The ASX 200 closed down 38 points at 8793, well off the lows, as the banks continued to offer stability, whilst mining stocks were generally easier, with comments from FMG on Chinese iron ore negotiations hurting the big boys and falling 4.5%. BHP lost 2.4%. Gold miners were also slipping after a slightly positive start, but bullion prices eased in Asia. The oil and gas sector was also easier, with WDS down 3.5% and STO down 1.3%. The banks held steady, with ANZ up 1.2% and the Big Bank Basket up to $272.55. MQG eased back, whereas the insurers pushed ahead slightly, with QBE up 1.4% and SUN up 2.5%. REITs were also better today, led by GMG up 1.2% and VCX up 0.9%. It was the industrials’ chance to shine today, with a positive update from BXB rising 3.2%, QAN rising 1.2%, and SGH rising 1.9%. TLS also had a good day today, along with REA in the corner, up 1.9%. Technology stocks were somewhat mixed, and we saw a bounce back in NXT today, rising X% after the drubbing yesterday on that significant earnings downgrade. WTC continued its rally up 3.1%. Those XRO slipped away again. CDA saw some profit-taking down 8.1%. A solid rally, too, in MAQ and MP1, helping the sector, with the All-Tech index rising 0.9%.

In Corporate news today, NCK was down 15.3% following an earnings downgrade at the AGM. CSL will defend its class action over its earnings forecast disclosure. STO trimmed its output guidance on Alaskan oil delays. FPH was also hit with a cyberattack, whilst BXB said guidance remains intact despite repair costs. MFG also under pressure after AGM.

Nothing substantial locally in economic news. Asian markets dropped, Japan down 2%, HK down 2.9% and China off 1.3% again.

US futures falling DJ down 0.4% Nasdaq down 1.4% 10-year yields relatively stable at 5.25%.

HIGHLIGHTS

• Winners: BAP, NXT, TUA, NXL, SIQ, SDR, MP1
• Losers: BTR, NCK, AIS, MFG, TPW, CDA, MAF
• Positive Sectors: Tech. REITs. Insurers. ‘Old Skool’ platforms.
• Negative Sectors: Iron ore. Lithium. Gold. Oil and gas.
• ASX 200 Hi 8808 Lo 8764 Relatively narrow range.
• Big Bank Basket: Higher at $272.55
• All-Tech Index: Up 0.9%
• Gold: Slips to $5830
• Bitcoin: Lower at US$82760
• 10-year yields: Steady at 5.25%.
• AUD: Eases to 69.93c

MARKET MOVERS

• BAP +13.6% AGM update.
• NXT +7.5% slight bounce.
• WTC +3.1% rally continues.
• BNZ +3.4% back in the driving set.
• HSN +4.1% change in substantial holding.
• LNW +2.7% Livewire write up.
• CTD +16.1% recovery continues.
• AIS -7.5% good volume.
• MFG -9.5% AGM presentation.
• CDA -8.1% profit taking.
• BTR -15.7% material growth at TMH confirmed.
• NCK -15.3% so far not so good.
• OCC -12.5% Investor presentation.
• ILA -5.9% investor presentation.
• SXE -4.1% SKS -4.3% falls continue
• GMD -3.2% VAU -3.6% quarterly activities report.
• Speculative Stock of the Day: TMB +13.8% High-grade gold at Baxters.

ECONOMIC AND OTHER NEWS

• Fortescue (FMG) has warned that China’s strongarm negotiating tactics to drive down the price of iron ore could affect its operations, while flagging that costs had risen on the back of higher diesel prices.
• Mirvac (MGR) said residential sales fell by almost one-third in the first three months of the financial year as higher borrowing costs, weaker sentiment resulting from the May federal budget changes to property taxation hit activity.
• Alinta Energy and partner OMPS have scrapped plans for its Oven Mountain pumped hydro project in NSW, citing difficult economics and transmission “challenges” that made it unviable.
• Meta ordered to pay $36bn for deceiving Facebook users in Mexico.
• Australian government agencies and businesses are scrambling to patch vulnerabilities in websites after AI tools were used to uncover critical vulnerabilities in the programming language that runs in the majority of web servers around the world
• China’s stock market sinks into bear territory as CSI 300 extends 10-week rout. The index, which tracks 300 of the largest stocks listed in Shanghai and Shenzhen, has declined for 10 consecutive weeks and is down 2.6% so far this week.
• DeepSeek has raised about 100bn yuan in its latest fundraising round, one of the country’s largest ever, to compete globally with the likes of Anthropic PBC and OpenAI.
• Copper fell with other industrial metals, as a selloff in AI-related stocks sapped risk appetite across global markets.
• Buyout firm EQT acquires German diagnostics group in €10.8bn deal.
• Meta agrees deal to keep Zuckerberg in California despite wealth tax proposal.
• James Talarico, the Democratic nominee for a Senate seat from Texas, in a reply on X to Elon Musk, said, “There is something deeply wrong with a political system that allows one trillionaire to buy his own personal U.S. Senator.”

And finally…..

I visited my sick uncle for his birthday.

I took a few gifts and a bottle of whiskey.

I hope he didn’t notice they were missing.

Never shout into a colander.

It’ll strain your voice

Clarence

XXXXX