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The ASX 200 falls another 84 points to 7728 as US markets and commodities weigh. Down 1% for the week. No recovery from lows either, although it tried once; banks were hit as profit takers moved in, and the Big Bank Basket went down to $207.50 (-1.4%). CBA crashed 1.5% with WBC off 1.2% and MQG down 0.8%. Insurers slid too with QBE down 1.5%. REITS slipped away led lower by GMG off 1.5% and SCG down 1.6%. Industrials were hit with WES continuing its slide down another 3.8%. WOW and COL also in the doghouse today with falls around 1.2%. Tech down as XRO fell 2.7% and WTC off 1.4%. REA and others in the platform space fell, with healthcare seeing sellers ahead of a long US weekend. RMD down 3.2% and SHL falling 3.0%. Resources were a slight surprise, outperforming after the rout yesterday. BHP was down a modest 0.6%, FMG fell 0.8%, and lithium stocks fell hard again. PLS down 1.5% and MIN off 1.9%. Gold miners could have been worse, NEM down only 0.9% and EVN up 0.5%. Oil and gas stocks better, STO up 0.1% and WDS gaining 0.7%. In corporate news, APX rose 2.5% on an update, PPT lifted its stake in SGR to 8.8%. Nothing on the economic front locally. Asian markets all weaker. European markets set to follow the US lower. 10-year yields are relatively steady at 4.31%.

HIGHLIGHTS

  • Winners: AX1, CU6, C79, MGX, JMS, NWH, CGF, DRO
  • Losers: FBU, APM. EMR, TWE, BCI, IEL, DVP, CHC
  • Positive sectors: Nothing.
  • Negative sectors: Everything.
  • ASX 200 Hi 7798 Lo 7717 Down only 1% for the week.
  • Big Bank Basket: Falls to $207.50(-1.4%).
  • All-Tech Index:  Down 1.3%
  • Gold: Falls to $3536
  • Bitcoin: Lower at US$67711
  • 10-year yields higher at 4.31%.
  • AUD: Falls to 66.00c.
  • Asian markets mixed Japan down 1%. China down 0.4% and HK off 1.3%.
  • Dow futures up 17 NASDAQ Futures up 11 points.
  • European markets opening lower. G7 Finance minister meet in Italy. UK retail sales fall hard.

MAJOR MOVERS

  • AX1 +5.4% if the shoe fits. Broker upgrades.
  • JMS +3.2% manganese price increase.
  • CU6 +5.3% rally continues.
  • RUL +2.5% update on Buyback.
  • KED +55.1% fairness opinion relating to merger.
  • AGY +3.9% strategic investment.
  • CNB +5.3% streets ahead with substantial shareholder notice.
  • PLY +6.3% launches GoT game.
  • MDR +9.0% On Ausbiz today.
  • DVP -4.2% base metal falls.
  • PMT -3.9% cap raising weighs/
  • WES -3.8% rout continues.Broker downgrades.
  • TWE -4.4% headwinds.
  • A1M -9.3% placement.
  • DLI -6.3% lithium falls.
  • Speculative Stock of the Day: SER +112.5% second day in a row. Was the stock yesterday too.

COMPANIES

ECONOMIC AND OTHER HEADLINES

  • European markets set to open significantly lower.
  • China’s largest chipmaker SMIC is now the world’s third-largest foundry in terms of revenue in the first quarter with a market share of 6% in the first quarter.
  • China consumes nearly 50% of the world’s semiconductors as it is the biggest assembly market for consumer devices.
  • Samsung Electronics’ latest high bandwidth memory (HBM) chips have yet to pas the Nvidia tests due to heat and power consumption issues.
  • Elon Musk’s SpaceX has initiated discussions about selling existing shares at a price that could value the closely held company at roughly $200bn.
  • Janet Yellen says many Americans still struggling with inflation.
  • Copper price to rocket to $40,000 a tonne, says top trader Andurand.
  • UK Retail sales fall more than expected.
  • Starwood Capital limits redemptions in $10bn US property fund.

And finally…..

Clarence

XXX