End of Day – Wed 6 Apr

Marcus Today Market Updates

• The ASX 200 recovered off lows to close down 38 points at 7490 (0.5%). The switch was back on as money flowed from resources and tech into banks and banks. The Big Bank Basket rose to $189.87 The big four were all bought on 10-year yields heading towards 3%. RBA rapidly becoming even more irrelevant. CBA up 1.3% and ANZ higher by 1.2% with QBE joining in the fun rising 1.4%. MFG slipped 6.0% as it went ex-bonus options, elsewhere in the industrials, GMG fell 1.7% on higher rates, ALL down 3.8% and SEK off 1.8%. Healthcare under a little pressure, CSL off 0.4% and SHL down 1.4%. In tech we saw sellers again as Nasdaq fell overnight, SQ2 down 6.9%, WTC down 1.0% and XRO off 2.9% with the All-Tech Index down 2.2%. Resources were the weak spot today. More CV19 cases in China and extended shutdowns sapping enthusiasm with Chinese PMI down to 43.9 from 50.1 in February. BHP off 1.0%, RIO down 1.2% and S32 down %. Lithium stocks were depressed as heat came out of the market, PLS off %, LYC fell 6.0% and LTR dropped 5.8%. Gold miners slid led by NCM down % and NST off %. Oil and gas stocks fell, STO down 1.0% and WPL down 0.6%.
• In corporate news, another bid for VRT, PNV rose % on a good earnings update and WBT rallied another 6.2% on successful functional testing of its demo chip.
• Nothing on the economic front. Asian markets weaker with Chinese PMI suffering from a nasty bout of omicron. 10 - year yield close to 3%.

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