Marcus Today End of Day Podcast – Monday 24th July

Market Updates

ASX finished down 8 points to 7306 (-0.1%) in a subdued day of trading ahead of CPI release on Wednesday, with forecasts of a further decline in inflation MoM. Energy the biggest gainer as Crude continues to gain, WDS and STO both gaining 2.3% and 2.2%. Banks continuing to ease off from last week, while MQG gained 0.4% ahead of AGM on Wednesday. The Big Bank Basket fell to $179.2 (-0.2%) with CBA down 0.1% and ANZ off 0.2%. Insurers better with QBE up 0.1%. REITs gaining as bond yields fall with GMG up 0.9% and SCG up 1.5%. Healthcare flat, held down by CSL down 0.3% while RMD and TLX gained 0.4% and 7.7%. Tech continuing to gain after last week’s run. TheAll-Tech Index up 0.4%, as WTC gained 1.9% and XRO dropped 1.2%. Resources are mostly down as China fails to stimulate demand BHP off 1.5% and RIO off 1.3%. Gold miners mostly down, EVN down 0.3% and NST dropping 0.7%. Base metal and lithium stocks hit hard, MIN -2.6%, PLS -5.8% and AKE -5.6%. In corporate news, CXO dropped 17.2% after releasing their quarterly results, failing to impress. S32 lost 2.6% after incurring a $US1.3bn non-cash impairment. On the economic front Aussie manufacturing PMI increased to 49.6, the highest in five months, but still indicating worsening business conditions. New Zealand’s trade surplus narrowed last month to NZ$9m. Asian markets mixed, Japan up 0.8%, HK down 1.9% and China off 0.1%. 10-year yields steady at 4%. Dow futures down 32 points. NASDAQ futures down 5 points
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