Marcus Today End of Day Podcast – Wednesday 27th September
ASX 200 fell 8 points today to 7030 (0.1%) as a late rally saved the day after early losses. The market managed a rally post the monthly CPI number coming in as forecast at 5.2% and kicked in the matchout. Banks were once again a pillar of strength with the Big Bank Basket up to $175.96. CBA up 0.5%, and WBC up 0.7%. Higher yields seem to be helping the big four. Other financials sagged. MQG down 0.7%, and insurers fell too with QBE down 1.0% and SUN off 2.0%. Healthcare was mixed. RMD bounced slightly 4.8% on broker upgrades after its recent falls. CSL is still under pressure, down 1.4%. Tech stocks also down in the dumps, XRO fell 1.3% and WTC off 1.6%, with the All-Tech Index down 0.6%. Industrials mixed, WES fell 0.2%, BXB off 0.8%, and EDV picked up slightly. Resources were mixed, BHP up 0.4% with cheques for the 70c div dropping into accounts tomorrow. Gold stocks fell again, EVN down 3.5%, NCM off 2.1%. Oil and gas stocks eased, WDS off 1.1% and STO up 0.1%. Lithium stocks fell, MIN down 1.2% and AKE falling 0.7%. In corporate news, SGR cratered 9.1% as it completed its capital raising without new funds from Bruce Mathieson. On the economic front, August CPI came in at 5.2% (as forecast), driven by surging fuel prices. Core inflation fell to 5.5% down from 5.8%. Asian markets are biased to the upside, China up 0.3%, HK up 0.6%, and Japan up 0.3%.10Y yields 4.38%. Dow futures up 85 points. NASDAQ futures up 42 points.
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