MARCUS END OF DAY - Wednesday, 3 September

This email is just a summary – you can click Read More on any section or log in to the Members Hub any time to see the full content.

You can also manage your email preferences here.

---

Managed Strategy Portfolio (MSP)

Join others investing in the Marcus Today MSP. The button below takes you to our Learn More page, where you'll find everything you need to know.

It's a hands-off solution – Marcus and the team make the decisions and manage the portfolio for you.

Invest With Us

Read More

Read More

The ASX 200 has finished the day down 162 points or 1.82%. Heavy selling across the board led the markets worst day since the Tariff Tumble. Combination of a weak US lead and strong GDP numbers. No sector (even gold) managed a gain. Technology, Financials, REITs and Utilities stayed deepest in the red. Tech sector down 3.85%. Every stock in the Top 10 down. XRO (-6.2%), WTC (-4.6%) and TNE (-3.8%). NXT (-0.4%) escaped. Banks clobbered. Big Four down between 2.2% and 3.7%. Stock Market Stocks no better. ASX (-1.4%) and MQG (-2.6%). REITs suffered on higher bond yields. GMG correlation with NXT breaking down further. Lost 3.7%. LLC hit 5.2%. Utilities mixed. ORG down 46c vs its 30c dividend. Telecom holding up a bit better. TLS keeping up its form of moving less than the market. Down 1.4%. REA and CAR kept losses between 1% and 2%. Resources sold off steadily. Three Amigos down between 0.4% and 1.3%. Despite the Australian gold price jumping another 1.5% most gold miners lost ground save for NST (+0.5%). Defence stocks rare winners.

Asian markets down but not nearly as bad. China and Japan -1.1%. Bond yields up 8bp. No change to the AUD. Odds of an RBA rate cut (end September) sat at 20% yesterday. Will likely drop to zero tomorrow. Michelle Bullock speaks tonight at 6pm. Australian problem for now. Let’s see what Wall St does. Nasdaq futures still up 0.2%. Dow futures down 0.4%.

Read More

STORIES

• Xero (XRO -6.2%) – Is having a nasty day, leading the Tech sector lower following Wall St’s drop. The outlook points to more short-term pain for long-term gain.
• Australia’s GDP grew YoY 1.8% in Q2. Up from 1.3% in Q1 and beating estimates for a 1.6% rise.
• Macquarie (MQG -2.6%) – Morgan Stanley highlights MQG attempt to raise its return on equity.
• Pinnacle Investment Management (PNI -3.5%) – Increases stake in ABY from 8.7% to 12%.
• McMillan Shakespeare (MMS -2.7%) – Member question. Is MMS’ high debt to equity ratio a concern?

ANNOUNCEMENTS

• WiseTech (WTC -4.6%) – Citi cuts its target price by 9% to $121 after downgrading its FY26 earnings forecast by 14% due to one off costs of the E2open integration. Expects Cargowise revenue growth to fall 10% in 1H26 before rebounding in the second half. Still points to high overall growth for the segment in FY26 (+17% vs management guidance of 14-21%).
• Origin Energy (ORG -3.6%) – Morgan Stanley thinks household battery installations are creating a negative impact on ORG’s earnings. No change to its (recently raised) $11.11 target price or underweight rating.
• Dug Technology (DUG -1%) – Ord Minnett raises target price 11.5% to $2.32 following yesterday’s contract win. Stock is holding onto most of its gain this morning.
• Lotus Resources (LOT +0%) – Trading halt pending capital raise announcement. Management taking full advantage of the recent spike. Stock had been up 50% in just two weeks.
• Selix Systems (SLX -3.5%) – Completes SPP. $19.4m raised on strong demand exceeding the company’s $15m target.
• Westpac Banking Corp (WBC -3.7%) – UBS downgrades to neutral on concerns over competition and falling interest rates weighing on business margins. Target price unchanged at $30.
• Xero (XRO -6.2%) – Downgraded to sector perform by RBC Capital Markets.
• Amaero (3DA +2.7%) – Guides FY26 revenue to between $30m and $35m weighted towards H2. Up 800-900% vs FY25. CEO describes last year as an important inflection point. Company is in the business of materials engineering for the defence and aero industries.
• COG Financial Services (COG +8%) – To acquire novated lease company EasiFleet for $40m.
• Commonwealth Bank (CBA -3.5%) – AFR reports the bank is seeking to sell part of its holding in Klarna. Its stake purchased between 2019 and 2021 in the BNPL business cost ~$350m and is now valued at nearly $1bn.

DIARY

• US – Manufacturing PMI (12am). July print came in at 48 points. Forecast to slightly rise.
• EU – PPI Numbers.

Read More