Marcus Today End of Day Podcast – Friday 7th July
ASX 200 fell 121-points to 7042 (1.7%). Another soggy end to the week. ASX 200 down 2.2% for the week. Losses across the board from the open, banks hit hard with the Big Bank Basket down to $168.52 (-1.5%) led lower by CBA with MQG down 1.3%. Insurers dropped despite a huge rise in yields, QBE down 1.1% and IAG off 1.0%. Fund managers suffering from some downgrades and MFG losses again of 3.3%. REITs slid on higher rates, GMG down 3.8% and SGP off 2.7% with commercial real estate valuations under pressure. Healthcare was supposed to be defensive, wasn’t. CSL down another 2.1%, RHC off 1.3% and SHL down 1.5%. Industrials fell back to earth everywhere. WES off 3.0%, WOW down 1.2% and TLS falling 0.9%. Tech stocks under some pressure, WTC down 2.3% and XRO down 2.0% with the All-Tech Index down 2.1%. Miners were hit hard. Iron ore down, BHP down 1.8%, RIO off 0.7% and FMG down 0.4%. Gold miners fell, NCM down 2.6% and NST down 3.8%. Lithium stocks were patchy. PLS down 3.8% and IGO falling 3.0%. Oil and gas stocks drooped, WDS down 1.0% and STO off 1.5%.
In corporate news, IAG provided a reinsurance update, RSG flagged record production and AIS withdrew guidance on some seismic issues.
Nothing on the economic front as we await NFP tonight. Asian markets weaker, 10-year yields continue to soar up to 4.25%
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