Episode Details

The ASX 200 plunged 175 points to 8,614 (2%) in a very miserable start to the new quarter.  Across-the-board losses, with the banks leading the way down. CBA fell 0.9%,  WBC fell 3.3%, and ANZ fell 2.9%. The Big Bank Basket fell to $258.69. Insurers also gave up any hope of gains on the back of higher bond yields, with QBE down 2.2% and SUN denying takeover speculation, falling the hardest, down 7.4%. MQG managed to hold up pretty well, all things considered, down only 0.1%. We also saw selling across the board in the REITs, which had a good day yesterday, but not to be repeated today, with SCG down 2.6% and GMG down 2.2%. Healthcare tumblers in the doldrums, with CSL down 3.3%, having risen 55% in September. COH resumed the fall, as did RMD. Industrials slid too, with TCL falling 1.7% after buying a further holding in its toll road network from a Canadian pension fund. WES dropped 1.2%, and retail stocks generally were weaker, with REA giving back some of yesterday's gains and both WOW and COL falling over 2.6%.Tech stocks also eased with WTC down 3.5% and the All-Tech index off 1%.

In resources, things could have got worse, with BHP managing to hold the line, nearly down only 0.9%, but RIO and FMG both falling hard. Lithium stocks, too, came under renewed pressure, with PLS down 5.4%, LYC dropped 8.6% after a scrip bid was announced for MEI. MIN also dropped 4.6%, together with S32. The gold sector eased back despite bullion going higher in Aussie dollar terms. We had NST down 4.1% and EVN down 2.0%, and the oil and gas space saw losses in WDS down 3.1% and STO down 2.7%.

Coal and uranium stocks both under pressure, with WHC down 4.5% and PDN down 4.1%, together with KAR, which gave up some of yesterday's gains, falling 4.1%.

In corporate news, DTL roared ahead after a trading update, and LYC dropped X% after announcing a scrip bid for Brazilian rare earths developer MEI. Nothing particularly important locally on the economic front, although we did get balance of payment numbers today.

Asian markets pushed higher with Japan up 3.4%, HK 0.4% and China up 0.3%

10-year yields higher at 5.40% on CPI. US Futures lower. Nasdaq up 381 and Dow up 150.

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