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The Fed did what it was expected to and global markets rejoiced. Wall Street soared - and that set up the ASX200 for its 0.97% gain today.
It was a broad-based rally and cyclicals led the charge. Materials, energy and financials surged. The defensive utilities and health-care sectors lagged. On the corporate front, Rio Tinto brushed off early losses after reporting overnight. Meanwhile, Macquaries shares gained 3% following its Q1 update, with strong revenues driven by its markets division. At the smaller end of the scale, ZIP continues to fly - as did most of Buy-Now-Pay-Later space. Kogan shares also added nearly 50% after a less worse than feared update. Pointsbet Holding jumped 20%. On the flip side, Atlas Arteria shares fell 6% on news IFM Investors were walking away from its take-over bid for the company. It’s going to be another cracking night for markets tonight. Advanced GDP data will be published out of the US along with weekly jobless claims. While on the earnings front, heavyweights Apple and Amazon will report quarterly results.
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