End of Day Report – Wednesday 1 May: ASX Follows US Down Ahead of Fed

Market Updates

ASX 200 falls another 94 points to 7588 (-1.2%) as US markets fall ahead of FOMC meeting results. Banks eased with results in focus, NAB flat with the Big Bank Basket down to $201.58 (-0.4%). Insurers slipped, with QBE off 1.2% and SUN down 2.3%, with other financials easing MQG down 0.9%. REITS slipped slightly, GMG down 0.6% and SGP off 1.6% Industrials weaker, QAN down 1.2% on data breach issues, WOW sold out of 5% of EDV down 3.9% with COL up 1.1%. Retailers in some trouble, JBH down 1.9% and PMV falling 2.1%. Tech a little mixed, WTC down 4.3% and XRO up 0.9% with the All-Tech Index down 1.5%. Resources weak across the board, BHP falling another 1.7% with FMG dropping 2.8%. Gold miners smashed on bullion falls, EVN down 3.5%, NST off 3.4%, and NEM down 2.1%. Oil and gas stocks in trouble on crude falls, WDS down 2.6% and STO falling 2.1%. In corporate news, quarterly results and a slight upgrade for AMC up 4.6%, AVZ will delist in a $2.8bn blow to existing shareholders. NXG in a halt on a capital raise, VCX reaffirmed earnings guidance, and QAN dipped 1.19% on a potential hack on their frequent flyer app. On the economic front, nothing significant. Asian markets holding up relatively well. 10-year yields 4.51%. Many European markets closed for May Holidays. Dow Futures down 5 points. NASDAQ Futures down 65 points.
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