Marcus Today End of Day Podcast – Monday 13th March

Marcus Today Market Updates

ASX 200 closed down 36 to 7115 (0.5%) in a volatile session as the SVB rattled confidence. Despite a huge US futures rally, the index remained under pressure all day. Asian stability and China comments from Li and Xi failed to dispel the uneasy feelings. Banks were under pressure as bond yields fell hard and GS and other walked back aggressive moves by central banks in the wake of the SVB implosion. The Big Bank Basket dropped to $168.54(0.95%) with MQG off 1.4% and insurers tumbling as yields fell, QBE down 2.7% and SUN off 2.1%. Money managers also in the doghouse, PPT down 4.9% and CGF off 3.1%. Industrials under pressure, TLS down 1.0%, WOW off 1.1% and QAN falling 0.5%. Old skool platforms in demand, CAR up 0.5% and REA rallying 1.3%. Healthcare eased slightly and REITs fell with GMG down 0.7% and GPT off 1.1%. Resources were mixed, gold miners rallied hard as bullion rose again in Asia on safe haven buying, NCM up 2.9% and NST up 5.0%. Lithium stocks remain depressed, PLS down 2.3% and LTR down 3.2%. Iron ore better, BHP up 1.8% and Oil and gas stocks also better led by WDS up 0.3%. On the corporate front, many small tech companies confessed to their SVB exposure which didn’t amount to much in the scheme of things. NEU had a great day following the FDA tick up 18.5% and WGX rallied 13.4% on a Big Bell operations update. Nothing on the economic front today. Asian markets mixed, Japan down 1.4% and HK up 2.3% with China up 0.9%.
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