Marcus Today End of Day Podcast – Thursday 10th August

ASX 200closed up 19 points to 7357 (+0.3%) in a subdued day of trade. US CPI data tonight key. Energy sector is the top performer today as oil prices jump over US$84 a barrel, intensifying concerns that resurgent inflation will force central banks to raise rates further. STO, BPT and STX all gained over 2%. Coal stocks doing even better, YAL +4.8%, WHC +4.3% and NHC +5.8%. The big four banks let go of yesterday’s gains. WBC the only bank big bank in the green, up 0.3%. Big Bank Basket slipped 0.2% to $180.61. Tech stocks faced a digital dilemma today, with most struggling while others managed to debug their losses. XRO  slid 3.7%, WTC off 1.0%, while DDR rose 1.4%. All-Tech Index up down 0.9%. REITs rose despite rising bond yields, MGR up 1.3% and SGP +0.7%. Healthcare stocks showed resilience, nursing a small gain. CSL +0.8%, COH +0.8% and MSB +5.7%. Insurers were good to SUN +1.4% and IAG up 1.5%. Industrials held steady, WES +1.2%, JHX +0.9%, but A2M slipped 2.5%. Iron ore giants mixed BHP and FMG gained, while RIO fell another 2.8% as it went ex dividend. Gold down, ahead of US CPI results. In corporate news, CCT jumped 12.1% on revenue results, DOW off 6.4% reported a $386m annual net loss, QBE down 1.2% on results, AMP up 4.6% raises full-year profit forecast, and LRS flat, on positive deposit results. In economics, Australia’s inflation expectations eased to 4.9% in August from 5.2% the previous month. Asian markets mixed. Japan up 0.9%, HK down 0.7% tracking Wall St overnight, and China down 0.1% on weak sentiment. Australian 10Y yield and 2Y yield up 4bps. Dow Jones futures up 139 points, and Nasdaq futures up 63 points.

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