End of Day Report – Tuesday 10 December: ASX 200 drops 30 points | RBA holds | Resources shine

ASX 200 slipped 30 points to 8393 (-0.4%) as investors switched from the high flyers to resources following the news yesterday from China. Banks saw selling pressure with CBA down 1.1% and NAB sliding 2.8% with the Big Bank Basket down to $256.99  (-1.5%). MQG off 1.9% with insurers under pressure too. High-flying platform stocks also in sell-down mode, with HUB and NWL down. REITs under pressure, GMG off 2.2% and SCG down 1.7%. Tech too in the seller’s sights, WTC off 4.4% and XRO falling 4.4%. The All-Tech Index dropped 3.55%. REA took a tumble as did CAR and SEK. In media stocks, NWS saw Murdoch senior thwarted in a Nevada court. Industrials and retail slipped slightly.  Resources saw strong buying across the board, though gains moderated from intraday highs. BHP up 3.1% and FMG rallying 6.2% with PLS bouncing hard together with MIN. Gold miners back in demand, GMD hitting 52-week highs. NEM up 2.4% and EVN up 5.0%. Even oil and gas stocks rose, KAR up 5.3% with uranium in-demand, PDN up 2.0%, and WHC doing well too, up 3.5%. In corporate news, PPT dropped 8.4% on an ATO issue that could see the Barbarians at the gate slam it shut. IAG fell after being hit with a class action in Victoria. In economic news, the RBA kept rates unchanged, but we saw a slight softening of language. Hikes seem to be off the table now. Asian markets rose on stimulus optimism, with China up 1.6%, HK up 1.0% and Japan up 0.4%. 10-year yields falling to 4.15%.

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