Marcus Today End of Day Podcast – Friday 16th June

ASX 200 kicked 76 points higher to 7251 (+1.1%) as the BoJ kept policy unchanged, China on the precipice of stimulus and the US bull market rolling on. Banks led the charge higher with the Big Bank Basket up to $169.39(+1.2%). ANZ, a laggard, with a miserly 0.7% gain. MQG up strongly by 1.2% with money managers also putting on the Ritz, MFG up 0.9% and GQG up 1.0%. Insurers firmed with QBE up 1.0%. Industrials across the board looking very solid. TCL rallied 0.7%, WES up 1.2% and REA in ‘old skool platforms’ up 3.5%. Consumer stocks also finding some support, TWE up 0.7% and JBH up 1.1%. LOV better by 1.4% and APE up 2.6% on buyback news. Tech in demand as usual. XRO up 2.6% and WTC at all-time highs up 1.2%. REITs did well as yields fell, GMG up 1.6% and MGR rising 1.8%. Healthcare mildly better but CSL still bleeding slightly, down 0.6%. Big Resources were firm but unspectacular. BHP up only 0.4% and FMG unchanged. Gold miners better, NCM up 1.7% and lithium stocks back in demand. MIN up 3.7% and PLS putting on 4.9%. Oil and gas stocks rose on oils rebound.

In corporate news, AGL shocked the market with a serious upgrade, flying 9.7% higher. MIN confirmed a new gas discovery, ANZ agreed a deal with QLD to seal the SUN deal, DEG rallied 6.7% after denying it leaked information to the media.

Nothing major on the economic front, although Bill Evans at Westpac downgraded the GDP outlook. Asian markets better, BoJ holds and Nikkei heads for 10th week of gains. Only 0.3% but will take that. HK up 1.3% and China up 0.6%. Stimulus beckons. 10-year yields steady around 4.0%. Dow futures down 10 points. NASDAQ futures up 1 point.

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