Marcus Today End of Day Podcast – Thursday 6th July

Blood on the streets on ASX 200 today, closingdown 90 points to 7163 (-1.2%), as investors exercised caution after the FOMC meeting minutes reaffirmed expectations that interest rates would remain higher for longer. Financials and miners weighed, with the big four banks losing between 1%-2%. The Big Bank Basket took a hit down to $171.07 (-1.6%). Copper prices fell overnight as overseas data dampened demand outlook. BHP, RIO and FMG all lost over 1.4% each with iron ore dropping in Asia. Energy stocks fell while oil prices steadied as demand fears offset tighter supply forecasts. WDS off 1.4%, and STO down 0.5%. Tech stocks struggled for direction but finished up with the All-Tech Index up 0.2%. SQ2 surprised, jumping 3.9%, XRO +0.1% and WTC +1.0%. Defensive sectors were no good. Healthcare and telecoms both in the red, RHC down 1.4%, and TLS off 0.5%. REITS down as bond yields rose. Retailers hit hard WES -2.6%, DMP -3.2%, and MYR down 4.6%.
In corporate news, MFG -8.3% after it disclosed $2.1bn in outflows in June. BUB -2.2% disclosed the outcome of its strategic review. JLG completed $65m institutional placement. TIE -1.0% on Commercial production news.
In economic news, Australia's trade surplus exceeds expectations widening to $11.79bn in May 2023 from a downwardly revised $10.45bn in April. Asian markets are down, Japan’s Nikkei down 1.3% on tech pullback, HK down 3.1%, with mainland China off 0.6%. Australia's 10Y yield up to 4.13%. Dow Jones futures down 112 points, and Nasdaq futures down 70 points.

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