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A broker note out of Morgan Stanley boosted Redbubble today.

ASX closed lower; Redbubble surged on positive broker note; Qantas invests in a fleet upgrade

The ASX200 closed 0.41% lower on Tuesday at 7248.40.

Redbubble surged 7% on a positive broker note out of Morgan Stanley.

Qantas announced a multi-billion dollar new fleet order.

The Australian market recovered some of the morning’s losses but still closed 0.43% lower on Tuesday at 7248.40 points as the tech sector encountered a heavy sell off.

The Reserve Bank of Australia has again maintained interest rates at a record low 0.1% for October and remains committed to the gradual winding back of its quantitative easing program.

The turbulent session for tech stocks was led by Afterpay plunging more than 5%, while Appen, Tyro Payments and Altium each closed the session more than 4% lower. Today’s session tipped the tech sector over the edge to wipe out all of 2021’s gains, with the sector now down 0.7% YTD.

Bitcoin is trading 3.18% higher over the last 24-hours at US$49,311.60 at 4:15pm AEDT.

Global online print marketplace Redbubble surged more than 7% following a positive broker note out this morning. A broker at Morgan Stanley noted Redbubble’s shares are overweight and issued a price target of $6.50/share on the company.

Making headlines, Qantas today announced it will invest in a multi-billion dollar new fleet order in the form of more than 100 new aircraft by the middle of 2022 to upgrade the ageing Boeing 737 and 717 domestic fleet over the next 10-years. Qantas CEO Alan Joyce also announced Qantas’ plans to restart the purchasing of a new Airbus A350-1000s fleet to service the flights to London and New York non-stop within 4-years.

And Clockwork has created an autonomous nail painting robot offering services at New York’s Rockefeller Center starting tomorrow with nails painted for just US$10 in under 10 minutes.

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