End of Day Report - Tue 2 Nov

• The ASX 200 tried to rally off lows following RBA abandoning yield curve controls, but failed with the ASX 200 down 47 points to 7324 (0.6%). Banks were the soft point today after the very disappointing WBC results yesterday and broker downgrades. The stock fell another 2.7% bringing the two-day loss to 10%. The Big Bank Basket dropped to $184.93 down 1%. Other financials also under pressure as volatility continued in the bond market. IAG updated the market on perils on the sea and fell 7.0%. MQG down 1.5% and new kid on the block (NKOTB) GQG capped off a disappointing debut falling another 4.4%. 
• Miners were the other weak points, coal stocks in a hole, WHC down 9.5% and CRN off 4.8%, iron ore miners also falling BHP down 2.3% and FMG down 2.6% after announcing plans to embrace a large hydrogen investment in South America. Energy stocks and gold miners drifted lower too. 
• Industrials were relatively firm, GMG shooting the lights out with an upgrade rising 5.6%. ALL rose 1.6% after rights are no longer traded, IEL rose 3.0% as NSW hastened its reopening. In corporate news, NWL bid for PPS up 14.5%, TLX gained 8.1% on TGA approvals. In economic news, the RBA abandoned its yield curve controls as the financial equivalent of the Maginot Line. But stopped short of pulling the rug on stimulus. Full speed ahead and damn the torpedoes.

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