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The ASX 200 falls 36 points to 7812 (0.5%) off the session lows as defensives rallied hard. NASDAQ futures improved helped by Nvidia results a positive. Healthcare and supermarkets did well. CSL up 1.4% with RMD rallying 1.0% and COH up 1.6%. WOW and COL also bucking the trend with WES continuing to fall. TLS managed a 1.2% rally after the recent drubbing. BXB put on 1.0% and SVW up 1.0%. Utilities doing ok, ORG up 1.9% on the power station news, and Tech better led by XRO with some good results rallying 8.7%. The All–Tech Index up 0.9%. In the banks, a little sloppy today The Big Four off around 1% and the Basket down to $210.38 (0.8%). Insurers better with QBE up 1.1% but MQG down 1.0%. REITS dipped with SCG off 0.9% and GPT down 1.1%. Resources were the problem today, BHP dropped 2.9% on its third and ‘final’ bid for Anglo being 9% higher and rejected again. RIO was dumped down 2.0% and FMG off 1.1%. Lithium and base metal stocks fell hard. Uranium was smacked down, PDN down 5.0% with BOE off 5.3%. PLS fell 1.5% and gold miners also on the seller’s lists. NST down 3.3% and NEM off 3.8%. AWC had a nasty day down 3.3%. Oil and gas unchanged. In corporate news, NUF sank 7.1% on falling profits and TRS fell 5.2% on a profit warning. NEU in a trading halt pending news on a drug trial. Nothing on the economic front today. Asian markets mixed with Japan up 0.6%. China down 1.3% and HK off 1.7%. 10-year yields steady at 4.26%.

HIGHLIGHTS

  • Winners: XRO, FBU, CMW, COE, QAL, TWE, APM
  • Losers:  LRS, INR, RRL, NUF, BGL, CSC, SFR, GMD
  • Positive sectors: Healthcare. Supermarkets. Defensives.
  • Negative sectors: Resources. Banks.
  • ASX 200 Hi 7818 Lo 7765. Rallies off lows on Nvidia hopes.
  • Big Bank Basket: Falls to $210.38 (-0.8%).
  • All-Tech Index:  Up 0.9%
  • Gold: Falls to $3569
  • Bitcoin: Lower at US$69384
  • 10-year yields steady at 4.25%.
  • AUD: Falls to 66.24 c.
  • Asian markets mixed Japan up 1.2%. China down 1.2% and HK off 1.7%.
  • Dow futures up 45 NASDAQ Futures up 165 points.
  • European markets opening slightly firmer.

MAJOR MOVERS

  • XRO +8.7% results cheer.
  • CMW +8.1% sells European fund management platform.
  • APM +4.0% maybe some bid news.
  • TWE +4.1% change in substantial holding.
  • AGC +19.2% charging ahead again. Achilles gold results.
  • ALA +4.8% company presentation.
  • LRS -8.9% metal rout.
  • NUF -7.1% half-yearly results.
  • SFR -6.4% copper falls.
  • PDN -5.0% NXG -5.2% uranium falls hard.
  • ARR -10.0% stumbles as commodities fall.
  • PEN -8.3% letter to shareholders.
  • Speculative Stock of the Day: Strategic Energy Resources (SER) +33.3% raises $2m for South Cobar exploration.

COMPANIES

ECONOMIC AND OTHER HEADLINES

  • JPMorgan Chase’s chairman and CEO Jamie Dimon says the U.S. economy could see a “hard landing.” He said interest rates could still go up “a little bit.”
  • China is holding drills around Taiwan as ‘strong punishment’.
  • EU seeks to stop Russia’s imports of western luxury cars via Belarus.
  • Rishi Sunak calls July 4 UK election.
  • Spain hits tourism record in race to catch France.
  • Biggest US retailers cut prices as inflation hits shoppers.

And finally….

Clarence

XXXXX