End of Day – Tue 12 Jul

Marcus Today Market Updates

• ASX 200 gave up early gains to close up 4 points at 6606 (+0.1%). Resources were once again on the nose after more shutdowns in China affecting stimulus hopes with recession fears trumping all. Iron ore miners led falls, BHP down 1.4%, MIN off 2.6% and base metal stocks weaker with lithium depressed. INR down 7.5%, PLS off 2.2% and AKE down 4.8%. Coal and energy stocks firmed with WHC up 1.8% and WDS rising 0.5%. In the banking sector the Big Bank Basket rose to $164.56 (+1.1%) with CBA up 1.2%, elsewhere insurers flat, MFG continue to slip another 0.8%. Healthcare better led by CSL up 1.6% and RMD gaining 2.1%. Elsewhere industrials were mixed, WES better by 0.8%, COL up 1.9% and WOW up 2.0% but TLS down 0.8% and REA off 0.2%. Tech stocks slipping TNE down 2.4%, MP1 down 4.1%. The All-Tech Index fell 1.1%.
• In corporate news, APE rose 3.3% on a positive business update. CXO fell 7.1% after a resource upgrade. RHC eased 1.6% as media reports that KKR may walk and LNK down 3.5% for a similar reason. In economic news, consumer confidence fell again. Asian markets weak, lowest levels for two years. 10-year yields at 3.39%.

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