Marcus Today End of Day Podcast – Wednesday 14th June

ASX 200closed up 23 to 7162 (+0.3%) buoyed by positive sentiment following softer-than-expected US CPI numbers. Banks rose, riding positive market sentiment. The Big Bank Basket up to $166.36 (+0.8%) led by MQG up 1.4%, and WBC up 1.3%. Money managers doing well. Insurers also had a good day, IAG up 2.6% and QBE rose 0.9%. REITs lower as bond yields climbed, SCG down 1.2% and MGR down 2.2%. The Healthcare sector got slammed as CSL reduced profit guidance, CSL dropping 6.9% knocking 35 points off the market. Resources regained yesterday’s losses and then some as China lowered their short-term lending rate in a bid to stimulate the economy, boosting commodity prices. Iron ore miners performed well, BHP up 3.6%, RIO up 2.9% and FMG up 4.3%. Lithium boosted on Chinese optimism, MIN up 5% and PLS up 3%. Gold miners were sold off for a second day now that markets are convinced the Fed will ‘skip’ June’s rate hike. EVN -0.6% and NST -0.9%. Oil and gas rose as the US announced overnight, they would be purchasing an additional 12m barrels to replenish depleted national reserves. WDS +1.1% and STO +1%. In corporate news, CSL fell 6.9% after it reduced FY23 profit guidance, noting a significant hit from FX exposure. MAQ rose 1.1% after completing a $160m institution share placement at $58.50 per share. AIA dropped 3.8% after adjusting their dividend policy to be in line with industry standards. DMP continued to drop as brokers downgraded their ratings, down 0.9%. On the economic front today, Consumer confidence fell to a 3-year low, as inflation and interest rates hit home. Asian markets mixed ahead of the Fed rate decision, Japan’s Nikkei Index rallied 0.9% by midday, currently up 1.3% looking to extend its gains for a fourth session. HK down 0.6% with China down 0.1%. Australian bond yields remain inverted, 10Y yield at 3.99% and 2Y yield at 4.1%. USD Index flat at $103.4. Dow Jones futures down 74 points and Nasdaq futures down 6 points.

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