Marcus Today End of Day Podcast – Friday 4th August

ASX 200 closed up 14 points to 7325 in a late surge. For the week the index dropped 1.1%. Banks held steady despite the ACCC knocking back the ANZ/SUN deal, The Big Bank Basket relatively unchanged at $177.25. MQG was slightly better up 0.8%, but REITs hit hard once again as 10-year yields continued to rise. Defensive healthcare stocks under pressure. CSL down 0.7% and RMD tumbled 9.3% after disappointing results. Industrials drifted higher at the close, WOW unchanged, COL off 0.2% and TLS falling 0.5%. Tech stocks finished better led by XRO up 1.5% and WTC up 1.9%. Oil and gas stocks continue to push higher as crude rising on production cuts. Iron ore miners shrugged off negativity and lower AUD with BHP up 1.1% and RIO rising 0.8%. Lithium stocks mixed and gold miners eased, NST down 2.3%. In corporate news, MSB collapsed 56.9% on an FDA update, SQ2 also fell hard on results down 5.8%.   On the economic front, China has lifted tariffs on Barley after a three-year absence. The RBA SOMP was released with a downgrade to growth forecasts, with GDP now at 0.9% in the year to December 23. In Asian markets, China and HK up around 1% with Japan flat. 10-year yields 4.18%. Dow futures up 87 points. NASDAQ futures 113 points. European markets opening around 0.5% higher.

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