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The ASX200 closed 0.7% higher, with tech once again in the lead, with investors moving back into tech. This was after a rally by the Nasdaq and coincided with a drop in the US 2-year Treasury yield. Meanwhile utilities declined the most. Investors were also conscious of the RBA’s meeting yesterday. The RBA held the cash rate at 0.1% and mentioned that the Russia – Ukraine war is a major source of uncertainty, considering the supply issues and effects on global energy markets. The bank is expecting inflation to further increase to 3 ¼ %, and then decline to approximately 2 ¾ %over the course of next year.
Looking at the ASX200 leaderboard, Pointsbet Holdings (ASX:PBH) was the top performer, while big tech names also made the top 10, including EML Payments and Tyro Payments, as well as Block (ASX:SQ2), which jumped more than 12% to $175.16 after Macquarie said its share price could rise near 50% within the next year. Among the tech rally, Xero (ASX:XRO) and WiseTech (ASX:WTC) also gained.
European and US markets suffered heavy losses overnight. The Dow Jones lost nearly 600 points, down 1.8%, the S&P500 down 1.6% and the Nasdaq down 1.6%.
The local market is set to drop, with the SPI futures suggesting a 0.92% fall at the open this morning.
What to watch today: