Marcus Today End of Day Podcast – Wednesday 17th January
ASX 200 falls another 22 points today to 7393 (0.3%) to a four-week low as banks start to slip. Late rally helping slightly. The Big Bank Basket dropped to $191.54 (0.4%). CBA leading the fall down 0.6% with WBC off 0.7%. MQG lost 0.6% though insurers better on higher yields. 10-year yields back to 4.20%. REITs slid too, GMG off 0.1% and SCG down 1.0%. Healthcare a little higher CSL up 0.4% and RMD up 1.1%. Industrials held relatively firm, supermarkets still under a little pressure, WOW down 0.1% and COL off 0.1% too. Tech slightly better and utilities bouncing off bottom, Retail stocks on the nose, LOV down 2.2%, PMV down 1.7% and SUL down another 2.3%. JBH lost 2.5%. In resources, the Three Amigos held firm, gold miners were smashed as EVN disappointed the true believers, Red Lake turned into the Red Wedding and the stock collapsed 17.3% on production numbers. The rest of the sector fell in sympathy. AUD bullion prices hardly changed but NST down 4.4% and NEM lost 5.1%. Lithium stocks depressed, PLS down 1.9% and S32 headed south by 3.5%. Oil and gas in trouble, WDS down 1.4% and STO off 0.7%. In corporate news, TLC has a new chair, WA1 raising money at 1000c. On the economic front, Chinese GDP grew at 5.2% last year. National Australia Bank now expects the Reserve Bank to remain on hold until November, before the central bank starts cutting from the current cash rate of 4.35%. Meanwhile in Asia, everyone is bearish China and down she went again, off 0.7% and HK down 2.8%. Japan unchanged.
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