Market Updates

Day 5 - The ASX 200 fell another 176 points to 8901 (1.9%) as resources and banks came under pressure. Asian regional markets went into full panic mode with Korea down 11%, its largest move since the GFC. It had been a tear for some weeks and has now come undone. Resources were under serious pressure from the off. BHP down 3.5% with FMG off 3.0% and the gold miners down but not quite out. NST down 2.5% and EVN off 4.7%. Lithium stocks dropped, LTR down 3.2% and PLS off 1.3%. Copper stocks also falling hard, SFR down 2.9% and CSC down 2.2%. BSL bucked the trend as management said it was happy to chat to SGH! Uranium stocks dipped with PDN down 7.6% and BOE falling 8.4%. Oil and gas stocks were slightly lower, STO down 0.4%, BPT dipping 0.9% and VEA off 1.9%. WDS rose 0.9%.
Banks fell after safe haven status was revoked today. CBA down 1.2% and MQG falling 2.5% as the Big Bank Basket dropped to $ (%). ANZ a big casualty off %. Other financials also eased, with insurers sloppy. QBE down % and MFG seeing profit taking off %. Industrials were generally weaker, WES continued to fall, CSL lost another 1.6% with COH down 3.5%. QAN dipped 2.7% and retail stocks fell. FLT down 1.1% and JBH off 1.7%. Tech managed to hold up with XRO up 2.0% and WTC flat. The All-Tech Index down 0.6%.
In corporate news, EDV results underwhelmed off 3.5% and A1N jumped 4.4% as Kyle and Jackie seem to be heading for an expensive divorce!
On the economic front, GDP came in slightly better than the RBA had forecast at 0.8%. China’s National People’s Congress in focus. 
Asian markets crushed, Korea off around 12%, Japan fell 3.9%, HK off 3.0% and China down 1.4%. 
10-year yields jump to 4.75%
US Futures down DJ off 216 pts and Nasdaq down 200.
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The Dow Jones Industrial Average lost 403.51 points, or 0.83%, and ended at 48,501.27. The S&P 500 slipped 0.94% to close at 6,816.63, while the Nasdaq Composite shed 1.02% to settle at 22,516.69. At their lows of the day, the S&P 500 lost 2.5%, and the Nasdaq was down about 2.7%. The 30-stock Dow was down more than 1,200 points, or around 2.6%, at its nadir.
SPI down 124 - Commodities sold down hard - Gold down - Oil up but off highs - GDP today - EDV results.
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The ASX 200 fell 124 points to 9077 (1.3%) as events in the Middle East started to catch up. Comments from Michele Bullock on rate rises didn’t help sentiment. Although the RBA is as in the dark as the rest of us in terms of implications. Across the board losses as resources saw profit taking, BHP fell 2.6% and RIO dropped 2.4%. Gold miners eased back after gains yesterday, leverage again being unwound. EVN down 4.5% and NEM off 2.0%. Rare earths and lithium fell hard, PLS dropped 6.8% and MIN off 6.1%. Oil and gas firmed, but not getting carried away. WDS up 0.8% and KAR up another 1.7%. Uranium stocks firmed too, PDN up 0.4% and coal better, WHC up 3.2% as coal prices spiked. 
Banks eased back slightly with the Big Bank Basket up modestly to $302.82 (+0.2%). MQG dropped 1.7% but MFG soared 21.9% on the Barrenjoey deal and placement. Insurers slipped but REITs hit hard as bond yields rose. GMG down 2.4% and CHC off 2.2%. Healthcare stocks fell led by CSL down 1.4% and FPH down 1.5%. WES dipped 3.6% with retail stocks falling hard on rate rise fears plus higher petrol prices. JBH down 3.2% and APE fell 5.6%. Travel stocks remain on the nose, FLT down 1.8% and WEB falling 2.0%. Tech held up relatively well, WTC off only 2.3% and XRO down 1.4% with the All-Tech Index down 2.3%.
In corporate news, TWE fell 1.7% despite the French billionaire increasing his stake. CSC fell 8.1% despite record revenue and EBITDA failing to meet expectations. 360 ditched despite a maiden annual profit. NEU sold down 8.8% on news Acadia has requested a re-examination of EU ruling.
On the economic front, consumer confidence fell 3.1pts last week.
Asian markets weaker, Japan fell 2.7%, HK off 0.1% and China up 0.2%. South Korea down 5.7%. It had a holiday yesterday!
10-year yields jump to 4.76%
US Futures down DJ off 317 pts and Nasdaq down 275.
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US equities were mostly higher in Monday trading, ending a bit off best levels. Big tech was mostly higher with NVDA the upside standout. Other outperformers included energy (crude), defense (Iran), software, banks (particularly regionals), PE, insurers, steel, rails, small-caps, and E&Cs. Laggards included airlines (fuel-price concerns), homebuilders (yields), semis, HDDs, managed care (ELV), pharma/biotech, MedTech, building products, travel/tourism, casual diners, apparel, housing-related retail, HPCs, beverages, and China tech. Treasuries came under meaningful pressure with yields up 9-10 bp at the short end of the curve. Dollar index was up 1.0%. Gold finished up 1.2%, though off best levels. Silver was down 4.8%. Bitcoin futures were up 5.8%. WTI crude settled up 6.3% and closed at its highest level since last June (though came off even higher overnight levels).
SPI down 20 - Gold up slightly - Oil up on Strait closure news.
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Disclaimer
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An interesting day as the ASX 200 closed up 2 points at 9201. A good fight back from early losses as we await the day’s action in Iran. The playbook for a conflict was back in force. Gold miners rose with NST up 4.8% and EVN rising 6.6%, base metal stocks also rose with oil and gas stocks flying high, STO up 6.7% with KAR rallying 15.2% on a broker upgrade too. Uranium stocks firmed. The big miners were solid, BHP and RIO up around 1.4% although FMG fell 3.0% as it went ex-dividend. Travel stocks fell, WEB down % and FLT off 5.7%. QAN down 5.4% although VGN rose 4.5%. Retail stocks eased back as oil price rises will take away some demand. ALL down 1.8% and JBH off 0.7%. Tech stocks were hurt, more on US tech than any war discount. WTC dropped % and XRO fell % with the All-Tech Index down 2.5%. Banks were flat with the Big Bank Basket down to $302.24 (%). Issues more with mortgage fraud and following US banks lower. MQG hit for six on US investment bank woes, Plus MFG announced a merger with Barrenjoey.  Other financials also eased back. 
In corporate news, LYC jumped 5.4% on a renewal of its Malaysian licence for another ten years. MAF dropped 2.6% after agreeing to sell Infinite Care. MFG in a halt, as it raises $130m to merge with Barrenjoey. 
In economic news, Job advertisements in Australia rose back-to-back for the first time in 16 months. 
Asian markets weaker, South Korea closed, Japan down 1.3% with airline stocks in Asia under serious pressure. HK down 1.6% and China down 0.1%
10-year yields fall to 4.64%
US Futures obviously weaker but off lows, weaker despite Nvidia results beating forecasts. 
DJ down 360 Nasdaq down 180. US crude up 5.7% at US$70. 
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Disclaimer
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