End of Day - Thu 28 Oct

• The ASX 200 just flopped today on lower commodity prices falling 18 points to 7430. To be fair it could have been worse given moves in China on coal and iron ore. Seems most of the damage has been done already, BHP fell 1.7%, FMG up 0.1% on its production report, S32 fell 4.0% on a fall in base metals and ORE dropped 5.9% on its quarterly. Energy stocks predictably eased as crude came off the boil, STO down 1.9% and WPL off 2.5%. Gold miners rose slightly with NCM up 0.8% and EVN up 1.1%. 
• Industrials slipped slightly but AGMs and business updates were the focus. WOW continued lower on broker comments down 1.0%, ALL fell 1.3% and REITs under pressure as bond yields continued to affect valuations. Meanwhile in the banks, solid as a rock. ANZ results beat forecasts and even with a sub -par mortgage business managed a 72c dividend and a 0.7% rise. Success was infectious and spread like the ‘rona, CBA up 0.7% and MQG down 0.7% ahead of numbers tomorrow. 
• Healthcare mixed and tech biased with APT down 2.4%. In other corporate news, BLD rose 4.6% after its AGM comments on US business and capital management. Quarterlies fell thick and fast and nothing thicker than PBH which dropped 18.3% on its update showing gaining market share in the US is an expensive business. BBT rose 15.6% on its quarterly. 
• On the economic front, the RBA declined to step into the short-dated bond market to keep a lid on prices, leading some speculation about the Melbourne Cup meeting next week.2-year and 5-year yields rocketed higher. The game is afoot.

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