End of Day Report – Thursday 9 May: Banks and Retail Tumble on Weaker Numbers

ASX 200 retreats significantly as bank weakness, retail woes and commodity issues pushed us down 83 points to 7722 (1.1%). CBA fell 2.2% on quarterly update, WBC crashed on ex-dividend down 5.6% with the Big Bank Basket down to $205.72 (-2.4%). MQG was a patch of green with REITs off too, GMG falling 1.67%, MGR falling 1.0%. Insurers steady QBE up 0.6% and SUN better as yields rallied to 4.35%. Flight to safety. Healthcare under pressure, CSL down 1.0% with RMD falling 2.3% and tech off as WTC fell 1.1% and XRO down 1.4%. The All-Tech Index fell 0.6%. Industrials swooned on some retail updates at Macquarie Conference, JBH down 2.5%, SUL off 5.5% and WES down 3.5%. QAN still finding some friends up 1.5%. In resources, BHP and FMG down around 0.8% with lithium stocks a little weaker, PLS down 0.2%. Gold miners under pressure, DEG pulling $600m from gold investors not helping. NST down 0.8% and RED off 1.1%. Oil and gas better, WDS up 0.8% and STO up 0.9% on new government commitment to gas. On the corporate front, BBN spat the dummy dropping 23.4% on a up(down)date. SUL down 5.5% on its sales update, and TPW gave up some serious ground on its latest sales numbers, falling 17.9%. JDO fell 0.4% on an update and ORI exploded 0.6% higher on its update. On the economic front, better Chinese export numbers. Locally weekly payrolls jobs down 0.6% in the month since March 16th. Asian better with Japan up 0.1% and HK up 1.1% with China up 0.9%. Yields higher at 4.35% in 10s.

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