End of Day – Tuesday 23rd August

•  ASX 200 drops another 85 points to 6962 (1.2%) as rates rise and risks grow. Banks bore the brunt of the sell off with the Big Bank Basket down to $170.77. CBA down 2.0% and NAB sliding 2.0% as yields pushed towards 3.6%. MQG fell 3.4%, insurers down too, QBE off 1.6% and SUN going down 2.2%. Fund managers down too PDL off 1.7%. Healthcare in ICU as CSL dropped 2.0%, RMD down 2.7% and COH off 2.5%. Industrials in trouble too with staples under pressure following the EDV result, falling 12.3% and COL off 3.4% with BXB dropping 3.5%, REH off 3.4% and REITS sliding led by GMG, down 2.3%. Telcos eased, tech fell with REA down % and WTC and XRO continuing lower. The All-Tech Index only modestly lower by 0.9% as ALU sprang to life and saved the day up 19.8%. Resources did their best to hold up but eventually succumbed. BHP remain steadfast, pregnant with a huge dividend. RIO dropped 0.5%, FMG off 0.3% and S32 off 1.4%. Base metals and lithium holding on Chinese stimulus hopes, oil and gas stocks better as Saudi talks production cuts. WDS up 1.9% and STO up 2.3%. Coal stocks remain well bid. WHC up 2.8%. 
• In corporate news, results, results, results, ALU the best of the bunch up 19.8%, ANN bounced 8.6% as the gloves came off, MND doing well too despite staffing issues up 5.9%. KGN fell hard on stuffing up inventory issues down 6.6%, PLS better on good numbers up 3.2% but SSM fell hard on results, off 17.2%, EDV down 12.3% with CCP off 6.1% on customer remediation. In Asia, we saw Japan sag 1.2% on PMI numbers and China eases as stimulus attempts fail to fire. HK down 0.8%. 10-year yields continue to push higher at 3.59%. 

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