End of Day – Mon 9 May

Marcus Today Market Updates

• The ASX 200 has once again tumbled 85 points to 7121 (-1.2%) failing to find support as US futures pointed to another difficult week for equities. A slight rally into the close. Broad-based losses again with resources firmly in the seller’s sights today as a China proxy and the AUD testing 70c. BHP dropped 1.3%, FMG off 5.8% and RIO down 2.3% with gold miners hit too despite bullion being slightly stronger, NST down 3.8% and NCM down 1.6%. Lithium miners and speculative resource companies also sold off heavily, PLS down 6.2%, LTR down 8.7% and AKE falling 6.1%. Some big fallers in second liners like CHN down 9.8% and LKE off 11.5%. Oil and gas stocks tried to buck the trend and found some support with STO up 0.4% and WPL up 0.6%. Industrials are also under pressure across the board with REITs suffering, GMG falling 7.0% and SCG off 3.6%. Consumer stocks mixed with WES down 1.1% but COL up 0.6% and REA dipping 4.3%. NWS got whacked 8.8% post results.
• Tech under serious pressure again, the All-Tech Index dropped 3.1% and XRO testing new lows, down 2.6%, WTC off 4.9% and SQ2 down 6.2%. In the banking sector, a mixed session, WBC rose 3.2% on better than expected results, ANZ down 2.7% as it went ex-dividend, NAB up 0.2% ahead of its dividend tomorrow. MQG once again in trouble falling 2.6%. The Big Bank Basket up slightly to $184.97 Insurers eased.
• In corporate news, MFG sold its GYG stake falling 8.4%, WBC results better than expected and SGR down 1.0% as VIP packages were suspended. Nothing on the economic front, some news from China showing the impact of Covid shutdowns. Asian markets slid with China down 0.9%, HK closed and Japan down 2.4%. 10-year bond yields pushed to 3.56%.

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