Marcus Today End of Day Podcast – Tuesday 13th June

ASX 200closed up 16 points to 7139 (+0.2%) as the market returned from a long weekend. Global equity markets remain subdued ahead of the FOMC meeting and interest rate decision later in the week. Tech rallied following the NASDAQ, with the All-Tech Index up 3.8%, XRO up 4.2% and up 62.25% YTD, WTC +5.2%, and BRN +3.7%. Banks gaining ahead of US CPI tonight, led by MQG up 2.1%, and CBA up 0.8%. The Big Bank Basket up to $164.97 (+0.5%). Money managers found support, VUK up 1.0% and MFG up 1.1%. REITs mixed, GMG up 0.1% and HCW up 3.2% on a revaluation of assets. Resources struggling on demand concerns. Iron ore miners BHP and RIO are down 1.0% and 1.5%, respectively. Gold sold off as the probability of a rate pause by the Fed increased to 80.4%. EVN is down 2.3%, and NCM off 1.4%. Lithium is broadly down, AKE down 1.2%, and IGO up 0.8% on the appointment of the new CEO Ivan Vella. Coal stocks got sold off, YAL dropped 4.5%, and WHC down 1.9% as the Queensland government announced an increase in royalty payments in a bid to transition to renewable energy. Oil prices near lowest level in three months on demand concerns in China and the US. Energy stocks fell in lockstep with oil prices WDS -1.3%, BPT -1.9% and KAR -5.3%.

In corporate news, DMP fell 5.9% after the company announced sales to fall below expectations for FY23, TNT +145% on 13c cash offer ($176m) from Thales, and MIN down 2.7% after reporting a fatality at Onslow Iron project, site operations have been suspended.

In economic news, Westpac-Melbourne Institute Consumer Sentiment Index unexpectedly rose 0.2%, exceeding consensus for a flat reading while steadying near recession lows. NAB business confidence index unexpectedly fell to -4, below market expectation. Asian markets mixed; Japan’s Nikkei hits 33,000 during trade, the first time since 1990 down, currently up 1.2%, HK up 0.2%, with China down 0.1%. Australian bond yields remain inverted, 10Y yield at 3.92%, and 2Y yield at 1.03%. Dow Jones futures up 28 points, and Nasdaq futures up 64 points.

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