End of Day Report - Thu 11 Nov

Marcus Today Market Updates

• The ASX 200 closed down 42 points to 7382 (0.6%) after US inflation hits 30-year highs and local jobs numbers disappoint. Short-dated bond yields gapped higher, and the AUD fell towards 73c. Banks were under pressure all day with NAB down 1.6% and CBA off 1.6%, with the Big Bank Basket down to $187.58 (0.9%). Other financials eased, MQG down 0.7% and ASX off 0.9%. Fund managers slid again, MFG down 0.9% and PTM plumbing the depths with another 1.4% wiped off.
• Industrials were hit across the board, healthcare fell led by CSL down 2.4% and SHL down 1.7%. WES fell 1.4%, TCL off 1.8% and REITs slid led by GMG down 0.6%. Tech in a hole as APT fell 2.4% and XRO disappointed falling 6.2% on a business update. The All-Tech Index fell 1.3%. Miners though were back in the green, FMG launched itself 8.2% higher as CEO Elizabeth Gaines pushed the hydrogen story and Twiggy took to Twitter on his Green gas credentials. Iron ore miners rallied hard with BHP up 2.6% and RIO up 1.9% on Dalian futures gains and Chinese property stocks rallying.
• Gold miners in demand as AUD gold soared. DEG up 7.8%, NST up 4.8% and EVN pushing 5.1% ahead. SBM up 2.8%. Energy stocks slipped as OSH/STO updated the market on the merger both easing over 1-2%. In corporate news, LTR dropped 12.1% on its long awaited DFS and downstream report, CHN though pushed up another 9.6% on broker upgrades. NEA fell 12.3% on its update and XRO off 6.2% as revenue rose but profits still seem elusive. RHC also disappointed with its update, down 4%. 10-year yields back up to 1.79% on the jobs data.

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