The ASX 200 closed the week 0.8% higher, buoyed by strong results in the Financials (+4.1%) and Healthcare (+1.0%) sectors. Australia’s job market exceeded expectations, adding 64,000 jobs in September suggesting the Reserve Bank of Australia may hold off on rate cuts for longer. However, Friday ended on a softer note (-0.9%) as the Resources sector continued to face pressure after China’s fiscal stimulus package fell short of expectations.
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Owning a home is a major life goal for many Australians (and particularly Raiz users), but the road to the property ladder can feel confusing and overwhelming. With careful planning and a clear understanding of each step—from saving a deposit to managing your mortgage—you can approach the process with confidence. Not everyone will need professional services like brokers or buyer’s agents, but understanding their roles can help you decide if they’re right for you. Additionally, the Raiz Property Fund and tools like in-app savings goals with recurring investments provide smart ways to stay connected to the property market while you build toward your dream home.
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Australian market update
The ASX 200 delivered a positive return of 0.79% over the past week, despite the mixed performance of its constituents. Commonwealth Bank of Australia, CSL Limited, National Australia Bank, Westpac Banking Corporation, and Australia and New Zealand Banking Group all posted strong gains, ranging from 2.18% to 2.53%. However, heavy-weights like BHP Group (-2.58%), Rio Tinto Group (-3.32%), and Fortescue Metals Group (-1.47%) dragged on the index’s performance, reflecting the ongoing challenges in the global commodities market.
The Australian markets had a challenging week, with the ASX 200 index declining by 1.45%. Major banking stocks like Commonwealth Bank of Australia (-1.96%), National Australia Bank (-2.46%), Westpac Banking Corporation (-4.98%), and Australia and New Zealand Banking Group (-2.76%) were among the top losers. Mining giants BHP Group (-3.00%) and Rio Tinto Group (-4.22%) also faced significant losses, likely due to concerns over the Chinese economy.
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In the past few months, iron ore prices have surged from $90 to $105 per tonne, sparking a rally in Australian mining stocks. For companies like BHP and Rio Tinto, this price rebound could mean billions in additional revenue. Given that China imports over 44% of global iron ore, any fluctuation in Chinese demand sends immediate ripples through the market. But how sustainable is this price surge? And more importantly, how should Australian investors navigate the intertwined complexities of China’s credit expansion and its impact on commodity markets?
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Australian Market Update:
The ASX 200 remained relatively flat over the past week, posting a modest 0.03% gain. However, there was significant rotation amongst sectors. The materials sector, led by mining giants BHP Group (10.91%) and Rio Tinto (12.77%), was the top performer, buoyed by rising commodity prices. Fortescue also saw impressive gains of 14.01%. However, the financial sector faced significant selling pressures, with major banks such as Commonwealth Bank of Australia (-7.16%), National Australia Bank (-6.88%), Westpac Banking Corporation (-5.27%), and Australia and New Zealand Banking Group (-4.55%) all recording falling stock prices.
The ASX 200 remained relatively flat over the past week, posting a modest 0.03% gain. However, there was significant rotation amongst sectors. The materials sector, led by mining giants BHP Group (10.91%) and Rio Tinto (12.77%), was the top performer, buoyed by rising commodity prices. Fortescue also saw impressive gains of 14.01%. However, the financial sector faced significant selling pressures, with major banks such as Commonwealth Bank of Australia (-7.16%), National Australia Bank (-6.88%), Westpac Banking Corporation (-5.27%), and Australia and New Zealand Banking Group (-4.55%) all recording falling stock prices.
We are excited to announce our partnership with Ducktober, a unique and impactful initiative organized by the Waves of Wellness (WOW) Foundation! This annual fundraising event takes place during Mental Health Awareness Month in October, and all funds raised directly helps WOW continue to provide free surf therapy programs.
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This week, the ASX 200 showed positive movement, rising by 1.08%, closing at 8,209.5 points on Friday 20th September. Gains were supported by strength in financials, energy, and mining sectors. Notably, major banks saw a boost, with Westpac rising by 2.38%, NAB by 2.29%, and ANZ by 2.21%. The miners were also strong contributors, with Fortescue Metals up by 2.56%, and BHP Group gaining 2.00%.
The recent decision from the U.S. Federal Reserve (the Fed) to reduce interest rates by 50 basis points, bringing the federal funds rate to a range of 4.75% to 5%, has drawn attention from markets worldwide, including Australia. With inflation in the U.S. having moderated to approximately 2.2%, close to the Fed’s long-term target, many are questioning the rationale behind this rate cut and its broader implications for investors.
