Marcus Today End of Day Podcast – Monday 10th July

ASX 200closed down 38 points to 7004 (-0.5%) after a jump of 42 points at the opening bell, rebounding from last week’s sell-off before the market turned lower on weak consumer inflation data from China. Gold outperformed today, tracking an uptick in bullion prices. NST and NCM up 1.8% and 1.1%, respectively. Energy stocks jumped in early trade after oil prices rose sharply amid supply concerns before losing steam down 0.5%. BPT down 0.4%, STX gained 1.2% and KAR 2.3% higher. Tech stocks are in the green, with Info-Tech up 0.2%. XRO +0.9% WTC +0.2% and SQ2 +2.7%. Iron ore futures traded lower on the Singapore exchange dragging down our miners. FMG down 2.0%, BHP off 1.1% and RIO shed 1.1%. REITS slipped as bond yields rose. Big four banks all down. Big Bank Basket down to $168.26 (-0.2%). Defensive sectors underperformed. Healthcare stocks were mostly down, SHL down 0.6% and CSL off 1.0%. Insurers eased with QBE, MPL and AMP down 0.8%, 1.7%, and 1.0%.

In corporate news, ALG +13.5% on good results. GQG up 3.1% after reporting a $5.2bn increase in FUM in June. EMR +4.7% hits full-year production guidance, and BST off 0.8% following BBRC to acquire all remaining ordinary shares. In economics, Australia’s building permits rose the most in 9 months up 20.6%. China’s CPI unexpectedly came in flat YoY, and PPI was down 5.4% YoY marking the ninth month of producer deflation. Asian markets mixed, Japan down 0.5%, HK up 0.4%, snapping a three-day losing streak, and China flat. Australian bond yields rose to decade highs, 10Y yield up 2bps to 4.27%. Australian dollar down 0.6% to 66.47c. Dow Jones futures down 112 points and Nasdaq futures down 97 points.

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