Marcus Today End of Day Podcast – Tuesday 9th May

ASX 200 closed down 12 to 7264 (-0.2%) snapping a two-day advance, weighed down by energy stocks. Banks hold onto yesterday’s gains, with the Big Bank Basket back to $170.47 climbing 0.4%.
NAB EX-DIVIDEND TOMORROW. WBC EX-DIVIDEND THURSDAY. ANZ and MQG EX DIVIDEND ON MONDAY.
CBA +0.2%, ANZ +0.7%, NAB +1.0% and WBC +0.1%, MQG +2.3%. Oil prices were up 2.54% overnight but BHP, STO, and BPT found no love, falling 0.6%, 0.4%, and 0.7% respectively. Energy stocks posted notable losses, WDS down 0.2%, STX slipped 4.4%, and KAR off 3.7%. Gold stocks having a bad day as the US dollar rises. NCM -0.7%, EVN -0.5%, and AGG -1.3%. REITS sector leads the fall today, down 1.5% as bond yields rise. Tech stocks on the nose, SQ2 down 1.8%, WTC -0.2%, XRO -1.1%, CPU -0.1%, NXT -0.1%. Defensive sectors underperform. Utilities -0.3%, healthcare -0.6%, Staples -0.3%. Lithium stocks find support again, MIN +2.9%, PLS +2.0%, and AKE up 2.8%. In corporate news, CBA released their Q3 results, NIM down 2%, NPAT up 1%, and non-interest income up 11%. All the banks have now reported. In economic news, Australian retail trade rose 0.4% MoM in line with expectations. The Federal Budget is released at 7:30 pm tonight, expecting a $1bn surplus. China's imports fell by 7.9% YoY to US$205.21bn, while exports increased by 8.5% YoY to US$295.42bn, resulting in a trade surplus of US$90.21bn, higher than market expectations of US$71.6bn. Asian markets mixed, Japan up 1.3% and HK down 0.9% with China down 0.3%. 10Y yield up 6bps to 3.45%. Bitcoin down 0.65%. Dow Jones futures down 32 points and Nasdaq futures down 17 points.

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