% probability of a 50bps cut and 63% probability of a 25bps cut in September. Megacap tech stocks ended mixed Google fell 2.4% on reports the DoJ is considering breaking up the search engine. While Telsa -3.1%, Microsoft +0.7% and Nvidia +1.7%.

ASX to rise. SPI Futures up 28 points (+0.36%).

• Oil prices in the red after US crude inventories rose unexpectedly. WTI -1.68% and Brent Crude off 1.35%.
• Base metals are broadly higher on rate cut prospects. Copper +0.25%, nickel -0.06%, aluminium +0.60%, zinc +0.93%, lead +0.75%, and tin +0.30%.
• Iron ore down 2.29%, hitting a more than one-year low on disappointing credit data from China dampened sentiment.
• Uranium flat, and lithium down 0.82%.
• Bullion down 0.71%.

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ASX 200 rose another 24 points to 7851 (+0.3%) as iron stocks fell hard on Asian price falls. BHP, RIO and FMG dragging the index back from 7910 high. BHP down 2.8% and FMG crashing 4.6%. Iron ore futures in Singapore sank a further 2.3% to $US96.25 a tonne. Other resource sectors pulled lower. Lithium tried hard to rally, but PLS was unchanged and MIN off 4.6%. Gold miners mixed, RED off 1.4% and BGL down 2.5% with EVN presenting a good set of numbers and rose 6.6%. Oil and uranium not doing too much. Results dominated in industrials; CBA produced a beat and a higher dividend, up 1.3%, with the Big Bank Basket up to $227.58 (+0.7%). MQG rose 0.8%, with insurers slightly firmer, and ASX fell 3.7% as ASIC launched legal proceedings. CSL bounced 2.0%, and healthcare generally was better, with SHL up 2.0% and RHC up 1.0%. PME results delighted the bulls, up 7.2%. Elsewhere, retailers were still in favour, SUL up 2.4% and APE rose 2.1%. Gaming stocks better too, ALL up 1.4% and LNW rising 2.0%. Tech rose, the All-Tech Index up 1.7% with WTC up 2.6% and XRO up 0.5%. REITs also better, GMG up 3.1% with REA up 3.5% too. In corporate results, SVW showed the benefit of owning BLD up 6.8%, ORA rose 5.3% on better results and more M&A interest, and BVS also dId well, up 11.1% on results. Nothing locally on the economic front. RBNZ cut rates as the economy stalls, and the Japanese PM announced he would be stepping down. Asian markets lower, HK and China down 0.5%. 10Y yields fell to 3.93%.Dow and NASDAQ Futures up 0.1%.

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Wall Street closed higher overnight, hitting a two-week high after soft PPI data reinforced bets of rate cuts in September. The S&P 500 climbed 1.68%, clocking its biggest four-day rally this year, led by tech stocks. Starbucks was the top-performing stock in the index, rallying 24.5% after appointing Chipotle head Brian Niccol as chairman and CEO. The Dow Jones ended near session highs, finishing 409 points higher (+1.04%). Up 436 points at best.

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ASX 200 rose 13 points to 7827 (+0.2%) in quiet cautious trade ahead of US PPI tonight. Results are once again the focal point. Solid numbers from TPW and good guidance helping the retail sector again, with JBH up 4.0% on broker upgrades, PMV rose 1.2% and HVN pushing 1.9% ahead. Banks, as always were the beating heart of the market, with CBA up 1.5% ahead of results tomorrow. WBC and ANZ better on a broker upgrade, and CGF doing well on results today, up 6.5%. REITs mixed with GMG rebounding 0.9% and SGP off 0.7%. Elsewhere tech was mixed, WTC off 0.7% and REA up 1.0% on broker research, the All-Tech Index unchanged. In healthcare, CSL was dumped 4.6% post results as the outlook was sub-par, and Vifor seems to be still facing headwinds. Iron ore miners were slightly better, BHP up 0.3% and RIO rallying 0.5%, lithium again under severe pressure as PLS dropped 4.4% and MIN down 2.3%. LTR down 5.8%. Gold miners were better, bullion heading higher the driver, NEM up 1.5% and NST up 1.7%, with GMD jumping 8.3% following a large block trade. In corporate news, ORA revealed it had been approached with a NBIO at 255c by Lone Star. JHX is battling weak demand in ANZ together with rising wages and freight charges. On the economic front, wage growth came in a little lower than forecast, helping sentiment. In Asia, Japan has now made back all its losses from the extreme volatility last week. Japan up 2.8%, HK up flat and China -0.1%. 10Y yields slipped to 4%. Dow and NASDAQ Futures up 0.2% and 0.3%, respectively.


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US equities ended mixed overnight after a choppy day of trade. The Dow slipped 141 points (-0.36%). Up 90 points at best. Down 246 points at worst. The S&P 500 finished unchanged after two straight days of gains last week, rebounding from last Monday's sharp sell-off that shook markets around the globe. Tech-heavy NASDAQ rose 0.21%, and the Russell 2000 Index focused on small companies lost 0.91%. Markets are now waiting for Wednesday's CPI data. Inflation result needs to be in the sweet spot, volatility may return if inflation is too low, reigniting fears that the US is heading for recession. But if inflation is too high it may encourage fears that the Fed may not be able to cut rates quickly enough to protect the economy. Treasury yields fell a touch ahead of inflation. 10Y yield down 3.2bps and the 2Y yield fell 3.6bps. VIX up 1.67%, Bitcoin down 2.31%, USD Index and Aussie Dollar flat.

SPI Futures flat. Another big day of reporting ahead. Some big names include CSL, SEK, TPW and CGF.

COMMODITES

• Oil prices jump on prospect of widening Middle East war shrinking supply.
• Gold rises over 1% on safe-haven demand.
• Copper rallies ahead of Chinese and US data.
• OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike.
• Chevron delivers industry first in ultra-high pressure oil field.
• Canada's Barrick Gold beats second-quarter profit estimates.

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ASX 200 rose 36 points to 7814 (+0.5%) in quiet trade. Just for a change, banks led the market higher, as we wait for CBA numbers on Wednesday. The Big Bank Basket rose to $222.96 (+0.8%). Other financials were also firm: QBE and SUN were up around 0.9% and 1.4% respectively, with MQG up 1.3%. REITS eased back slightly, with the exception of GMG, which rose 1.3 %. Industrials firmed: WES was up 1.6%, REH was up 1.2%, and retailers got a shot in the arm from JBH results, which beat expectations. Tech rose with the All-Tech Index up 1.5% as WTC rose 2.7% and XRO put on around 1.4%. Resources were a different story; iron ore majors drifted lower, as Iron ore slumped 2% to $US98.80 a tonne on the Singapore exchange. RIO down 1.4% with lithium depressed again, PLS down 2.9%, and MIN falling 3.8%. Gold miners were mixed, oil and gas fluffing about and uranium flat (not falling anymore at least). In corporate news, JBH results beat estimates, rising 8.3%, CAR had some good numbers and a positive outlook up 4.5% and AZJ underachieved falling 8.8%. BPT disappointed again, falling 12.6%. Nothing on the economic front locally, Japan closed for Mountain Day, China and HK flat. 10-year yields softened to 4.04%. European markets opening slightly firmer.

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