End of Day Report – Friday 19 June: Solid rally off Lows. ASX 200 down only 65 points - Resources Underwhelm Again.

ASX 200 fell 65 points to 7972 (+0.8%) off its lows in quiet nervous trade. Dow futures slightly higher on the Trump speech. 90 minutes and talking unity. Red across the screens, banks gave back some recent gains, with the Big Bank Basket down to $226.80 (-0.9%). CBA fell 0.8%, and ANZ under pressure on the recent scandal, falling 1.2%, insurers slid, and REITs in the doghouse for a change. SGP down 2.0%, and SCG off 0.9%. Industrials were weaker but no great issues, WES off 0.8%, and WOW and COL slid slightly. ALL bucked the trend up 1.0%, with tech relatively stable. The All-Tech Index %. Resources once again the problem child, no real stimulus or plan from the Chinese Plenum. BHP down 2.1%, and RIO dropping 1.7%. Lithium stocks steady as gold miners slid on profit taking and some downgrades for EVN down 2.2%. Oil and gas stocks slid and uranium again under pressure. In corporate news, LIC finished off a week it would rather forget withdrawing forward guidance following ABC reports earlier this week and fell 13.9%. WBC had a small win with APRA, and WHC said that inflation was ‘rife’. Unit costs rising 11% in the last year. On the economic front, nothing today, the government announced the sale of $10bn in 11-year bonds next week. Asian markets mixed again, HK down 1.9%, Japan slightly weaker, and China of 0.2%. 10Y yields rose to 4.29%. There appears to be a serious Microsoft outage taking place this afternoon too.
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