Marcus Today End of Day Podcast – Friday 15th December

ASX 200 finished up 65 points at 7443(0.9%) in another strong day but well off highs as some profit taking creeping in. Big caps in focus. The iron ore miners shooting the lights out, BHP close to all-time highs up 2.4%, RIO up 2.2% and FMG giving Twiggy a very happy Xmas up 1.4%. Lithium stocks saw short covering across the board as lithium carbonate prices rally in China. PLS up 3.4% and MIN up 2.1% with IGO rallying 6.1%. Gold miners not so hot despite bullion rallying, NEM up 2.2% and EVN up 0.3%. Oil and gas stocks rebounded WDS up 1.4% and STO better by 3.2%. Coal stocks also better, WHC up 0.8% and uranium at 15-year highs giving PDN a flip higher. Up 2.1%. Banks too in demand still, CBA up 0.5% and ANZ the star up 1.2%. The Big Bank Basket up to $188.28(+0.7%). Financials doing well, even ZIP up 17.8%. MQG continues its rally up 0.5% with insurers steadying. REITs a little mixed DXC down 3.6% on a revaluation of properties. GMG slipped 1.8%. Healthcare better with CSL up 0.7%. Industrials pausing a little, TCL in demand on yields falling, up 1.9%. Tech a little flat, the All-Tech Index up 0.4%. In corporate news, AMP down 1.6% after it has provided an update on its $1.1bn capital management program, revealing a return of $750m since Aug-22. ABC has shared news on the Kwinana Upgrade Project and provided a trading update, projecting the 2023 underlying EBITDA to fall within the $310 - $315m range. Stock up 8.6%. HLS fell 0.7% on an  announcement that ACL intends to withdraw its offer. No surprise there. In economic news, NAB chair says Australia will avoid a recession. PMIs out. In Asian markets, a positive reaction to more stimulus from the PBoC, Japan up 1.2% China up 0.7% and HK up 3.0%. 10-year yields back to 4.14%.

****Quadruple Witching in the US tonight. Around US$3.1 trillion of derivatives to expire. Last major liquidity event for 2023. Will add to the volatility. US markets experiencing serious jump in volumes****

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