Marcus Today End of Day Podcast – Thursday 29th June

ASX 200 closed down 2 points to 7195, sinking from early gains after Retail sales show signs of resistance, coming in at 0.7% for May compared to 0.1% forecast. Consumer discretionary had an obvious boost from the higher retail numbers, EDV up 0.6%, DMP up 2.1%, and BBN jumped 7.4%. Banks continued to rally, ANZ gained 1.2% and MQG rose 0.7%. Big Bank Basket up to $171.55 (+0.55%). Energy stocks gained as US inventories declined more than expected. STO +0.7% and BPT +0.8%. REITS lower. Healthcare stocks were mostly flat, RMD up 0.8% and RHC down 1.8%. Resources lower as base metals dropped overnight on China demand speculation. Iron ore dropping, BHP -1% and RIO -1.2%. Gold continues to be sold off, nearing four-month lows. NST -1.7% and EVN -2.1%. In corporate news, MAH +19.2% upgraded their earnings guidance as cost inflation recovers and secures more contracts.WBT dropped 11.4% even as their ReRAM product has been fully qualified. In economic news, Australian retail sales beat estimates growing 0.7% for May, compared to a forecasted growth of 0.1%. Job vacancies in Australia fell by 2% for the quarter still high compared to pre-pandemic levels as employers struggle to hire and maintain employees. Asian markets mostly lower, Japan down 0.1%, HK down 1.3%, and China down 0.1%. Bitcoin up 0.33%. Dow Jones futures up 4 points and Nasdaq futures up 12 points.

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