End of Day Report – Tuesday 8 October: ASX 200 falls 29 points as China fails to fire up

ASX 200 reversed early gains on Chinese disappointment falling 29 to 8177 as resources stumbled and banks pushed higher. The Big Bank Basket rose to $233.26 (+0.3), Insurers were under pressure, QBE was down 2.4% on Hurricane exposure, and IAG was up 0.3%. Financials weaker, SOL down 0.6% and SQ2 off 1.7% with REITs under pressure. GMG the exception, up 0.6%. Industrials sidelined and weaker with XRO off 1.7% and WOW down 0.3%, travel stocks eased, FLT off 0.2%. WEB down 1.9% and GYG fell 2.6%. Resources saw a roller coaster today as Iron ore initially rose 3% plus in Singapore, only to shed gains and head lower with BHP succumbing down 2.4% and RIO off 0.2%. Lithium stocks fell hard, MIN down 4.0% and PLS down 3.2% as the shorts pounced. LTM off 2.5% as no details forthcoming. Oil and gas weaker in Asian trade, WDS off 1.3% and STO down 0.6%. Gold miners held firm. Uranium saw some fallout. In corporate news, slim pickings, IPL saw its CFO resign. NRW won a $360m mining contract with EVN. In economic news, RBA minutes see the board talking tough still. China came in underwhelming on latest stimulus pitch. Asian market very volatile still, HK off 5.1%, China up 5.2% and Japan down 1.5%. 10Y yields jump to 4.17%. Dow Futures down 30 points. NASDAQ Futures down 12 points.


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