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The S&P/ASX 200 closed 68.8 points higher, up 0.84%.

What a day and what a week! It just got better and better, and Aussie stocks are back within a whisker of a record high.

The Trump Trade, hopes of more China stimulus, rate cuts from the US Federal Reserve. Can it possibly get any better? I guess we'll find out next week.

But for everything you need to know about today's ASX trade...

The S&P/ASX 200 (XJO) finished 68.8 points higher at 8,295.1, 0.84% from its session low and just 0.29% from its high. In the broader-based S&P/ASX 300 (XKO), advancers beat decliners by 211 to 73. For the week, the XJO finished up 176.3 points or 2.2% higher, 2.2% from its intraweek low and just 0.29% from its intraweek high.

Looking down the list of best performing sectors today, it looks more than anything like a response to the sharp reversal in market yields overnight. Australian 10-year Government Bond yields have traded back to 4.58% from their Thursday peak (an absolutely frightful and eye-watering 4.70%). Basically, the market just cut rates by half of one typical RBA rate move.

You really must see the Aussie 10-year bond yield chart…the ascent from 3.76% in just mid-September would boggle any economist’s mind (near on 100 basis points without a whisper from the RBA – all external market influences). The good news is, you can see the chart, just scroll down a tad to ChartWatch below.

Given the pare-back in market yields, it was no surprise to see sectors like the Gold (XGD) (+2.2%) sub-index (gold doesn't have a yield, so there is an opportunity cost to holding it meaning gold loves/hates lower/higher market yields), Information Technology (XIJ) (+1.8%) (high P/E sectors are typically what we call “long duration”, so they are hyper sensitive to moves in market yields…yields down usually means up here), Consumer Discretionary (XDJ) (+1.3%) (an easy one, lower market yields usually correlates to lower mortgage rates which correlates to less pressure on consumers), and Real Estate Investment Trusts (XPJ) (+1.1%) (giant balls of debt, so again, lower market yields helps with funding…they're also seen as bond proxies – so there's a bit less competition now from higher yielding risk-free bonds).

That’s probably enough Economics 101 for a Friday evening, especially after what has been one of the most fascinating, and can I even say exciting weeks in markets I’ve seen in over 30 years of watching them – thus leaving me totally exhausted!

Let’s put the rest of the moves down to hopes of further Chinese economic stimulus measures that will be announced at this weekend’s National People’s Congress (NPC) Standing Committee meeting. At least, that’s what all the other evening wraps are saying!

Source - https://www.marketindex.com.au/news/evening-wrap-asx-200-cant-do-any-wrong-first-trump-now-falling-yields-and

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Paul is a former IBM Customer Success Manager who has deployed over 300 data and AI solutions across industries and geographies for the past 8 years. Paul is a Financial Planning, Analysis, and Reporting SME working with data including integration of macro and micro indicators as part of the integrated business planning and reporting cycle.

[email protected]

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