Marcus Today End of Day Podcast – Friday 17th February

Marcus Today Market Updates

ASX 200 sank another 64 points to 7347 (0.9%) as US markets weighed and Phil Lowe spent another day in a hairshirt. Losses across the board,the Banking sector still beyond underwhelming. CBA lost 0.5% and NAB was sold off hard down 2.2% with the Big Bank Basket down to $178.27 (0.8%). Elsewhere in financials, MQG’s crown slipped down 2.6%, MFG gave back some gains off 2.9% and GQG fell 4.5% and the insurance sector rallied on higher yields and a surprise, this time a good one from QBE up 7.4%. Industrials sold off, with interest rate sensitive stocks under pressure, GMG down 1.7%, TCL off 0.6% and even gaming stocks easing, ALL down 2.3% and TLC off 4.7%. Healthcare in retreat, CSL down 1.5% and COH fading 0.7%. Tech on the nose after Nasdaq falls, WTC down 3.6% on its biggest acquisition yet in railway logistics, XRO sold off down 5.6% and the All-Tech Index down 2.1%. Platform stocks missed the train, REA down 1.7% and CAR falling 1.4%. Resources were pummelled, Lithium stocks depressed, PLS down 5.3% and off lows, IGO fell 3.6% and AKE off 3.7%. Second liners all down, gold miners were mixed but uninspiring, oil and gas down on crude falls, WDS off 1.4% and STO falling 2.3%. Coal stocks too weakened. In corporate news, results again the feature, A2M up 6.3% on a SAMR audit update, BBN screaming blue murder falling 6.1% on results and losing its CEO, LFS fell 4.8% and its CEO set to leave too. On the economic front, plenty from RBA chief and the banks generally on looming cliff exposure. Asian markets weaker and 10-year yields pushing up again to 3.81%. Dow futures down 90 points and Nasdaq futures down 76 points.
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