The Match Out: ASX follows US lower, tech cops the most heat while Macquarie Group's result is solid

The local market copped its biggest hit since February today, falling to a 6-week low after the US market tumbled overnight. Yields were higher again, on the back of the BOE raising rates and also talking to the chance of inflation hitting 10%+ in the final quarter of the year. Tech was the hardest hit, real estate a near second place on the back of the rally in yields. Despite the savage selling, consumer staples held up well to only finish marginally lower.

• The ASX 200 finished down -159pts/-2.16% at 7205
• All sectors finished in the red today. Tech -4.47% and Real Estate -3.37% the biggest losers.
• Consumer staples closed -0.17% down, a clear winner despite the fall
• Macquarie Group (MQG) -7.78%, reported FY22 earnings today. The numbers seemed reasonable with a small beat on NPAT at $4.7b and a 29% jump in the dividend to $3.50/share. The Commodity Markets segment was the standout with 37% growth in income while the banking segment continues to build market share. They flagged a softer start to FY23
• REA Group (REA) -8.07%, 3Q numbers in from the property classifieds company today. 3Q was softer than expected despite a +11% rise in listings and some price increases coming through. Commercial & Developer earnings were flat despite a strong start to the year. They flagged a weak 4Q with ANZAC day and Easter timing along with the election.
• Atomos (AMS) -49.17%, a savage day for the video equipment business which downgraded guidance by at least 10.5%. The downgrade comes 3 weeks after the CEO left. The market was hoping new products would help support earnings. They were disappointed.

• Iron Ore was ~0.9% lower in Asia today.
• Gold was marginally lower today to ~US$1875/-0.1%.
• Asian stocks were missed. Shanghai is the worst with a ~4% fall, but the Nikkei was trading +0.58% after coming back online after 2 days off.
• US futures are flat to marginally higher, Nasdaq the best of them at +0.16%  

ASX 200

Stocks for the week

Sectors for the week

Broker Moves

• Alliance Aviation Cut to Market-Weight at Wilsons; PT A$4.19
• Corporate Travel Cut to Neutral at Citi; PT A$25.49
• NAB Cut to Hold at Jefferies; PT A$34.20
• ARB Raised to Buy at Goldman; PT A$43

Major movers today

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