End of Day Report – Wednesday 7 May: ASX 200 up 27 points | Resources better, banks flat

Another solid day with the ASX 200 up 27 points to 8178 (+0.3%). NAB (+1.6%) results helped, but the news of Bessent heading for a Swiss showdown with Chinese counterparties on trade, popped US futures higher and commodity stocks were back on. China also cut rates.  BHP up 0.9% with RIO up 0.6%. Gold miners were solid on bullion’s rise, SPR up 0.9%, and VAU doing better, up 3.3%. NST fell 2.6% though with WGX up 2.9%. Lithium stocks better, LTR up 7.8% on WA loans, PLS rallied 4.8% and MIN up 2.6%. LYC slipped as US/China relations improved. Oil and gas stocks also bounced. WDS up 1.7% and STO up 2.0%. Uranium stocks were once again in demand as shorts continue to cover, BOE updated the market and ran hard, up 12.4%. PDN up 4.4%. Banks stalled with the Big Bank Basket flat at $263.60. NAB (+1.6%) the standout and CBA (-0.5%) the problem child. Other financials doing well. MQG rose 0.9% despite news from ASIC on serious breaches. ASX up 2.5% and PNI up 4.3%. ZIP presented at the Macquarie conference and rose 13.0%. Industrials were mixed, CSL fell 3.0% with TLX down too but RMD up 0.9%. REITs were positive. Tech slipped, XRO down 0.3% and WTC off 0.4%. The index slipping 0.2%. Retail recovered from early JBH losses, PMV up 2.6% and TPW on an update rose 8.0%.In corporate news, no real bad news from Macquarie Conference. NXL slammed 16.0% on an uncertain update, KLS ran hard, up 18.3%, on a positive briefing. On the economic front, all eyes on the Fed and China stimulated again with more rate cuts. Asian markets slightly positive. Japan up 0.5%. 10-year yields steady at 4.29%. Dow futures up 0.5%, NASDAQ futures up 0.6%.Want to invest with Marcus Today? The Managed Strategy 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.