Market Updates
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Market Updates
End of Day Report – Monday 11 May: ASX 200 falls 43 to 8702 | CSL drops 16% on write downs
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The ASX 200 dropped 43 points to 8702 (0.5%) as CSL shocked investors again, with a huge write-off and a downgrade to guidance. CSL accounted for most of the loss today. Elsewhere, banks recovered some from earlier large losses, CBA down 1.1% and ANZ, XD down 2.4%. The Big Bank Basket fell to $285.25 (-1.1%) ANZ XD. MQG flat, well off session lows. Other financials found their feet, NWL up 1.1%, and IFT pushing another 3.7% ahead. REITS eased back except GMG, which was up 2.1%. Industrials mixed, BXB fell 1.4%, QAN dropped 1.8% as oil rose in Asian trade, ALL down 1.0%, and retailers still struggling somewhat. WOW and COL ease, but healthcare was shaken by CSL dropping 16.0% with SIG also slipping slightly. Tech was flat as we await the Xi/Trump meeting and the economic data this week.
Resources were mostly better, BHP up 0.7% and RIO doing well, up another % with gold miners easing on bullion, NST down 1.9% and GGP off 2.6%. Lithium and rare earths rose higher ahead of the summit, WDS rose 1.5%, and uranium stocks recovered from early losses. PDN up 5.8% and DYL rising 4.6%.
In corporate news, ING upgraded enough to not fall foul of investors, CSL was a bloodbath, and OML got another NBIO from PE.
Nothing today locally on the economic front. Chinese CPI came in higher than expected.
Asian markets saw losses today; Japan slipped 0.4% on the Nikkei, HK down 0.2%, and China up 1.4%. Kospi up 4% again.
US futures are mixed. Dow down 88, Nasdaq down 5. 10-year yields drifted to 4.99%. European markets are set to open slightly higher.
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