Marcus Today End of Day Podcast – Thursday 16th March

Marcus Today Market Updates

ASX 200 finished down 103 points at 6966 (-1.5%). ECB decision tonight and Debit Suisse rescue package with huge liquidity pool in focus. Selling was concentrated in resources again today, with BHP down 4.8% under pressure on UK class action and falling commodity prices. RIO also on the nose with FMG down 3.2%. Lithium stocks remain under pressure, PLS down 3.0% and MIN down 2.5%. Base metals weaker as copper fell, S32 down 4.8% and SFR off 0.7%. Oil and gas stocks also tanked after crude falls, Asian oil slightly better but WDS still down 5.4% and STO off 4.9%. Gold miners better but not stunning, NCM up %. Banks were easier too but no great dramas, CBA off 0.1% and WBC down %. The Big Bank Basket fell to $167.03 (-1%). Insurers eased, fund managers down led by MQG off 1.7% and MFG off 6.3%. PTM fell 4.1% too. Industrials were relatively sanguine, TLS up 0.7%, COL up 1.3% and healthcare stocks better on defensive buying, CSL up 1.8% and RMD rallying 1.2%. REITs were mixed, Tech down slightly with the All-Tech Index down 1.2% and WTC off 0.4% and CPU off 7.0%. In corporate news, PPH saw the bid price raised. IPH tumbled 10.6% on a new cyberattack. DEG did well up 2.5% on a Brolga update and TLX up 2.7% on an FDA extension. On the economic front, unemployment fell back to 3.5% with 64,500 new jobs created in February. Asian markets were spooked and 10-year yields falling to 3.34%. Dow futures up 107 points and Nasdaq futures up 61 points.
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