Marcus Today End of Day Podcast – Thursday 19th October

ASX 200 dropped 96 points to 6982 (1.4%) as a broad sell-off hit the market as bond yields and Middle East conflict weighed on risk-takers. Big Banks down in the dumps, with CBA off 1.6% and the Big Bank Basket falling to $175.68 (-1.4%). MQG fell hard on US investment bank sell-off, down 2.7%. Insurers off too, despite 10-year yields rising to 4.78%. REITs in trouble, GMG down 2.5% and SGP off 1.3%. Healthcare too under pressure with CSL falling once again down 1.3%, although RMD managed to gain a mere 1.2%. Industrials weaker, WOW off 1.3%, TCL down 2.0% on traffic update, WES falls 1.7% on lithium woes. Retail fell, ALL off 1.7%, JBH off 1.1%, and TPW falling 3.3%. Travel stocks under pressure, WEB down 1.4% and FLT falling 3.6%. Tech fell hard, WTC off 1.6%, and XRO dropped 2.5%. The All-Tech Index down 1.5%. In resources, gold stocks were better, NST up 4.4% on production report. NCM unchanged ahead of impending Newmont deal, Lithium stocks taken out the back on an analyst downgrade to some majors overnight. PLS off 5.4%, MIN down 4.0% and LTR still scrambling around to get its equity raise away. Shorts will be happy. Iron ore miners fell, with BHP off 1.4% and RIO down 1.7%. Oil and gas stocks also under pressure WDS down 0.9%, and STO unchanged on production numbers. WHC fell 1.2% as a large block trade went through the market. In corporate news, WBT surged 6.8% on a deal with a large foundry, TLX dropped 10.1% in some disappointment on prostate cancer trial. QAN fell 2.5% as it terminated its AQZ deal finally. On the economic front, the jobs number headline was weaker than expected at only 3.6% unemployed. Asian markets weaker, Japan off 1.9%, HK down 2%, and China down 1.6%. Dow Futures down 36 points. NASDAQ Futures down 15 points. 

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