Daily Market Reports | Jan 21 2022
| World Overnight | |||
| SPI Overnight | 7179.00 | – 66.00 | – 0.91% |
| S&P ASX 200 | 7342.40 | + 9.90 | 0.14% |
| S&P500 | 4482.73 | – 50.03 | – 1.10% |
| Nasdaq Comp | 14154.02 | – 186.23 | – 1.30% |
| DJIA | 34715.39 | – 313.26 | – 0.89% |
| S&P500 VIX | 25.59 | + 1.74 | 7.30% |
| US 10-year yield | 1.83 | + 0.01 | 0.33% |
| USD Index | 95.80 | + 0.22 | 0.23% |
| FTSE100 | 7585.01 | – 4.65 | – 0.06% |
| DAX30 | 15912.33 | + 102.61 | 0.65% |
Greg Peel is scheduled to return after Australia Day.
For a while it looked like US indices would bounce from oversold conditions, but selling resumed towards the end of the afternoon session and what initially looked like a sunny day ultimately ended with deeper losses.
Clearly, there are too many threats, too many uncertainties, and too many ifs and buts that are weighing on Mr Market's mind. It probably doesn't help when an industry stalwart like Jeremy Grantham is forecasting the "superbubble" will burst and the S&P500 stands to lose -48% a la 2008-2009.
Worried market observers point out afternoon selling has become the new standard for US equities this early in 2022.
Meanwhile, iron ore and industrial metals continue enjoying their moment under the sun.
SPI futures are indicating another down day for the ASX to close off week number three in January.
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 1838.30 | – 2.70 | – 0.15% |
| Silver (oz) | 24.43 | + 0.28 | 1.16% |
| Copper (lb) | 4.52 | + 0.08 | 1.79% |
| Aluminium (lb) | 1.41 | + 0.03 | 2.18% |
| Lead (lb) | 1.07 | + 0.01 | 0.53% |
| Nickel (lb) | 10.72 | + 0.53 | 5.24% |
| Zinc (lb) | 1.66 | + 0.03 | 1.78% |
| West Texas Crude | 86.90 | + 0.22 | 0.25% |
| Brent Crude | 87.08 | – 1.04 | – 1.18% |
| Iron Ore (t) | 133.65 | + 3.45 | 2.65% |
The Australian share market over the past thirty days…
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| AKE | Allkem | Upgrade to Add from Hold | Morgans |
| Downgrade to Accumulate from Buy | Ord Minnett | ||
| ARB | ARB Corp | Upgrade to Neutral from Underperform | Macquarie |
| BLD | Boral | Upgrade to Equal-weight from Underweight | Morgan Stanley |
| CAR | Carsales | Downgrade to Lighten from Hold | Ord Minnett |
| CCX | City Chic Collective | Upgrade to Buy from Accumulate | Ord Minnett |
| COE | Cooper Energy | Downgrade to Hold from Accumulate | Ord Minnett |
| CVN | Carnarvon Energy | Upgrade to Buy from Accumulate | Ord Minnett |
| DXI | Dexus Industria REIT | Upgrade to Add from Hold | Morgans |
| GNC | GrainCorp | Downgrade to Neutral from Buy | UBS |
| HUB | Hub24 | Upgrade to Outperform from Neutral | Macquarie |
| Upgrade to Buy from Accumulate | Ord Minnett | ||
| HVN | Harvey Norman | Upgrade to Outperform from Neutral | Credit Suisse |
| IMD | Imdex | Downgrade to Neutral from Buy | UBS |
| MP1 | Megaport | Upgrade to Hold from Sell | Ord Minnett |
| PAN | Panoramic Resources | Downgrade to Hold from Add | Morgans |
| RBL | Redbubble | Downgrade to Equal-weight from Overweight | Morgan Stanley |
| REA | REA Group | Upgrade to Buy from Hold | Ord Minnett |
| SEK | Seek | Upgrade to Accumulate from Hold | Ord Minnett |
| WES | Wesfarmers | Upgrade to Add from Hold | Morgans |
For more detail go to FNArena's Australian Broker Call Report, which is updated each morning, Mon-Fri.
All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website. Click here. (Subscribers can access prices on the website.)
(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author's and not by association FNArena's – see disclaimer on the website)
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