Well in the end I was right – it
was a quiet couple of days ahead of the budget, based on the ASX200 rising a net 17 points over Monday and Tuesday. And I was right in suggesting 7100 should offer support, as while the index did crash through yesterday to be down almost -100 points by midday, it recovered somewhat in the afternoon to close just under that level.
It’s a moot point nonetheless, given Wall Street has had another swoon overnight and our futures are down -45 points this morning.
It appears Monday’s session was indeed technically and thus algo driven on the break-up through 7100 more than one of investor demand. For investors wasted no time in reversing that trade yesterday. To a great extent everything that went up on Monday came back down yesterday.
Federal tax cut to fast-track Ausnet grid projects
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AusNet Services, which operates electricity and gas distribution networks, will take advantage of tax breaks announced in Tuesday’s budget to bring forward projects in its core electricity and gas distribution network across Victoria.
But the tight construction deadline to be eligible for the deductions means projects that Ausnet would seek to build on the Victorian government’s VicGrid priority list are unlikely to be completed before the June 2023 cut off.
The Morrison government’s tax breaks were extended by a year in the budget. They allow companies to deduct the full cost of eligible capital assets until June 30, 2023. From July 1, 2023, normal depreciation arrangements will apply.
ASX dips 0.7pc amid regional sell-off over US inflation fears
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The Australian sharemarket tumbled for a second straight session, extending its fall away from its record high, as concerns over Wednesdayâs pending US inflation report prompted a sell-off across regional markets.
The S&P/ASX 200 Index dropped 52.1 points, or 0.7 per cent, to 7044.9, down 1.8 per cent from the record high it hit on Monday.
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Japanâs TOPIX index dropped 1.3 per cent, Koreaâs KOSPI dipped 1.6 per cent and New Zealandâs NZX 50 lost 0.6 per cent.
âDespite the severity of the moves, we sensed limited panic in our client conversations with many using (the) weakness as an opportunity to buy the dip, particularly in the value orientated areas,â JPMorgan analysts said in a note.
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