Marcus Today Market Updates

Marcus Today End of Day Podcast – Monday 20th March

March 20, 2023 Marcus Today
Marcus Today Market Updates
Marcus Today End of Day Podcast – Monday 20th March
Show Notes

 ASX 200 fell 96 points to 6899 (1.4%) after a mid-morning rally fizzled out and reverses closing on lows for the day as US and European futures gave back early ground. All eyes on the European opening. Gold was the only sector in the green with NST up 8.5% and a NCM up 6.0% with second liners doing well, EVN up 10.1% and GMD up 8.0%. Bullion easing back a little from record AUD highs. Iron ore stocks under pressure as Chinese authorities warn again on price gouging and hoarding. BHP down 1.0% and RIO off 0.7%. Lithium stocks melted with PLS falling 5.2% and LTR down 9.4% with LYC off another 5.5%. Energy stocks also under pressure with WDS off 2.9% and STO galling % and coal stocks hit hard, WHC off %. Industrials were weaker across the board with WOW down 2.7%, CSL down 0.8% and REITs off big time on CS worries on property exposure. GMG off 2.9% and CHC falling 4.8%. Banks which tried hard to hold up, threw in the towel with CBA down 0.5% and ANZ off 1.4%. MQG dropped hard on contagion woes, down 4.6%. MFG fell 5.1% and SUN off 4.5% with the insurance sector crumbling as QBE fell 4.7%. Insurers under pressure on potential bond exposure. The Big Bank Basket down to $167.55 (0.7%). In corporate news, RMS bid for BRB in a share deal, ACL announced a deal to merge with HLS and LFS still assessing the ongoing cyberattack. Asian markets slid with HK the focal point down 2.6%. 10-year yields falling back to earth down to 3.25%.

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