Marcus Today End of Day Podcast – Tuesday 14th March

Marcus Today Market Updates

ASX 200 fell hard again today from the off down 100 points to 7009 (1.4%) at the close. Well off the lows as some sensibility returned and bond yields stabilised. Banks were the target but insurers too under severe pressure. QBE down 3.7% and SUN off 3.6%. The Big Bank Basket fell to $167.83 (0.4%) with NAB the big bad bank off 1.5%. Regional banks in trouble, BEN down 1.6% and BOQ off 2.3%. MQG slumped 3.1% with fund managers under serious pressure. PPT off 7.0% and MFG falling 6.0% with CGF down 5.6% as yields tumbled. Industrials slid with CSL falling 1.5% and WES off 1.3% with REITS easing and old skool tech down, SEK down 2.5% and CAR off 2.3%. Tech stocks down again, WTC off 2.3% and XRO falling 1.5% with CPU falling hard as yields fell off 7.7%. The All-Tech Index dropped 2.5%. Resources were up against the wall, BHP fell 1.8% with FMG and RIO falling a similar amount. Lithium stocks were taken out behind the woodshed and chopped up, PLS down 5.9%, IGO off 3.2% and MIN falling 3.8%. Energy stocks fell with WDS off 2.8% and STO off 1.8%. Coal stocks in a bunker, WHC falling 5.3% as YAL crashed 16.9% on news of a China listing. Gold miners were the only bright spot with NCM up 3.0% and NST up 1.4%. Hardly a gold rush more a stroll. In corporate news, KLS in a trading halt as it locks down a capital raise, SZL square on a US listing and PPK buys a battery tech company. On the economic front, bond market turmoil still. Black Monday in the bond market still reverberates with US CPI ahead tonight. Plenty of surveys out today. Consumers are not happy Jan. Asian markets weaker and 10-year yields down to 3.42%.
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