Marcus Today End of Day Podcast – Monday 22nd May

ASX 200 started the week down 16 points to 7263 (-0.2%) tracking the US markets as debt ceiling jitters continue. Banks weighed down the ASX today, Big Bank Basket fell to $170.32 (-0.9%), CBA the biggest loser down 1%, ANZ, NAB, and WBC all off -0.8%, -0.7%, and -0.8% respectively. Tech continued to rally, with the All-Tech index up 0.2%, XRO continued to climb up another 1.3%, after gaining 15% last week, WTC up 1.9%, ALU up 1.4%, and NXT gained1%. Energy sector performed well up 1% thanks to a surge in oil imports in China, which has almost hit a decade high, WDS, STO, and BPT all gained over 1%. Lithium stocks took a beating, AKE and PLS hammered, down 3.1% and 2.8% respectively. Gold miners eased, NST down 0.8% and NCM fell 0.3% Industrials were underwhelming. WOW off 0.4%, WES down 1%, and TLS slipped 0.6%. Healthcare and Insurers in positive territory, CSL +0.7% RMD +0.7%, QBE +1.2%, and SUN gained 0.9%. REITS slipping off 0.8%, GMG down 0.8% and VCX also down 2.7%.

In corporate news, GTK surged 29.1% on results, specifically a 47% jump in sales. In contrast CCX fell 5.8% on a decline in sales. TYR plunged 16.1% after Potentia pulled its takeover offer.

Nothing on the economic front. Asian markets are higher, Japan up 0.7% and HK up 1.3% with China stronger +0.1%. Australia 10Y yield  3.58%. Bitcoin up 0.88%. Dow Jones futures down 34 points and Nasdaq futures up 5 points.

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