Marcus Today End of Day Podcast – Wednesday 7th December

ASX 200 dropped 62 points to 7229 (0.85%) in lacklustre trade, cratering on the match out as GDP came in below forecasts. Once again resources were the stars at least until the close, base metal stocks in favour. BHP up 0.1%, FMG up 2.3% and even PLS joined in the positivity up 2.2%. Gold miners were slightly firmer, NCM up 1.1% and NST up 0.2% but BGL dropped 12% on news of a $60m placement. Oil and gas stocks fell back, WDS down 2.0%, STO off 1.1% and BPT taking a tumble on broker moves down 9.9%. Second line lithium a little depressed. Banks eased back following their US counterparts. CBA dropped 0.8%, NAB down 1.2% and the Big Bank Basket at $183.80 (-1.0%). Insurers doing well, QBE up 1.9%, SUN up 1.5% and IAG in the box seat up 1.9%. MQG slid 1.8% with GQG better by 1.4% on its FUM numbers. Industrials eased back too, TLS down 0.5%, WES off 1.5% and TCL down 1.9% on higher rates. Tech stocks under pressure after Nasdaq falls, the All-Tech Index down 3.2% with WTC off 5.3% and XRO heading another 4.2% lower. Healthcare eased, SHL off 2.3%. In corporate news, STO extended its buy back down 1.1%, BTH launched a placement whilst under takeover. STX has bought a 19.9% stake in WGO blocking Gina and Kerry. Squadron Energy (Twiggy’s private company) paid $4bn for CWP renewables. In economic news, GDP for the September quarter came in at 0.6% below consensus. 10-year yields down to 3.35%. Asian markets, Japan up 0.1%, China down 0.1% post economic data and HK added 0.8%. Dow futures are up 51 points and NASDAQ futures are up 22 points.

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