Marcus Today End of Day Podcast – Wednesday 16th August

Blood on the streets on the ASX 200 today,  market down 110 points to 7195 (-1.5%), posting its biggest drop in six weeks. REITs put up some resistance following solid earnings reports VCX +2.4%, MGR +5.3% and SCG +1.5%. Energy stocks fell, as crude oil fell for a third day after a drop in US inventories, STX off 3.5%, BPT down 2.8% and WDS -0.9%. Tech stocks tracked the Nasdaq lower, SQ2 -4.0% and WTC down 3.7%. All-Tech Index down 2.4%. Iron ore giants BHP, RIO and FMG all lost over 2%. The big four banks were all negative; CBA went ex-dividend today down 3.6%. Big Bank Basket down 2.5% to $174.79. Bullion prices were steady, but gold stocks were caught in the broad market sell-off NCM down 1.3% and EVN off 1.7%. Industrials weaker across the board; construction stocks were slammed dragged lower by FBU -9.3% disappointing earnings report. Healthcare eased, but RMD managed to buck the trend up 0.1%, CSL off 0.4% and RHC down 1.8%. Elsewhere, WES down 0.8%, QBE off 1.0% and MIN falling 3.6%.

In corporate news, lots of results today ahead of a Super Thursday tomorrow. TCL down 0.7% despite toll income rising 26%, CPU down 3.3% reported revenue jumped 27% and flagged a $750m share buyback, BAP up 5.5% despite margins getting squeezed, the company kept its final dividend, and NWL down 1.6% recorded record EDITDA and a 26.3% jump in FUA.

In economics, RBNZ leaves rates on hold. China’s new home prices fell 0.1%, marking the fifth decline this year amid a prolonged property crisis. Asian markets are lower on concerns over China’s stuttering economy, Japan down 1.3%, HK down 1.4% nearing a two-month low, and China off 0.5%. Australia’s 10Y yield down 6bps to 4.19%. Aussie Dollar sinks to nine-month lows down 0.1% to 64.51c. Dow Jones futures down 5 points, and Nasdaq futures up 6 points.

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