Marcus Today End of Day Podcast – Monday 14th November

Marcus Today Market Updates

ASX 200 finished down 12 points to 7146 (0.2%) as Fed official talks tough on rates again. USD rises, gold slips and yields up too. Banks wore the brunt of the selling as the bifurcation in the market kicked off again. The Big Bank Basket fell to $184.48 (-0.8%). Insurers also hurt with IAG down 2.4%, QBE down 4.0% and PPT off 5.8% on court moves. Healthcare too in ICU with CSL down 2.0%, COH off 4.2% and RMD falling 3.4%. Industrials slipping as TLS fell 3.5% on a management change, staples eased back, WES down 2.1% and COL off 2.0%. REITs slipped too, SCG down 3.1%. Tech stocks mixed as WTC fell 1.7% and XRO resumed its slide down 3.9%. The All-Tech Index dropped 0.5%. Resources though were a different story although off highs as USD gathered strength. Iron ore in demand, BHP up 4.6%, FMG up 10.1% with base metals also doing well, S32 up 5.9%, CIA up 12.9%, OZL up 1.1% and selected lithium plays better. CXO marching 11.7% ahead with LTR in demand. Energy stocks better as WDS ran 1.5% with WHC up 3.2% the best of the coal stocks.
In corporate news, ELD were smashed 22.9% on an uncertain outlook and the CEO retiring in the next 12 months. WGO rose 16.7% on a takeover from BPT. IVZ had another strong rise on drill results, RMS chopped by 6.5% on a 3-year production outlook and NEA fell 5.8% on churn issues. FLT fell 3.8% on underwhelming growth numbers and a threat to airline commissions. Nothing on the economic front, Asian market mixed as Japan fell 0.9%, China up 1.1% and HK up 2.9%. 10-year yields at 3.75%
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