End of Day Report – Tuesday 26 November: ASX 200 down 58 points | Banks smashed

Market Updates

ASX 200 fell 58 points to 8359 (-0.7%) on Trump tariff plans and banks saw a large sell-off with the Big Bank Basket down to $257.85 (-2.7%). CBA led the market lower down 3.6% as investors woke to the extraordinary gains from the big four this year. WBC, ANZ and NAB slid half as much. MQG rose 0.8% on some rotation, insurers slid as bonds fell, QBE off 2.1% and SUN off 2.2%. ASX dropped 4.3% as it outlined plans for the CHESS replacement in 2029. REITs firm on lower rates, GMG up 0.9% and SCG up 1.4%. Industrials mixed, WES fell 0.8% and TLC up 0.4% and SGH up 1.0%. Retail slightly firmer, SUL up 0.9% and DMP up 4.2%. Healthcare mixed, CSL down 0.3% and PME up again, SHL up 2.6% with some positive broker comments. Resources were weaker, gold miners falling as bullion was dumped, NST down 2.4% and NEM down only 0.5% despite ex-dividend after a sale of another project. Oil and gas stocks were dumped with WDS down 3.8% and STO off 4.2% with uranium easing. In corporate news, EML up 29.2% after earnings rose 46% in Q1. RHC up 3.5% after saying it had a positive start to FY25. On the economic front, Trump announced his first executive decision will see Mexico and Canada hit with a blanket 25% tariff and China to get an additional 10%. Asian markets mixed, China up 0.5%, HK up 0.4% and Japan down 1.6%. 10Y yields 4.44%. Dow Futures up 16 points. NASDAQ Futures up 26 points.
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