End of Day – Wed 15 June

Marcus Today Market Updates

ASX 200 down 85 points to 6601 (1.3%). Bond yields jump to 4.23% in 10-year yields as minimum wage worries fuel inflation fears. Banks get smacked down with the Big Bank Basket down to $158.25 (%). CBA down 0.6% and NAB off 1.9% with MQG holding firm up 0.5% as insurers rising slightly. SUN up 3.5% and QBE up 2.2%. Fund managers slipped with GQG off 3.1% and MFG down 2.1%. In healthcare CSL dropped 1.2% and others fell, RHC off 0.9%, COH off 3.9% and FPH under pressure down 3.5%. Industrials saw selling with defensives like TCL falling 0.9% on higher rates, WOW down 1.6% and COL down 1.2%. REITS off as GMG fell 4.4%, DXS down 1.9% and old school platform stocks remain under pressure, REA down 6.4% and SEK off 6.8%. TLS was a green spot in another sea of red, up 2.1%. Tech down hard again, WTC off %3.7%, XRO down 5.2%. All Tech Index down 3.6%. In resources, BHP dropped 0.8% with S32 down 3.6% and FMG bucking the trend up 1.3%. Gold miners eased back, and lithium fell again, PLS down 5.1% and AKE off 1.4%. Oil and gas stocks fell too despite crude rising slightly, WDS down 3.1% and STO down 1.0%. Coal too buckled, WHC off 0.4% and SMR down 7.8%.

• In corporate news, RMD down 2.9%, agreed to buy a software firm in a $1.45bn deal. Plenty happening on the economic front as consumer sentiment plummets to recessionary readings and Chinese data better than expected. Asian markets were mixed with China up 2.2% and HK up 1.3%.

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