End of Day Report – Wednesday 17 September: ASX 200 stumbles 60 points lower ahead of Fed

The ASX 200 fell 59 points (-0.7%) in quiet pre-Fed trade. Banks eased back with NAB and WBC giving up recent gains with the Big Bank Basket down to $283.10 (-0.4%). Wealth managers also slid, MQG down 1.1% and HUB off 1.3% with SOLDA rising for a second day. Insurers also under pressure, QBE down 0.6% and SUN off 1.5%. REITs fell too led by SCG down 2.2% and GMG off 0.9%. Industrials mixed, WES fell 1.9% and LNW dropping 2.4% as FLT fell 2.7% and CTD announced further delays in the accounts. SUL rallied back 2.7% after the CEO/HR news yesterday. Tech slightly better, WTC up 1.5%. Resources eased back, the big three iron ore miners lost ground, BHP off 1.1% and FMG down 1.3%. Gold miners saw profit taking, NST down 2.1% and NEM off 1.1% with lithium stocks mixed, MIN off 1.7% and PLS up 4.2%. Uranium stocks also under pressure following gains yesterday. PDN fell only 1.5% on its $300m capital raise. WHC gained 5.2% and YAL up 2.4% with WDS also better.

In corporate news, DRO announced it has won two fresh contracts with the US Defence Department. PYC fell 30.0% as the MD stepped down and BHP announced it was cutting 750 jobs in QLD on the coal outlook. 

In economic news, consumer sentiment data released by UBS here today indicated that spending intentions over the next 12 months had surged to the highest level since 2019.  UK CPI jumps to 3.8% as forecast.

Asian markets better, Japan down 0.3%, China up 0.5% and HK up 1.6%

10-year yields steady at 4.21%.

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