End of Day Report – Monday 23 September: ASX 200 closes down 57 | China cuts short term rates

Market Updates

ASX 200 finished down 57 points to 8153 (-0.7%) despite hopes for Chinese stimulus and better US and European futures markets. Banks eased back led by CBA down 1.5% and the Big Bank Basket down 0.9%. Other financials mixed, ASX up 0.4% and CGF gaining 0.6%. REITs fell across the board, GMG down 1.5% and SCG off 1.9%. Industrials fell after the ACCC announced it would be looking into WOW, down 3.4%, and COL, off 3.3%, for their pricing policies. WES caught up in the same inquiry falling 1.7%. Retail slipped slightly, PMV down 1.3% and SUL off 2.2% with JBH falling 2.0%. WEB fell 10.7% as it went ex-entitlement. FLT off 2.0% and DMP dropped 1.3%. Telcos eased, tech mixed with the All-Tech Index flat. Resources were mixed, iron ore down again as Singapore futures fell, BHP down 1.3% and RIO off 0.6%. Gold miners better on the bullion price, NST up 0.2% and NEM up 1.6% with oil and gas stocks slightly better outdone by uranium stocks that saw short covering again on Microsoft’s embrace of Three Mile Island. In corporate news, ASB rose 2.4% after yet another contract from the US Navy. TLX rose 1.9% on a large US acquisition, HLS rose 7.5% on its sale of Lumus Imaging. FBU in a trading halt on a large capital raising. REA made another offer for Rightmove in the UK. Nothing on the economic front. Asian markets better on hoped-for Chinese stimulus, with HK up 0.2% and China up 0.4%. Japan closed for a holiday. 10Y yields rising to 3.97%. AUD heading towards 2024 high. Dow Futures up 54 points. NASDAQ Futures up 70 points.
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