End of Day – Wed 27 July

Marcus Today Market Updates

• ASX 200 pushes another 16 points ahead to 6823 as CPI comes in below expectations. Core inflation at highest since 1991 at 4.9%. Good news. Banks led the market higher as the Big Bank Basket rallied to $173.17 (1.7%) with ANZ up 0.4% and ANZR up 2.9%. Insurers slightly higher with IAG better by 1.1%, MQG dropped 1.1% though. Healthcare better with CSL up 1.8% and RMD up 0.7%. Industrials mixed as WES rose 0.9%, WOW up 0.7% and TCL rose 1.9%. REITS slightly better, 10-year yields dropping to 3.28%. Techs were flying, risk appetite is back. The All-Tech Index was flat, but second line June casualties are roaring ahead. BNPL SZL was up 95.82% before a trading pause, ZIP up another 21.0%, FLN up 8.6% CTT up 11.5% and ALC up 14.8%.
• Quarterly reports better than expected. In resources it was red day with smatterings of green. Iron ore stocks eased, BHP down 2.0% RIO off 2.0% with LYC off 0.7%. Lithium stocks were mixed, LTR down 0.8% but AKE up 2.6%. Coal stocks mixed and oil and gas flat. Gold stocks twitching. In corporate news, plenty of quarterlies, SRX began life ex ILU. CMM rose 8.8% on its quarterly report. On the economic front CPI came in at 6.1%, below forecasts and 10-year yields fell again. Good sign and one reason why tech is rallying hard. 50bps now locked in. Asian markets mixed Japan up 0.3%. China down 0.3% and HK down 1.1%

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