Marcus Today End of Day Podcast – Thursday 8th June

The ASX 200 clocks its third consecutive fall, down 18 points to 7100 (-0.3%), as gains in mining and energy stocks were offset by losses in Tech and healthcare. All-Tech Index down 2.5%, following the Nasdaq, as investors take some profits. XRO -5.3%, WTC -3.4%, and ALU -4.9%. Energy was the best-performing sector today, as oil prices steadied following mixed stockpile data, BPT up 3.5%, WDS up 1.1%, and COE gaining 7.4%. REITS fell as bond yields rose, SCG -3.3% and MGR off 3.4%. Consumer discretionary stocks continue to come under pressure, with WES falling 1.1%, HVN down 2.7%, and LOV off 5.2%. Gold sector is down, despite a rise in gold prices from a softer dollar, NST off 2.2% and EVN down 3.4%. Financials and banks were flat, with the Big Bank Basket up to $163.92 (-0.1%), NAB, and ANZ fell, while WBC and CBA found some support up 0.8% and 0.2%. Iron ore is up 3.91% for the week, BHP, RIO and FMG enjoying the support up 1.2%, 2.1%, and 1.7%, respectively. Coal stocks found some buyers, NHC +8.6%, WHC +5.5% and YAL up 4.4% In corporate news, AMP +0.5% sells SuperConcepts to Pemba Capital, ZIP confirms share placement and reaffirms guidance, SSM +8.7% received a tax refund of $50.2m and AIZ +1.4% after it announced it raised its earnings forecast. In economic news, Australia’s trade surplus fell to $11.16bn in April down from $14.82bn last month, significantly below market expectations of a $14bn gain, shipments fell to a nine-month low, with total exports to China falling 15.4% from last month. Asian markets are mixed, Japan down 0.7%, HK down 0.1% with China up 0.5%. Australia bond yields spike following Canada’s interest rate hike, 10Y yield up 17bps to 3.99% 2Y yield up 14bps to 4.02%. Bitcoin flat. Dow Jones futures down 31 points and Nasdaq futures down 57 points.

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