26/10/22. Evening report.
Post Budget - ASX remains steady.
XJO was up just +0.18%.
The biggest influence on our market day was, not the budget, but reports from stocks both in Australia and overseas.
If anything, the budget was a positive for the share market with fiscal sobriety to the fore.
Overseas last night, the U.S. market was up strongly but aftermarket moves by Alphabet and Microsoft (both down) ameliorated the positive impetus of the U.S. overnight results. A further drag on our market today was a poor report from Coles which also affected Woolworths, both down about -3%.
Another drag on our market was Medibank Private which suffered from a privacy hack, down -18%.
All the big banks, however, rose moderately which helped to stabilise the ASX.
Eight out of eleven sectors were up today, with one flat - Info Tech (XIJ). The stand-out performer today was Property (XPJ) up +2.5%.
Tonight in America, META, Facebook's parent, announces results. That again could be market moving.
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