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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

ASX 200 afternoon report: 13th of December

ASX 200 market update as on 13 December.

Source: Bloomberg

The ASX 200 trades 13 points higher (0.18%) at 7194 at 3.30 pm Sydney time.

A sense of relief flowed across Wall Street overnight as U.S consumer inflation expectations for the year ahead declined to 5.2% in November, the lowest since August 2021.

While key U.S. equity markets latched onto the good news, rallying between 1.2% and 1.4%, the ASX 200 has displayed much more restraint today ahead of a bigger test tonight in the shape of monthly U.S. CPI data.

The consensus forecast is for headline U.S. inflation to slow to 7.3% y/y in November from 7.7% y/y. Core CPI is expected to slow to 6.1% y/y from 6.3% y/y in October.

If the headline inflation rate remains stable OR rises, buckle up for a rocky ride on the ASX 200 tomorrow. On the other hand, if the headline inflation rate is softer than the consensus forecast, it could trigger the Christmas rally in the ASX 200 to kick into gear.

Shaking off a decline in Australian Business Confidence and a tepid bounce in Consumer confidence, financial stocks have rallied, led by Bendigo Bank, which gained 7% to $9.68 after a strong trading update. ANZ added 1.8% to $23.97, NAB gained 1.57% to $30.67, CBA added 0.95% to $106.93, and Westpac added 0.81% to $23.55.

Recovering from yesterday’s carnage, Tyro Payments has surged by 21.6% to $1.46 on talk that suitor Potentia could return with a sweetened offer. Megaport added 5.95% to $7.12, Afterpay owner Block added 3.75% to $97.02, while fellow BNPL stock ZIP cratered by 9% to $0.65c after the company announced an unexpected capital raising.

The share price of the big iron ore miners has fallen as the price of iron ore on the Chinese Dalian futures exchange slipped by 1.8% shortly after the opening. Fortescue Metals fell 3.6% to $20.37, Rio Tinto fell 2.11% to $113.90, and BHP fell 1.73% to $46.00.

After an impressive run-up from its October lows, the pullback we have wanted to see to work off overbought readings is rapidly maturing. The preference is to accumulate into a pullback into the 7100/7000 area leaning against the support provided by the 200-day moving average at 7000.

The AUD/USD continues to find resistance up near .6800c, a bridge too far and is currently trading at .6743.

ASX 200 daily chart

Source: TradingView

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This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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