Marcus Today End of Day Podcast – Thursday 1st June
The ASX 200bounced back after sliding to a two-month low during trade closing up 20 points to 7111 (+0.3%), as sentiment improved after the House of Representatives passed the bill to raise the debt ceiling with bipartisan support. Resources and base metals clawing back gains from yesterday’s losses, BHP +0.1%, RIO +0.4% and FMG up 0.8%. Lithium mixed, but mostly down MIN down 3.6% and PLS down 1.6%. Gold miners are today’s winners as the likelihood of another Fed rate hike increases. NST 3.1%, NCM 2.4%, EVN 0.6%. Financials showing modest gains, with the Big Bank Basket down to $166.17 (-0.1%), CBA, flat WBC off 0.4% and NAB up 0.3%. Tech stocks didn’t stay down for long, with the All-Tech Index up 0.7%, SQ2 +2.3% XRO +1.9% and WTC +0.9%. Industrials were mixed and uninspiring, ALL rose 1.3%, SEK up 0.6% and REA off 2.0%. Defensives did ok with WOW and COL up. Energy sector up 0.4%, despite oil dropping for a third consecutive session.
In corporate news, NMT jumped 21.9% after providing an update on its joint venture for lithium-ion battery recycling. LGL rose 16.1% after raising full-year guidance. AGY dropped 6.3% despite announcing that the Rincon Lithium project is now partially operational.
In economic news, Australian retail sales were unchanged at $35.3bn in April, indicating that retail has hit a plateau. Caixin China’s general manufacturing PMI unexpectedly rose to 50.9 in May from 49.5 in the previous month, while exceeding consensus, the latest results highlights the patchy economic recovery amid insufficient demand and deflation risks. Asian markets are up, Japan’s Nikkei rises on bargain hunters up 0.9% and HK up 0.6% with China up 0.3%. Australia 10Y yield up 3.62%. Dow Jones futures down 21 points and Nasdaq futures down 11 points.
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