Marcus Today End of Day Podcast – Wednesday 17th May

The ASX 200 took a hit today, dropping 36 points (-0.5%) to close at 7199. The downturn was widespread, with gold and resources the worst performers. Gold miners saw a substantial drop, losing its lustre following recent hawkish comments from Fed officials. NCM down 2.1%, EVN down 2.3%, and NST off 1.1%. Resource stocks faced headwinds, BHP down 0.8% and RIO down 0.3%. Lithium shares also under pressure despite higher carbonate prices, MIN down 1.7%, SYA off 4.4%, and LTR slipped 1.8%. The financial sector struggled, with the Big Bank Basket dipping to $167.83 (-0.5%), led by MQG, which experienced a sharp decline of 1.3%. NAB and CBA also faced selling pressure, slipping 1.0% and 0.5%, respectively. Technology stocks were the winners today, reversing yesterday’s losses, with WTC gaining 1.0%, XRO up 1.9%, and ALU up 1.0%. The All-Tech Index up 0.3%. REITS down as wage data increases the likelihood of another rate rise from the RBA. GMG down 0.9%, and CHC down 0.4%. Defensive sectors no better, Healthcare and Industrials down. WES eased 1.1%, RMD down 0.9%, and MPL tumbled 0.9%. In corporate news, CTT rallied 13.2% after the company confirmed the company founder and CEO Mintz does not have any intention to sell shares in the company at the current time, putting the rumours to rest. TPW +19.1% on positive results in their trading update. IPL off 7.8% after reporting net profit down 6% in 1H23. In economic news, Australian private sector wages up 0.8% in Q1, leading to an annual growth rate of 3.8%, the highest since June 2012. Japan’s economy grew 0.4% QoQ in Q1, exceeding expectations of 0.1%. In Asia, markets are mixed, Japan up 0.3%, HK down 1.0%, and China down 0.6%. Australia 10Y yields gained to 3.43%. Dow Jones futures up 20 points and Nasdaq futures up 26 points.

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