Marcus Today End of Day Podcast – Thursday 9th February

ASX 200 drops 40 points to 7490 (-0.5%) as results dominate but downgrades continue. Industrials sagged badly with WOW down 0.8%, COL off 0.8% and WES falling 0.6%. REITs stumbling lower on higher 10-year bond yields around 3.66%. GMG down %, CHC off 1.3% and GPT falling 1.6%. Tech eased too as WTC fell 1.6% and XRO down 2.4% with the All-Tech Index down 0.8%. Banks were soggy, the Big Bank Basket unchanged at $191.98. MQG down 0.6% and insurers falling hard, SUN down 2.3% reversing the gains yesterday, QBE down 1.6% and IAG off 3.1%. In resources, not much to cheer about, iron ore stocks held up ok, but coal stocks fell into a black hole despite a ship arriving in China, NHC down 4.9% WHC off 5.9%. Gold miners fell, NCM down 1.5%, NST hit 1.7% and lithium stocks depressed, PLS falling 3.2%, AKE down 4.1% and LYC falling too down 1.7%. Oil and gas stocks mixed, HZN being a winner today, up 3.3%. In corporate news, AGL had a power cut falling 10.3% on dismal numbers, STO resumed WA ops, CHC reaffirmed guidance and MP1 skips a dividend, not unexpected. Nothing on the economic front except for banks raising mortgage rates and sticking with deposit rates. Economic data thin on the ground too. Asian market mixed still with Japan down and China up. 10-year yields pushing higher again. Dow Jones futures up 95 points. NASDAQ futures up 40 points.

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