Marcus Today End of Day Podcast – Wednesday 21st June

ASX 200 closed down 43 points to 7315 (-0.6%), easing after seven days of gains as commodity stocks lost traction on Chinese demand concerns. Gold stocks led today, falling 1.9%. NST down 2.3%, and NCM off 1.2%. Miners followed closely as iron ore prices fell. BHP lost 1.1%, RIO down 1.4%, and FMG off 1.7%. Lithium stocks mixed, MIN -1.1%, PLS +2.2%, and AKE +1.3%. Healthcare stocks healthier, with MSB +5.8% and TLX up 6.0%. Insurers are also good. QBE, IAG, and SUN all hit 52-week highs as the market bets their asset base will benefit from higher yields as rates rise. Tech rallied in the morning before a sell-off at lunchtime. All-Tech Index down 0.4%. XRO hit a new 52-week high in the morning, reaching $121.29, before closing down 1.1%. Banks mixed, CBA +0.1%, NAB +0.1%, ANZ -0.5% and WBC -1.0%.The Big Bank Basket slipped to $173.11 (-0.1%). Elsewhere, WES down 1.6%, GMG off 1.3%, and JBH off 2.4% as money found a way back into staples. In corporate news, the ACCC blocked a network-sharing agreement between TLS and TPG. TPG fell as low as 10.8% before stabilising in the afternoon and closing down 5.4%. SUL down 2.6% after UBS downgraded the stock. LKE up 4.9% as bargain hunters stepped in, following a 41% fall in the previous two sessions. DXS up 1.1% despite announcing a ~$1bn loss in asset revaluation. SYA announced positive preliminary lithium study results in Canada. In economic news, the Westpac-Melbourne Institute Leading Economic index was flat from the previous month in May. Asian markets mixed, Japan’s Nikkei rises on dip buying, up 0.5%, HK falling for a third straight session tracking US-listed Chinese stocks, down 1.9%, and China off 0.6%. Australian bond yields ease 2Y yield down 7bps to 4.1%, and 10Y yield down 7bps to 3.98%. Bitcoin up 1.69%, YTD +74.62%. Dow Jones futures down 27 points, and Nasdaq futures down 18 points.

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