Marcus Today End of Day Podcast – Tuesday 20th June

ASX 200 closed up 63 to 7358 (+0.9%), rising for its seventh consecutive session, supported by interest rate cuts out of China propping up commodities as well as positive RBA meeting minutes that revealed policymakers were less hawkish on more rate hikes than previously thought. Energy and mining stocks led the advance today, WDS rose 2.2%, STO up 2.3%, BHP +1.3%, and PLS +2.5%. REITS did well, up 1.3%, buoyed by a less hawkish RBA, SCG up 1.5%, GMG up 1.0% and VCX gaining 1.6%. Banks stronger, with the Big Bank Basket up to $173.35 rising 1.2%. NAB leading the charge up 1.7%. WBC also in demand up 1.3% with insurers doing ok, QBE up 1.6% and SUN better by 1.6%. Tech rode the broad market rally. All-Tech Index up 0.3%, CPU up 0.7% and XRO rose 1.4%. Defensive sectors outperformed. Healthcare stocks were mixed, CSL off 0.3% and RMD up 0.4%. Industrials were strong today, WOW up 1.0%, and ALL up 1.6%. Lots on the corporate front today, BST -0.3% reported an 11.7% fall in sales and significantly reduced NPAT guidance for H2 FY23, ASX +1.0% on management restructure, LLL +4.2% upgraded resource estimates by 48.2%, WDS +2.2% invests in Trion oil project in Mexico, LRS announced a 241% increase in resource estimate for the Colina Deposit, and ZIP -1.1% gained approval from convertible note holders to amend terms allowing the company to reduce its debt by $192m. In economic news, the PBoC slashed two key lending rates for the first time since August 2022 in line with expectations. One-year LPR lowered 10bps. Asian markets are down, Japan down 0.3%, HK down 1.7%, and China off 0.2%. Long-dated bond yields rise while the 2Y yield fell, Australian 10Y yield up to 4.01%. Bitcoin up 0.62%. Dow Jones futures down 141 points, and Nasdaq futures down 41 points.

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