End of Day Report – Wednesday 26 November: ASX 200 jumps 70 points | CPI higher than expected

The ASX 200 gave up its strong start to close up 70 points to 8607 as the higher-than-expected CPI number took the top off things. It was a monthly number, so can be more volatile, but 3.8% was above RBA and economist’s expectations. Banks were mixed with CBA steady as NAB and WBC dipped down. The Big Bank Basket rose to $266.89 (+0.1%). MQG had a good day, up 2.8% and wealth managers also pushed ahead, HUB up 1.9% and NWL up 1.3%. Insurers mildly positive, SUN up 0.8% with REITs mixed, GMG up 1.3% but elsewhere losses as bond yields pushed higher. SCG off 0.5% and CHC down 0.4%. Industrials were firm, WES up 1.9% with retail surprisingly strong, JBH up 1.0% and APE rising 1.4% with TPW crashing 32.3% on a trading update. Fast food also better, GYG and DMP doing well, Travel stocks also better, WEB up 3.4% and FLT gaining 2.3%. Tech stocks continue to stumble around, WTC down 1.2% and XRO off 0.1% with TNE falling 2.8%.  The All-Tech Index steady.In resources, iron ore stocks pushed higher, BHP up 2.0% and FMG up 2.4% with gold miners shrugging off early weakness to push higher, VAUDA did well, up 6.5% after the hedge book news, lithium stocks exploded, PLS up 7.2%and MIN up 3.0% with oil and gas better and small gains in uranium.In corporate news, Brookfield lobbed a bid for NSR at 286c. That is three bids this week. Debutante SEA rose 12.5% after a $20m IPO. EOS jumped 3.6% after a court penalty and DRO was up 8.5% again after its recent order.On the economic front, as above, the CPI was higher than expected at 3.8%. Chalmers and Bullock not happy.Asian markets were firm, although Taiwan in focus on fears of further Chinese aggression.10-year yields rose to 4.53% on CPI. AUD rose too.UK Budget today. European markets opening higher.Want to invest with Marcus Today? Our MT20 portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you.If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.