• ASX 200 down 2.2% today, and 3.12% for the week
  • There was broad based selloff as risk aversion takes hold
  • RBA revises economic targets

The ASX 200 tracked Wall Street deep into red territory today, falling by 2.3% with all eleven sectors tumbling.

It was one of the worst daily drops for the ASX since late February, taking its total loss for the week to over 3%.

Gains were few and far between as local investors reacted to the worst day of the year for US stocks.

In the overnight session (US time), the S&P 500 crashed by around 3% and tech heavy Nasdaq by 5%, as US investors reassessed the effectiveness of the Fed’s plan in tackling inflation.

Tech was the worst performing sector on the ASX, losing 4.3%, as the RBA revised its economic forecast today.

In a statement, the RBA says that it anticipates inflation to keep rising 6% by December (vs 5.1% now), at which point it will have hit its peak.

Core inflation, the RBA’s preferred measure, will hit 4.75% by year end (vs 3.75% now). The RBA also predicted that wages will increase by 3.75% by mid 2024, the fastest pace since 2012.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
CGC Costa Group Holdings 3.17 9% 2,671,862 $1,351,830,216
GQG GQG Partners 1.62 7% 2,107,447 $4,458,736,205
PSI Psc Insurance Ltd 4.83 6% 163,492 $1,587,745,305
5EA 5Eadvanced 3.58 6% 1,516,612 $1,043,776,887
NUF Nufarm Limited 5.27 6% 7,411,979 $1,896,295,588
PRU Perseus Mining Ltd 1.96 5% 4,910,089 $2,548,775,087
EVN Evolution Mining Ltd 3.84 4% 5,574,702 $6,763,798,350
WAF West African Res Ltd 1.31 4% 2,172,280 $1,291,602,625
ORI Orica Limited 16.11 3% 945,701 $6,373,676,132
GOR Gold Road Res Ltd 1.36 3% 1,905,470 $1,166,499,202
DEG De Grey Mining 1.11 3% 1,924,795 $1,521,551,007
VNT Ventiaservicesgroup 2.61 3% 1,150,202 $2,172,930,490
PPH Pushpay Holdings Ltd 1.33 3% 1,623,226 $1,477,205,623
NHF NIB Holdings Limited 7.38 3% 351,336 $3,305,554,337
NAB National Aust. Bank 31.83 2% 3,435,534 $99,792,408,626
ING Inghams Group 2.81 2% 948,807 $1,018,402,107
NST Northern Star 9.10 2% 3,223,566 $10,357,972,114
MTS Metcash Limited 4.34 2% 1,884,352 $4,093,896,392

BrainChip (ASX:BRN) bucked the trend and was up 2.5% today. The company had received a ‘please explain’ from the ASX after some high trading volumes on its stock on Wednesday. BRN responded by saying that it wan’t aware of any reason. The BRN share price has lifted 11% this week.

BIG CAP LOSERS

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Macquarie Group (ASX:MQG) tumbled 7% despite delivering a 56% jump in profit for the full year FY22, to $4.706bn. The bank has however sounded a warning, saying that it remains cautious on economic outlook.

Newscorp (ASX:NWS) lost 8% and hits 15-month lows after reporting a subdued third quarter. The media giant’s net profit was $US104 million for the quarter, up from $96 million on pcp. This was on the back of an increase in Q3 revenue of just 7%, to $US2.49 billion.

REA Group (ASX:REA) also plunged 7% despite delivering strong Q3 results. The real estate group saw a 23% growth in revenue YoY to $278 million, and a 275 rise in EBITDA to $155 million.