End of Day – Mon 11 Apr

Marcus Today Market Updates

• The ASX 200 finished up 7 point at 7485 (0.1%) after an early spurt was derailed by Chinese CPI numbers combined with 10-year yields heading above 3%. Resources were the swing as BHP turned down losing 0.5% with FMG off 2.9% as iron ore in Asia slipped. Gold miners held up as NCM rose 2.1% and NST up 3.9%. Energy stocks mixed, WPL down 1.0% and STO better by 0.8% with some profit taking in coal stocks. YAL fell 5.6%. Lithium stocks were in demand early on Musk news, but gains became more selective as the session wore on. LKE up 7.0% on a deal with Ford, Macquarie upgraded the sector again, but PLS failed to be inspired down 3.8%, MIN lost 3.3% more on iron ore, IGO rose 2.3% on its agreed deal with WSA that rose 5.5%. Banks were firm as always ahead of results and the 10-year yields burst above 3%. The Big Bank Basket rose to $191.78 (1.2%). MQG slid 0.9% and QBE enjoyed the rising yields up 1.8%.
• Industrials went sideways with some wins in COL and WOW as defensive inflation plays. Healthcare eased and tech slipped slightly with CPU up 0.7% and NXT down 2.5%. SQ2 down 2.3% and the All-Tech Index falling 0.6%.
• In corporate news, BSL made an acquisition of Coil Coatings for US$500m. PLS updated the market on its POSCO JV falling 3.8%. Nothing on the economic front but Chinese PPI and CPI surging squished the rally both here and in China. Asian markets weaker across the board. China down 2.4% and HK off 2.5%.

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