End of Day Report – 10 November 2021

FESCH.TV INFORMIERT:

The ASX slips 10 points to 7424 (0.14%) as Chinese PPI surges and iron ore falls on Dalian futures exchange. Miners were on the nose today with BHP down 2.7% and FMG off 2.1% as futures tumbled in Asia, S32 off 2.3% as base metals and lithium stocks also came under pressure, ORE down 4.7% and PLS off 3.8%. Even battery tech stocks slid with NVX down 14.1% and TLG off 8.6%. CHN kicked hard again up 4.9% as brokers upgraded targets. Gold miners held up better but were still a little troubled, NCM up 0.6% and DEG off 1.3%. Energy stocks failed to fire despite higher crude prices as mergers and corporate actions overshadow the sector.

Banks saved blushed today as NAB had a great day bouncing hard on broker upgrades as it slipped into second spot on brokers league table, the stock closed up 4.4% and dragged up WBC by 0.8% and ANZ 0.8%. The Big Bank Basket closed higher at $189.89. Other financials slipped slightly, MFG down 2.8% and QBE off 1.5%. Industrials mixed but drifting lower for choice. REA down 2.2%, WOW off 0.6% and QAN falling 2.2% as travel stocks pulled back from recent optimism. Tech under pressure as APT followed Square lower by 2.2%. The All-Tech Index down 0.9%.

In corporate news, PPH reported and needed more than a prayer to avoid a sharp sell off down by 13.4%. VUL down 6.7% on acquisition of a data set. The Noosa Mining conference kicked off today and some good moves in explorers but very stock specific. On the economic front, we had better consumer confidence and new home sales. The 10-year yield slipped slightly to 1.73% and Asian markets fell hard on Chinese property woes.

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