It's a crude reality 😵 - a podcast by ausbiz
from 2022-03-07T06:02:02
All roads led back to the commodities space today as Brent crude topped US$130 a barrel and never looked back. The crude surge took every other commodity along with it - from wheat to iron ore to nickel. Energy stocks were among the outperformers today. Woodside finished the session up more than 8.5% while Beach Energy knocked on the door of 6% gains at one point. Gold stocks also performed well as investors sought safe havens - Northern Star and Gold Road both finishing up 5%+. In contrast, risk off means a big tech selloff. Block finished the day down 10%+ while EML Payments lost 5%+. Travel stocks also fared poorly and healthcare stocks slumped, largely due to CSL trading ex-dividend. The selloff extended regionally and European/US futures look ominous for the session ahead, as the fighting in Ukraine continues.
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