Marcus Today End of Day Podcast – Wednesday 11th October

ASX 200 rose another 48 points to 7088 (+0.7%) up for a fifth consecutive session, bouncing back from 6,890 levels just last Wednesday. Almost all sectors finished higher. Consumer discretionary is the top performing sector today as RBA rate hike expectations tapered off, ALL up 1.1%, DMP up 2.9%, and TLC gained 1.3%. Iron ore got a nice boost from Chinese stimulus package talks, BHP, RIO and FMG all up over 1.3%. Tech and REITS held onto gains despite a turnaround in short-term treasury yields. WTC up 2.1%, CPU up 1.7% and SCG gained 0.8%. All-Tech Index up 1.3%. Bullion prices hold steady around US$1,860, up ~1.5% this week, NCM in demand, up 0.2%, while NST and EVN finished lower. Lithium stocks rallied, LKE up 5.4%, PLS gained 2.0% and AGY up 2.9%. Citi has forecast the commodity price to track sideways for the next 12-18 months but is long-term bullish. Big banks mixed, NAB and ANZ in favour up 0.5% and 0.3% while CBA and WBC finished in the red. Big Bank Basket up 0.1% to $177.02. Insurers OK, QBE up 1.6% and SUN gained 1.5%. Healthcare traded in the red almost all day before an afternoon rally got them over the line, CSL down 0.3% RMD up 0.5%. In corporate news, BOQ fell 7.4% on ugly results. TLS +0.8% announced its intention to acquire Versent for $267.5m. CXL up 10.1% on positive investor presentation. QAN +2.7% Chairman Richard Goydor to retire prior to the next AGM, and IAG +0.2% held its AGM presentation and reiterated FY24 guidance. Nothing noteworthy on the economic front today. FOMC meeting minutes early tomorrow morning. Market to comb through for interest rate clues, but information is likely moot now following the latest rounds of Fed Speak. Asian markets are up, Hang Seng up 1.2%, TOPIX up 0.1%, Shanghai Composite 0.2%. Bond yields mixed, 10Y yield down 3bps to 4.43%, 2Y yield up 4bps to 3.99%. AUD let go of earlier gains, down 0.2% to 64.21US cents. Dow Jones futures down 5 points, and NASDAQ futures up 24 points.

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