End of Day – Fri 6 May

Marcus Today Market Updates

• The ASX 200 was whacked hard today falling 159 points to 7206 (2.2%). Selling from the open in all sectors as expected. Some small rally into the close. No where to hide although banks held up better and tech got hurt worse. The Big Bank Basket fell to $184.61 (1.2%) with NAB down 2.0% and MQG revealing great numbers but got smashed by 7.8%. Insurers held up slightly better with QBE off 0.3% and SUN down 1.2%. Healthcare slumped as CSL fell 2.9% with SHL off 1.5% and RHC falling 0.9%. REITS fell led by GMG down 4.7% and industrials also fell, QAN down 2.7%, SEK down 6.6% and NWS tumbling 7.8% on results, REA too down 8.1% on its results.
• Tech was in a world of pain with XRO off 9.1% and CPU falling 2.7% with second liners plugged and abandoned. The All-Tech Index outdid the Nasdaq falling 4.8%. Resource stocks also in the firing line, iron ore fell slightly in Asian trade, BHP off 1.4%, RIO down 2.1% and FMG unchanged Even oil and gas stocks fell despite crude price rises, STO down 1.6% and WPL down 1.4%. Coal too took a break, SMR down 4.8% and WHC off 2.4%. Lithium stocks were depressed PLS off 3.5% and LYC down 3.2%. Base metal and gold stocks also sold off. Plenty of unwinding of risk.
• In corporate news, NWS reported as did REA with MQG pretty much unchanged offering no guidance hurting sentiment. CRN responded to media speculation on merger activity. Asian stocks mixed, HK tech down hard, Japan better as inflation hits 1.9%. Locally we had RBA Statement of Monetary Policy (SOMP) and 10-year yields up to 3.45%. Ironically the US market has gone nowhere this week. Before tonight. NFP beckons.

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