• The ASX tumbled over 1% in the first trading day of 2023
  • Stocks were sold across all sectors, with some blaming lack of liqudity
  • Properties across all Australia fell again in December

 

It wasn’t the start of year investors had wanted to see as the ASX crumbled in a broad-based selloff.

At the close of Tuesday, the benchmark ASX 200 index was down by 1.4% as all 11 sectors fell.

Bank, healthcare and mining stocks were the worst performers with the lack of liquidity being blamed for exaggerating the losses (Japan and New Zealand markets are still closed today).

Coal miners were also getting hammered with Whitehaven (ASX:WHC) and New Hope (ASX:NHC) falling by more 7% each.

Lithium miners also lagged, with Pilbara Minerals (ASX:PLS) down 4% while iron ore giant Fortescue Metals (ASX:FMG) fell just over 1%.

Earlier, data provider CoreLogic reported that home values in Australia finished the year lower for the first time since 2018.

Sydney homes fell another 1.4% in December, and are almost 13% lower than their peak in January of last year.

Melbourne has wiped out all of its pandemic gains, down 1.2% in December and 8.3% from its peak in February of 2022.

Source: CoreLogic

In other news today, Tesla was fined US$2.2 million in Korea for violating advertising laws.

Korea’s Fair Trade Commission said that Tesla had exaggerated driving range and charging speed of its electric cars, as well as the estimated savings on fuel costs.

Meanwhile, official data from China shows the country’s manufacturing activities declined in December.

According to Bloomberg, a private survey of businesses also suggests the economy contracted in the fourth quarter from a year earlier.

Source:Bloomberg

 

Looking ahead to tonight’s first trading session on Wall Street, stock markets are awaiting direction from the Markit US Manufacturing PMI index due for release.

 

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Neuren Pharma (ASX:NEU) raced 8% on no specific news.

On December 23rd, the company did announce the submission of an Investigational New Drug (IND) application for NNZ-2591 in Prader-Willi syndrome to the US FDA.

Neuren’s drug NNZ-2591 is being developed for four serious neurological disorders that emerge in early childhood and for which there are no approved medicines.

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Treasury Wines (ASX:TWE) slipped 5% on the broad based selloff.

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