Indices: Australian ASX 200

The ASX200 was simply whacked on Wednesday closing down almost 100-points on fairly broad based selling which saw over 70% of stocks close in the red, losses were led by the influential resources and financials names e.g. Commonwealth Bank (CBA) -2.1%, National Australia Bank (NAB) -3.1%, BHP Group (BHP) -2.7% and South32 (S32) -2.3%. We dipped our toe back….

The ASX200 fell away -0.4% following yesterday’s comments from Philip Lowe although we still saw ~35% of the market close in positive territory. The Energy Sector continued to support the ASX with the lithium and tech stocks playing supporting roles from a points perspective if not from an overall performance perspective where they dominated the winner’s enclosure. With the Fed & RBA’s current hawkish stances now on the table, we are likely to see some trends emerge on the stock/sector level although for now, it’s a general choppy mess with a downside bias.