End of Day Report – Wednesday 4 September: ASX 200 falls 1.9% | Resources mauled

ASX 200 fell 153 points to 7951 (-1.9%) as all sectors suffered after big US and Asian falls. GDP coming in tepid at best did not help sentiment either. Resources were in the seller’s sights with iron ore majors under serious pressure, The Three Amigos showing big losses and FMG falling 8.5% ex dividend too. Lithium and uranium stocks were smacked hard, PLS down 6.2% and MIN falling another 5.4%, with gold miners also on the nose despite bullion holding up relatively well. NST is down 2.2%, and EVN is dropping 5.5% as brokers would back copper forecasts, too. Oil and gas were under pressure as WTI slipped below $70. WDS down 2.5% and STO off 2.6%. Banks the previous pillars of strength finally capitulated, with CBA down 2.4%, NAB dropping 2.5% and the Big Bank Basket falling to $239.48 (-2.3%). MQG dropped 1.2%, with the ASX off 1.6% and SOL down 1.5%. Insurers were mixed, QBE actually firmed 1.2%, REITs sold down in line with the market malaise. Healthcare fell with CSL down 0.7% and SHL down 3.8%. Industrials were weaker too as expected, WES fell 1.8% and COL and WOW slid. Tech under some pressure, WTC off 2.0% and XRO down 2.5%, with the All-Tech Index off 2.1%. In economic news, GDP came in at 0.2% weaker than expected with government spending holding things up as the economy slides even further. On the corporate front, ABB sold its SLC stake, ORA sold its US packaging business, and STO announced it will sell more LNG to Glencore. Asian markets fell hard, Japan off 4.4% and HK and China down but only modestly. 10Y yields dropped to 3.93%. Dow Futures down 126 points. NASDAQ Futures down 114 points.

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