Marcus Today End of Day Podcast – Wednesday 3rd May

ASX 200 closed down 70 to 7197 (-1%) in another dismal day of trading as the US spooks markets. Only Gold gaining today as bullion hits $AU3,033, NST up 2.3% and NCM up 1.8% and EVN up 3.7%. Energy sector the worst hit today as oil prices get whacked on demand speculation, with WDS down 2.3%, STO down 2.5%, and BPT off 3.5%. Coal eased with WHC down 0.4%, and NHC down 0.6%. REITs dropping off with interest rates to cause more pain, GMG is down 1%, and MGR unchanged. The Big Bank basket down 1.8% to $173.03 with banks being shaken globally on US instability. CBA down 1.8%, and NAB down 1.9%. Short sellers continuing to attack in the US and likely more blood to be spilled. Resources not fairing too well as global recession fears continue to hamper markets, BHP down 0.8% and RIOdown 2.1%. Lithium mixed with PLS up 2.4% and MIN down 1.4%. Tech continuing its downward trend. The All-Tech index down 0.4%, and SQ2 down 2.9%. In corporate news, Macquarie Equities Conference continued with AMC reporting a downgrade in earnings outlook for FY23, sending the price down 9.5%. OML also cited a softening in demand and tougher market conditions, sending the price down 23.9%. FLT had some good news with growth in the travel sector and providing EBITDA guidance. In economic news, Australian retail sales have risen for the third month in a row, growing 0.4% MoM. The RBA chief gave a speech saying if productivity didn’t increase, it will be harder for the RBA to get inflation back to its 2 to 3% target band. Asian markets mixed, Japan down 0.1% and HK down 1.8% with China up 1.1%. 10-year rate down 4bps to 3.41%. Dow Jones futures down 70 points and Nasdaq futures up 3 point.

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