Marcus Today End of Day Podcast – Tuesday 8th August

ASX 200closed flat, up 2 points to 7311 (+-%), losing early morning gains, with mining and financials balancing the market. Iron ore giants were mixed FMG up 0.4%, BHP down 0.6%, and RIO off 0.4%. Goldman predicts a fall in iron ore prices this year. Iron ore futures in Singapore have fallen 11.6% from its cyclical high last month. The “big four” banks were mixed CBA and NAB in the green while ANZ and WBC stumbled. Big Bank Basket up to $177.19 (+0.1%). Lithium stocks were broadly lower, AKE down 2.5%, SYA tumbled -13.2%, while PLS rose 2.7% on broker upgrades. Gold stocks tracked bullion prices lower, NST down 2.3% and NCM off 0.5%. Tech stocks tracked the Nasdaq higher, XRO +0.2% and WTC up 0.2%, while SQ2 fell another 0.2%. Energy sector was buoyed by gains in WDS and COE as oil edged higher. Industrials under pressure, MTS down 1.1%, WOW off 0.2% and DMP falling 0.2%. Healthcare doing ok. Insurers, not so much IAG, MPL, and SUN all losing ground. REITs fell with SCG down 0.7% and VCX off 1.6%. In corporate news, WDS +0.6% after announcing that it will sell 10% of its flagship Scarborough gas project. JHX jumped 14.6% on upbeat forecasts despite posting a decline in revenue and profits. MYR fumbled the ball, down 14.1% on results despite raising profit outlook. CRN off 11.6% on drilling results. In economics, Consumer confidence fell 3.4 points to 75 despite the RBA cash rate pause. In contrast, Australia’s business mood improved slightly; NAB’s business confidence index rose to 2 in July from a downwardly revised -1last month. Australian building permits fell for the third time this year, falling 7.7%, MoM and China Exports dropped the most in over three years down 14.5% MoM, the steepest decline since Feb-20. Asian markets mixed, Japan up 0.3%, and HK down 1.8% with China off 0.3%. Dow Jones futures down 92 points, and Nasdaq futures down 76 points.

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