The Market Movers | ASX 200 on Downswing; Energy Sector Picks up Steam

THE MARKET MOVERS program. Well the ASX 200 is edging lower on the first day of the month. Whilst the commodity supercycle and economic recovery prospects are fuelling market momentum, inflation expectations and virus concerns are capping the equities gains.  On that note, let us zoom our lens on the market performance today and the drivers under the spotlight. 

Well, the market players seem to be on a selling spree at the start of the month. They miss the overnight wall street performance as the US market was closed on account of Memorial Day. European markets displayed downtick amid rising inflation concerns AND the virus threat in Victoria is also spooking the investors. 

Australia's second most populous state of Victoria, the epicentre of the country's latest coronavirus hotspot, reported nine new cases of community transmission in the past 24 hours, taking the current cluster to 54.  The swelling cases, particularly a 'mystery case' in a worker at an aged care home in the city, are raising questions over whether the lockdown will be extended beyond the seven days announced initially. 

The prospect of a larger outbreak in aged care homes is highly concerning given hundreds of elderly Victorians in such facilities died of COVID-19 last year. As per the latest update, An aged care centre of concern in Melbourne has been cleared after it was revealed an infected worker had not worked there while infected. 

From manufacturing to building and the countries housing scenario also deserves a closer look. Housing markets around Australia continued to surge in May with CoreLogic’s national Home Value Index up 2.2 per cent over the month.

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