Marcus Today End of Day Podcast – Wednesday 14th December

ASX 200 put in a good day up 48 points to 7251 (+0.7%). After a spluttering start, firm US futures ahead of FOMC. Things turned around with resources finding their feet. BHP up 0.5%, RIO up 0.5% and FMG up 1.1% leading things higher. Lithium stocks found their level for now and base metal stocks also in demand, IGO up 0.5% and SFR running 3.4%. 29M doing well up 6.0% too with gold miners especially firm as GMD rose 12.6% on the SBM merger and the later up 13.9%. Energy stocks also doing well, WDS up 1.5% and STO up 0.9%. Coal stocks better, WHC up 2.4%. Industrials were also firm with CSL up 0.8%, TLS rose 1.2% as TPG ran into cyber trouble falling 2.8%. ORG continued to rally 2.9% with REITs also in demand, CHC up 1.0% and GMG rallying 1.6%. Tech stocks slightly better, XRO up 3.0% and the Index up 1.3%. Banks were the one sector overlooked. Some downgrades for BEN hurt a little with NAB down 0.30% and BEN off 3.3%. The Big Bank Basket up to $185.21 (0.05%). Insurers eased and money managers pushed a little higher. In corporate news, GMD and SBM back after the merger and cap raise. WOW sold down some EDV with the drinks company off 4.3%. In economic news, some jobs data showed the tightness of the labour market still. Asian markets were better as China is opening up at breakneck speed. Japan’s Tankan survey out with markets slightly positive. 10-year yields falling to 3.36% Dow futures up 97 points. Nasdaq futures up 39 points.

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