End of Day – Thu 7 Apr

Marcus Today Market Updates

• The ASX 200 finished down 47 to 7443 (0.6%) as the unwind continues after the Fed speak. Tech and resources on the nose today. The Big Bank Basket slipped to $189.16 (0.3%) and MQG off 1.5% with insurers falling too. QBE down 2.0% and IAG off 2.5%. MFG had a great day on an update in FUM numbers, rising 11.4%, GQG too had better FUM numbers and rose 9.7%. Industrials mainly escaping the sell off although REA down 2.2% and SEK off 2.4%. Tech falling again as Nasdaq slid, WTC down 6.6%, CPU down 1.6% and SQ2 off 4.3%. The All-Tech Index down 3.1%. Materials and resources slipped again with lithium depressed, PLS off 3.6%, LTR falling % and LYC down 6.7%. BHP fell 0.7% with FMG and RIO barely changed. IGO down 3.1% and S32 sliding 1.0%. Gold miners going nowhere but energy stocks down despite higher crude prices in Asian trade. WPL down 2.5% and STO off 1.4%.
• In corporate news, another bid for VRT pending, ALG did a great deal with Main Event and rose 6.2%, BCI fell 6.3% on a Mardi project update and GOR fell 0.7% on a production update. In economic news, Trade balance for February fell to $7.46bn, below estimates of $11.65bn. Exports were flat which was in line with consensus. Asian markets weaker, 10-year yields ease back to 2.91%

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