ASX 200 dropped another 54 points to 7175 (0.8%) as international recession fears continue. Banks eased back with the Big Bank Basket down to $182.35 (0.8%). MQG slid another 1.4% with insurers coming off their highs, QBE down 1.4%, MPL pushing higher by 2.1%. FUM managers again under pressure, PPT down 2.8% and GQG off 1.4%. REITs better as 10-year yields stable. GMG up 1.3% and CHC the stand out up 3.0%. Industrials were firm generally, WES up 0.7%, TCL up 1.2% and WOW and COL doing ok. Tech stocks mixed, the All -Tech Index down slightly. XRO rebounded 0.9%. Resources were mixed, iron ore stocks giving back some recent gains, BHP down 0.8% and FMG off 1.8%. Lithium stocks under pressure as Goldman Sachs weighed in with another report. CXO down 9.9% and LTR taking it especially hard, down 7.5%. Gold miners though in the box seat as bullion increased, NCM up 2.0% and EVN up 3.6%, Good drill results from CHN saw the stock soar 13.11%. Oil stocks also on the nose with WDS down 4.3% and STO off %. BPT recovered some ground from yesterday up 0.3%. Coal stocks slipped a little. In corporate news, DOW were hammered after it ‘presented an ability to be opaque’ with a $40m accounting issue. JRV returned to trade up 4.6%. In economic news, we had international trade and tourism numbers. 10 year yields steady at 3.35%. Asian markets mixed with HK once again sprinting ahead on relaxation of restrictions up 2.8%, China up 0.2% with Japan down 0.5%.
Why not sign up for a free trial? Get access to expert insights and research and become a better investor.