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Yesterday the market was up as much as 1% in the first hour of the session, following a strong trading session over on Wall Street, and soon after that the market started to drop, following weak economic data from China. China’s April retail sales dropped 11.1% on the year, when the market was expecting a 6% drop, so it fell almost twice the forecast. Additionally, the unemployment rate in China rose to 6.1%.
Locally, the Australian market dropped but still managed to close with a 0.25% gain. Leading the ASX200 was transport and logistics company Brambles (ASX:BXB), which gained over 11% yesterday to its highest price in 8 months. This was after news of a potential takeover offer by private equity group CVC for $20 billion. Meanwhile, Imugene (ASX:IMU), City Chic Collective (ASX:CCX), and Zip (ASX:ZIP) declined the most.
Bell Direct clients were trading mostly ETFs yesterday, including VAF, VEU and EMKT.
It was a volatile session overnight in the US. The Dow Jones closed with a slight gain of 0.08%, while the S&P500 dropped 0.39%. The Nasdaq was the session’s underperformer, as tech stocks continue to fall, closing 1.2% lower.
What to watch today: