Marcus Today End of Day Podcast – Thursday 27th July
ASX 200 closed up 54 points to 7456 (+0.7%), a five-month high rebounding after an initial dip at the opening bell and now up 1.79% for the week. Tech stocks led the charge today bucking the trend and moving in tandem with the Nasdaq futures on Meta results. All-Tech Index up 2.1% and SQ2 rose 1.8% and XRO up 2.1%, Consumer discretionary enjoyed a boost, WES +1.6%, JBH +3.2% and ADH gained 10.7%. Miners in a hole, with the big trio BHP, RIO and FMG all in negative territory. Lithium no better AKE, LTR and PLS all down. Coal stocks short-circuited, losing some of yesterday’s gains. WHC down 5.9%, NHC off 5.7% and YAL down 1.9%. The big four banks closed in the green all gaining over 1%, and the Big Bank Basket is up to $183.13 (+1.4%). Healthcare in the pink today, with CSL +1.8%, RMD +2.8% and RHC up 3.2%. REITS outperformed jumping 3.4%, as bond yields dip. SCG up 4.4% and VCX up 3.6%.In corporate news, FMG down 3.4% despite reaching the top end of guidance in the June quarter, MQG -4.4% on AGM comments, AKE -3.0% reported record revenue, MP1 surged 14.4% on hitting earnings guidance, SBM off 5.7% on upped production guidance, and KAR closed flat, on a 15% fall in oil production. On the economic front, Australia’s export prices shrank 8.5% in the June quarter, reversing from a 1.6% growth in the March quarter, and import prices fell by 0.8% quarter on quarter following a 4.2% drop in the March quarter. Asian markets are up, Japan up 0.5%, HK up 1.1%, hitting a five-week high, China stocks flat. Australian bond yields lower, 10Y yield and 2Y yield down 7bps. The Australian dollar rose 0.5% to 67.89c as the US dollar slides for the third straight session. Dow Jones futures up 3 points and Nasdaq futures up 107 points.
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