Marcus Today End of Day Podcast – Tuesday 25th October

 ASX 200 closed up 19 points to 6799 (0.3%) ahead of tonight’s budget and US results drop. Banks good, resources bad today. The Big Bank Basket closed at $183.33 (%) with CBA and NAB the best of the bunch. MQG piled on some points rising 2.2% ahead of the interim number on Thursday. Insurers better too, QBE up 1.1% and SUN rising 1.9%. Industrials generally led the way with CSL up 1.1%, FPH up 1.5%, REITs rising on lower 10-year yields. Some friends appearing for staples like WES, WOW and COL even TCL managed a rise today of 0.6%. Tech going nowhere though, the All-Tech Index becalmed up a mere 0.6%. XRO up another 0.7%. Resources though under pressure from the open. BHP down 1.4% and FMG slipping 3.0% on China woes. RIO off 1.4% and S32 suffering from broker downgrades. MIN down 1.8% on iron ore exposure as lithium stocks in places kicked higher again although some steam running out of PLS down 0.4% following quarterly. Energy tickled down, WDS giving back 0.9% as STO up 0.9% and coal stocks eased back. NHC down 6.2% and WHC off 4.5%.

In corporate news, CCP rose 7.9% on its AGM, CTT had another stonking day despite a ASX speeding ticket up 12.9%. RWC plumbed new depths down 13.4% after a trading updates, showed pressures on all front, ALD dropped 12.6% on an update despite record numbers but volatile conditions and lack of clarity hurt.

In economic news, consumer confidence continues to fall as rate pain hurts. Asian markets have rebounded from Black Monday’s sell off. 10 year yields softer at 4.09%

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