End of Day Report – Friday 20 December - ASX stumbles 1.2% lower to three-month low as banks tank - US PCE tonight and Triple Witching

Market Updates

The ASX 200 fell hard again today, down another 101 points to 8067 (1.2%) as the banks came under pressure. For the week the ASX 200 is down 2.8% with the US Triple witching and Core inflation numbers due tonight. Traders taking profits on the sector after a great year. The Big Bank Basket dropped to $246.54 (-2.9%). CBA the big drag on the index down 3.7%. MQG dropped 2.3% with other financials also feeling the pain. Insurers too was tossed out, QBE down 1.0% and SUN down 1.8%. REITs were mixed, GPT up 0.2% and SCG off 0.3%. Industrials were sold down but escaped the worst of the sell off. WES not so fortunate having announced the sale of Coregas, losing 5.0%. Retail stocks slid with WOW and COL falling slightly. Utilities found some friends as defensives, ORG up 1.4%, tech mixed. The All-Tech Index fell %. Resources were far better off than the banks, BHP off % and FMG bucking the trend up %. Gold miners eased but only marginally, NEM off % with EVN only down 0.7% on the CFO moving on. Oil and gas better, WDS up 2.0% on broker comments following Chevron deal yesterday. Coal stocks down but uranium mixed. In corporate news, VNT up 3.8% after a $400m deal with TLS. DEG down 2.8% on an update in Hemi project. QHL rose 40.5% on a takeover bid. MSB came back to earth with a thud falling 20.7% after FDA approvals yesterday. In economic news, the PBoC kept rates on hold. In the US, a bill to keep the government funding in place was rejected.
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