Marcus Today End of Day Podcast – Thursday 17th August

ASX 200 closed down 49 points at 7146 (-0.7%) as China and US worries weighed. Super Thursday results also disappointed from TLS to NXL. A worse-than-expected jobs number at 3.7% helped the ‘RBA is done’ narrative and caused a rally off the lows but lacked conviction. Banks were mixed with the Big Bank Basket down to $173.41 (-0.8%). MQG fell hard down 2.0% with insurers mixed. QBE down 1.6%. Healthcare also in trouble today, CSL off 0.7% and RMD snapping back to reality after outperforming in the storm. REITs mixed with results in focus. GMG up strongly 5.7%. Industrials weaker across the board with TLS down 2.8% after aborting plans to sell its infrastructure business. Consumer stocks eased too, WOW off 1.7%, COL down 1.5%, and TCL copping some downgrades off 4.9%. Tech eased but did recover with the All-Tech Index up 0.4% WTC off 0.4% and XRO down 1.8%. Miners recovered from lows in the iron ore space with BHP and RIO modestly higher. Lithium stocks under pressure as CXO dropped a bombshell falling 24.8% on a capital raise. Gold miners also on the nose, NCM down 1.7%, and EVN fell 4.8% on results.

In more corporate news, SUL rewarded shareholders with a special dividend and rose 2.9%. ING rose 14.8% on better-than-expected numbers, CXO dropped 24.8% on its deeply discounted raise,  ORA rose 3.4% on results and IPH in demand rising 10.8%. SHL dropped 5.7% as CV19 effects wear off.

On the economic front, jobs numbers showed a slip in the unemployment rate to 3.7%. Asian markets still under pressure, but modest losses. Japan down 0.3%, China off 0.1% and HK down 0.9%. 10-year yields higher at 4.29%.

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