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End of Day Report

Marcus Padley

Marcus Today

What happened today? ASX 200 closes down 11 points at 5335.2 in lacklustre trade ahead of Fed decision tonight. National Bank results disappoint, and Dick Smith takes a beating on another profit downgrade. Iron ore futures at a two-month low in China. Dow futures up 8 on Apple after hours results. AUD falls on CPI number. The calm before the storm? A sloppy start to the day following a weak lead in commodities ,the results from National Bank and a shocking downgrade from Dick Smith (DSH) -33.86%. However news mid-morning that inflation was even more benign than analysts had expected left the door ajar for a Melbourne Cup rate cut from the RBA. The market rallied somewhat on the hope of lower rates but with the Fed decision looming tonight no one was keen to commit. Big resource stocks were again under pressure, but gold stocks bucked the trend as the AUD slid well and truly below 71.50c. - See more at: (VIEW LINK)


Marcus Padley
Director
Marcus Today

Marcus Padley founded Marcus Today in 1998 and leads the team of analysts and market commentators that publishes a daily stock market newsletter, presents four podcasts and runs an $80m Australian equity fund. He is passionate about educating and...

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