The Match Out: ASX flat ahead of US inflation, CSL knocked again

LiveWire2023-10-12

A quiet but (marginally) positive session played out in Oz today with the banks and miners supporting the broader index, while the Healthcare sector continues to struggle, news overnight knocking the ...

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Monthly inflation expectations came in at 4.8% YoY, up from 4.6% but not surprising, the quarterly print is a lot more telling.Tabcorp  -6.15% was hit after saying revenue dropped ~6% in 1QFY24 due to the sale of eBet and lower contracted electronic gambling machines.Redbubble  +30.43% ripped after their quarterly showed positive underlying cash flow – self-funding a business, what a novel idea!CS","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"PT":"品钛","NAV":"纳威司达","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LIT":"Global X Lithium & Battery Tech ETF","CSL.AU":"CSL LIMITED","BK4532":"文艺复兴科技持仓","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK7511":"ESG概念","PLS.AU":"PILBARA MINERALS LTD","BK7506":"金矿股","IGO.AU":"IGO LTD","GL1.AU":"Global Lithium Resources Limited","BK7023":"电气部件与设备","NVO":"诺和诺德","BK7049":"互联网与直销零售","BK4534":"瑞士信贷持仓","BK4567":"ESG概念","BK7153":"综合零售","TAH.AU":"TABCORP HOLDINGS LTD","LIT.AU":"LITHIUM AUSTRALIA LTD","LU1169590202.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"I\" (USD) ACC","BK7067":"生物科技","MTCH":"Match Group, Inc.","LU1169589451.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"A\" (USD) ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","RMD":"瑞思迈","BK4007":"制药","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0106831901.USD":"贝莱德世界金融基金A2","BK4082":"医疗保健设备","BK7129":"钢铁","CSL":"卡莱尔伙伴","BK4166":"消费信贷","RMD.AU":"Resmed DRC","BK7095":"多种金属与采矿","LU0971096721.USD":"富达环球金融服务 A","BK7036":"特种化学制品","BSL.AU":"BLUESCOPE STEEL LTD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4086":"建筑产品","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK7078":"赌场与赌博","MS":"摩根士丹利","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","FOR.AU":"FORAGER AUSTRALIAN SHARES FD","BK4549":"软银资本持仓","BK4548":"巴美列捷福持仓","BK4127":"投资银行业与经纪业","BK7508":"医药生物股"},"translate_title":"比赛结束：ASX在美国通货膨胀之前持平，CSL再次受到打击","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GL1.AU":1,"TAH.AU":1,"RMD.AU":1,"RMD":1,"RBL.AU":1,"PLS.AU":1,"NVO":1,"NAV":1,"MTCH":1,"LIT.AU":1,"LIT":1,"IGO.AU":1,"FOR.AU":1,"CSL.AU":1,"CSL":1,"BSL.AU":1,"MS":0.9,"PT":0.61},"content_text":"A quiet but (marginally) positive session played out in Oz today with the banks and miners supporting the broader index, while the Healthcare sector continues to struggle, news overnight knocking the sector again today. US CPI Inflation due for release tonight will be telling and could dictate market trends from here, just as bond yields are starting to cool. \n\n\nThe ASX 200 finished up +2pts/+0.04% at 7091.\n\nThe Financials and Real Estate sectors shared the chocolates for best on ground (+0.86%) while Materials (+0.68%) & Tech (+0.58%) were close behind\n\nHealthcare (-4.52%) was by far the market laggard today, joined by Energy (-0.55%) and Staples (-0.24%) \nMonthly inflation expectations came in at 4.8% YoY, up from 4.6% but not surprising, the quarterly print is a lot more telling.\nInteresting move from Steve Johnson over at Forager (ASX: FOR) +9.02%, writing to investors flagging an intention to revert back to an open-ended structure versus a Listed Investment Trust (LIT) which is closed-ended in an effort to bridge the persistent discount it trades at (~15%) relative to its Net Asset Value (NAV). This is rife in LICs and LITs and kudos to Steve for doing something about it – more managers should be doing this but alas, when you have locked in capital earning fees, many managers will find it hard to part with that, even though they should. Performance is another issue but at least this is a proactive move to the benefit of investors.\n\nTabcorp (ASX: TAH) -6.15% was hit after saying revenue dropped ~6% in 1QFY24 due to the sale of eBet and lower contracted electronic gambling machines.\n\nRedbubble (ASX: RBL) +30.43% ripped after their quarterly showed positive underlying cash flow – self-funding a business, what a novel idea!\n\nCSL (ASX: CSL) -6.3% was sold down after Novo Nordisk (NYSE: NVO) announced encouraging efficacy results on the use of GLP-1’s on kidney disease, which could be a potential negative for CSL’s Vifor business.\n\nBluescope (ASX: BSL) -1.95% fell on a downgrade from Morgan Stanley\nLithium stocks had another good day, rising from their hiatus, Pilbara (ASX: PLS) +4.21%, IGO ltd (ASX: IGO) +0.79% and at the smaller end of town, Global Lithium (ASX: GL1) +6.67%\n\nIron Ore was up smalls in Asia, sitting at $US112.75\n\nGold edged higher trading at US$1878 at our close.\n\nAsian stocks fared far better than our market. Hang Seng (+2%) the star, Nikkei (+1.69%) and China (+0.78%) also doing well at our close though\n\nUS Futures are up around +0.25%\n\nCPI inflation data out tonight in the US, with core SPI for Sep expected to be 0.3% taking the YoY run rate to 3.6%.\n\n\nASX 200 chart - intraday \n\n\n\n\n\n\n\n\n\n\nASX 200 chart - daily \n\n\n\n\n\n\n\n\n\n\nCSL Ltd (CSL) $238.24\nCSL -6.3%: the GLP-1 troubles that have plagued ResMed (RMD) over the last month have also put pressure on the biopharma company, sending the stock to 4-year lows today. Novo Nordisk is currently trialling their GLP-1 drug on chronic kidney disease (CKD) and Type 2 Diabetes (T2D) with a 5-year study expected to be completed late next year. The trial has been halted early given the outstanding results already meeting efficacy outcome requirements, with the data now expected to be published a year early. Around 8% of CSL’s earnings may be impacted by the study, stemming from the Vifor business’s nephrology and dialysis (kidney disease treatment).\nMore pain in the healthcare sector as a result of GLP-1, we do not plan on increasing exposure here\n\n\n\n\n\n\n\n\n\n\nBroker moves\n\nInsurance Australia Raised to Add at Morgans Financial Limited\nMotio Ltd Rated New Buy at Veritas Securities\nBluescope Cut to Underweight at Morgan Stanley; PT A$18\nBank of Queensland Cut to Neutral at Jarden Securities\nWebjet Raised to Buy at Goldman; PT A$8.30\nBreville Raised to Buy at Goldman; PT A$24.50\nScentre Group Rated New Outperform at Daiwa; PT A$2.77\nSeek Raised to Overweight at JPMorgan; PT A$27\nPerenti Reinstated Buy at Moelis & Company; PT A$1.35\n\n\nMajor movers today \n\n\n\n\n\n\n\n\n\n\nEnjoy the nightThe Market Matters Team\n\nMake informed investment decisions\nAt Market Matters, we write a straight-talking, concise, twice daily note about our experiences, the stocks we like, the stocks we don’t, the themes that you should be across and the risks as we see them. Click here for your free trial.\nThe Match Out will be available each day after the market close. Follow my profile to be notified when the latest report is live\n\n\n\nNever miss an update\n\n    Enjoy this wire? 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