Marcus Today End of Day Podcast – Wednesday 2nd August
Blood on the streets in the ASX 200 today, the market closed down 96 to 7355 (-1.3%) in a broad market sell-off, losing yesterday’s gains and then some as heavyweight banking and mining stocks weighed. All sectors finished in the red today. Iron ore giants BHP, RIO and FMG all lost over 1% each. Gold stocks not so golden today, NST and NCM down 2.7% and 0.7%, respectively. Lithium stocks sad, LKE off 4.4% and MIN down 1.9%. The big four banks ended in negative territory, with CBA the biggest laggard, down 2.3%. The Big Bank Basket was down to $178.90 (-2.1%). Interest rate-sensitive Tech no better. SQ2 down 1.8%, and XRO off 0.1%. Defensive sectors had no defence against the broad sell-off, Healthcare and Telecoms stocks lower. REITS stumbled, down 2.0%, GMG -2.4%, CHC -3.8% and SGP -1.6%. In corporate news, BWP -3.3% results disappointed, PSI up 2.1% set to surpass earning guidance, HLO +1.4% upgraded FY23 earnings guidance, ASN up 6.5% produces its first battery grade lithium carbonate, and TBN +3.3% signed binding letters of intent with ORG, AGL, Shell and EnergyAustralia. In economics, Ai Group Australian Industry Index fell to -14.7, continuing its contraction for the 15th month straight. Asian markets fall as Fitch fallout sours sentiment. Japan down 1.5%, HK off 2.1% and China down 0.9%. Australian bond yields higher 10Y yield up 5bps and 2Y yield up 1bps. Aussie dollar is down 0.6% to 65.73c. Dow Jones futures down 109 points, and Nasdaq futures down 101 points.
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