End of Day Report – Wednesday 3 April: Post-Easter Blues

Market Updates

ASX 200 fell 105 points to 7776 (1.3%) as worries about rate cuts and post-Easter blues weighed on banks and industrials. The Big Bank Basket got the wobbles down to $207.01 (-1.6%) with CBA off 1.9% and ANZ falling 1.5%. MQG also in the doghouse falling 1.5% with insurers holding up with 10-year yields rising to 4.14%. Financials are on the nose with REITs in trouble, too, GMG down 2.6% and SCG off 3.6%. With many now ex-distribution may be the reason to be there is less. Industrials suffered, TCL down 0.5%, WES off 1.8% and REA dropping 3.9%. Tech in trouble as WTC fell 5.0% and XRO slid 5.7%. The All-Tech Index dropped 2.8%. In resources, BHP and RIO mixed, RIO rallied 0.6%, FMG dropped 0.9% with lithium stocks following Tesla down, PLS off 2.1% and MIN off 0.9%. Gold miners were mixed but generally weaker after WGX downgraded production on weather issues and halts to production, falling 14.8%. Oil and gas going nowhere, coal stocks better. Not much in corporate news today, HMC Capital sold down some SIG ahead of the Chemist Warehouse deal. Nothing on the economic front locally. Asian markets weaker, Japan down 0.6%, HK off 0.7% and China down 0.3%. Taiwan was hit with its biggest earthquake in 25 years.
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