End of Day Report – Wednesday 26 June: ASX 200 tumbled 56 points, giving back some of yesterday’s gains 📉

ASX 200 tumbled 56 points to 7783 (-0.7%), giving back some of yesterday’s gains following hotter-than-expected inflation data. Inflation rose 4.0% YonY in May, faster than April's 3.6% and above consensus of 3.8%. Aussie dollar jumped 0.6% to 66.86c, hitting a two-week high, and the 10Y yield and 2Y yields jumped 10bp and 18bp. Most sectors are in the red. Tech stocks outperformed their peers, taking cues from Wall Street overnight, despite a sharp rise in bond yields. All-Tech Index up 0.20%, and XRO gaining 1.1%. Energy stocks found buyers, as WTI futures rose above $81 per barrel despite rising US stockpiles. WDS +1.3%, and STX up 2.2%. Big banks took a hit today as higher for longer rates will continue to pressure bank NIMs. CBA NAB, ANZ and WBC down between -0.6% and -1.3%. Uranium stocks no good, while some lithium stocks kicked higher despite commodity weakness which saw the front-month China lithium carbonate futures fall 5% to $US12k a tonne on Tuesday. PLS +2.5%, and LTR up 3.3%. Gold miners and base metals were sold off. Iron ore behemoths no better, BHP, RIO, and FMG all lower. Rate-sensitive REITs and consumer-discretionary also down. On the corporate front, HVN was down 8.3% after Barrenjoey cut their valuation of the stock. BMN enters a trading halt as the company launches $76m cap raise. SGR flat on new CEO announcement. Asian markets higher, Hang Seng up 0.2%, TOPIX up 0.6%, Shanghai Composite up 0.1%, paring earlier losses though hovering around four-month lows. Dow Futures up 7 points. NASDAQ Futures up 43 points.

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