End of Day Report – Thursday 25 July: ASX 200 drops 103 points - Banks Hold Up - FMG and MQG Punished

ASX 200 falls 103 points to 7861 (-1.3%) on US tech falls and quarterly disappointments. Banks held up relatively well as the Big Bank Basket fell to $227.50 (-0.4%). NAB down 0.9% and MQG falling 3.4% on its AGM update showing weakness on deal flow still. MFG bucked some weakness in the sector, insurers eased slightly. REITs got sold down, GMG down 3.1%, leading losses, GPT up 0.9% and VCX unchanged. Industrials fell across the board, WES dropped 2.9%, with TCL off 1.9% as tech stocks fell hard, WTC down 3.2%, and XRO off 3.5%, with the All-Tech Index down 1.8%. Utilities also under a little pressure, ORG off 1.5% and AGL down 1.0%. Resources stuck to the playbook and fell despite a cut to some rates again in China. BHP down 0.9%, and FMG cratering 5.5% on its quarterly and a potential jump in unit costs. Gold miners slid as bullion dipped, EVN down 3.4% and GMD off 2.3%. Lithium stocks weaker again, PLS slid 0.7% and LTM off 2.2%. Oil and gas back in the red, WDS down 1.4% and STO off 3.2%, with uranium stocks easier too. PDN down 3.7%, and DYL off 4.6%. In corporate news, the ANZ bond trading scandal is getting more serious, NST down 0.4% on its quarterly. SEK wrote down its Chinese investment in Zhaopin by $141n. In Asia, Japan clobbered down 3.0%, with HK off 1.7% and China off 0.5%. Nothing locally on the economic front. 10Y yields steady around 4.31%. US GDP tonight.

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