Marcus Today End of Day Podcast – Thursday 22nd June

ASX 200 took an ugly turn today falling 119 points to 7196 (-1.6%). No real reason, slight weak lead from US, no Asian session. US futures eased slightly but stop losses and maybe Powell’s testimony kicked us lower. Losses across all sectors, Banks under serious pressure, NAB down 1.4% and CBA off 1.6% with the Big Bank Basket down to $170.57 (-1.5%). MQG toppling 2.7% with insurers also in trouble. QBE down 1.3% and the fund managers sloppy, MFG giving back some recent gains falling 6.2%. Industrials in trouble too, consumer stocks eased back, WOW and COL down around 1.2%, WES a similar amount with retail stocks falling, JBH down 1.7% and APE off 1.5% %. Travel stocks taking a plunge, FLT down 3.8% and WEB off 3.0%. Healthcare slumped into ICU led by CSL off 0.6% and COH down 1.7%. REITs in trouble, GMG off 1.5% and SGP down 3.3%. Tech in the seller’s sights too WTC off 4.0% and XRO minus 4.4%. The All-Tech Index fell 3.0%. Resources were sold off aggressively with BHP down 2.4% and FMG falling 2.2%. Gold miners fell, NCM down 1.3% and oil and gas lost ground. Coal stocks drifted lower. Lithium plays were mixed with winners and losers. In corporate news, DEG fell 1.8% as it bought into a neighbouring project, GOR fell 8.3% on production issues, JLG dropped 11.9% on a business update and ERD jumped 60.3% on a NBIO. Nothing on the economic front, although Treasurer Jim Chalmers said the new RBA governor would be named in July. Did not rule Lowe out. Asian markets quiet with China and HK closed. Much fuss about Biden’s dictator comments though. Japan eased. 10-year yields steady at 3.97%. Dow futures down 49 points. NASDAQ futures down 47 points. And continuing under pressure ahead of BoE.

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