The ASX 200 dropped 56 points today to close at 8,723 (0.6%), with the banks suffering steep losses. CBA dropped 2.4%, and ANZ fell 2.5%, with the Big Bank Basket declining to $266.89 (-2.3%). Other financials were mixed, with MQG falling 1.2%, although HUB had a good day, rising 5.4%. REITs were again a little on the nose as distributions and higher bond yields continued to weigh on the sector. SCG fell 0.3%, and CHC dropped 2.7%. Industrials painted another mixed picture, with ALL falling 2.1%. Retail was also mixed, with JBH down 2.8% and WOW falling 1.8%. COL was hit hard following reports it was interested in acquiring the Green Cross veterinary business. TLS fell 1.0%.

Healthcare was again mixed, with CSL continuing to add to recent gains, rising 3.2%, while RMD fell 1.6%. In technology, XRO dropped 2.8%, while WTC fell 0.4%. The All-Tech Index slipping 1.0%, helped by another strong performance from CPU, which gained 1.0%.

In resources, a mixed picture as S32 sold its aluminium business to AAI, jumping 9.7%. BHP up 0.9% and FMG managing a 0.5% gain. Gold miners continue to push lower, NST down 0.8% and NEM falling 1.9%. Lithium stocks improved, PLS up 1.8% and LTR roaring 2.4% ahead. Oil and gas flat, uranium stocks slightly better, PDN up 6.8%.

In corporate news, IPX jumped 5.9% after it secured up to $US6.6m from the US DoD to expand domestic production. ORI rose 1.6% after it agreed to proceed with its Hunter Valley Hydrogen Hub in NSW, with construction scheduled to begin in 2026 and first production targeted for early 2029. ASX reached an agreement with the corporate regulator and the Reserve Bank to reset its risk review program. WDS has assumed the role of operator of the Gippsland Basin oil and gas venture from 50% partner ExxonMobil. PPT jumped 16.8% before a trading halt as EQT look to have made a NBIO.

On the economic front, building approvals.

Nikkei 225 up 0.8%, Kospi down1.2% HK closed and Shanghai unchanged. US futures drifting DJ down 163, Nasdaq down 81.

HIGHLIGHTS

• Winners: PPT, MFG, LGF, S32, FRS, SLX, NWL
• Losers: OCL, 4DX, TEA, WGN, RDX, AAI, CBO, SRL
• Positive Sectors: Lithium. Base metals.
• Negative Sectors: Banks. Tech. Financials. Supermarkets. Industrials. Gold.
• ASX 200 Hi 8796 Lo 8711
• Big Bank Basket: Smacked to $266.89 (-2.3%)
• All-Tech Index: Down 1%.
• Gold: Lower at $5765
• Bitcoin: Steady at US$59096
• 10-year yields: Higher at 4.78%
• AUD: Pushes to 68.95c
• Oil down 1.2%

MARKET MOVERS

• PPT +16.8% trading halt – Takeover approach.
• MFG +12.0% good move higher/
• S32 +9.7% sells assets to AAI
• LGF -11.6% NTA
• PDN +6.8% ceasing to be substantial shareholder.
• FRS +8.2% Acquisition of Edna May and cap raise.
• 3DA +18.0% Production contract from BPMI.
• PGC +22.2% change of director’s interest.
• OCL -34.5% loses US contract
• 4DX -10.8% cleansing notice.
• SRL -7.0% volatile as usual.
• AAI -7.2% S32 deal.
• MAET -15.2% Ex-distribution.
• SLS -10.1% Change in substantial holding.
• TEA -9.4% profit taking.
• Speculative Stock of the Day: IMU +21.7% new complete response in drug trial.

ECONOMIC AND OTHER NEWS

• Building approvals fell 1.1% in May to 17,019, marking the third consecutive monthly decline, according to the Australian Bureau of Statistics.

• The fall in total dwellings approved was driven by a 10.4% decline in private dwellings excluding houses, coming after a 4% April rise. Private sector dwellings excluding houses fell 10.4% to 6034 dwellings. The May result is 8.6% lower in year-on-year terms.
• Perpetual (PPT) has confirmed it has been approached by an unnamed party about a potential change of control transaction.
• Seven Group(SGH) has warned that the federal government’s draft Domestic Gas Reservation Scheme could undermine the domestic gas market rather than improve it.
• Aluminium fell to the lowest since mid-February as a strengthening US dollar continued to pressure commodities.
• President Donald Trump reported earning at least $1.4 billion in 2025 from crypto and meme coin-related businesses, according to his latest annual financial disclosure.
• The US government removed foreign access restrictions on Anthropic PBC’s Fable 5 artificial intelligence model, clearing it for wider distribution.
• Europe’s rearmament drive is sustaining 195,000 US defence jobs, Nato chief says.
• Planes leaving half full in EU border chaos, says industry.
• Iran says it is selling oil at 20% premium as end of U.S. blockade sees 40 million barrels exported.
• Companies are rapidly changing their minds that artificial intelligence can “do it all” by rehiring employees to propel their businesses forward.

And finally….

I see the World Cup is now the same as my mobile phone.

Hans free.

I saw a German mate of mine today…made sure not to mention the VAR

Clarence

XXXX