The ASX 200 finally made up its mind after oscillating between positive and negative territory and closed down 29 points at 8,787 (-0.3%). Resource stocks were back on the nose as the gold price slipped lower in Asian trade, with NST down 2.7%, EVN down 2.5%, and NEM down 2.1%. BHP eased slightly, along with RIO, while lithium stocks once again came under pressure, with PLS down 1.1% and MIN off 2.5%. Most resource stocks finished lower on the day. Uranium stocks also came under pressure, along with oil and gas names, with WDS down 0.4% and VEA falling 2.4% on news of issues with its refining capacity.

The other sector struggling today was technology, which simply can’t seem to catch a break. After a small bounce yesterday, WTC once again succumbed to selling pressure and fell 4.4%, while XRO continued its recent decline, falling 5.3%. TNE also had a shocking session, down 7.1%. Data centre stocks were weaker following the sell-off in the US, with NXT down 1.7% and MP1 coming back to earth by 5.1% Industrials were mixed, although we did see some defensive buying in TLS and the supermarket stocks. The banks were firm and helped limit the market’s losses. CBA rose 0.5%, ANZ was one of the best performers, up 1.4%, and the Big Bank Basket closed at $273.76 (+0.8%).

Retail stocks drifted lower, as did healthcare, although CSL slipped back into negative territory. Retail names eased as bond yields pushed slightly higher. Fast-food stocks were also weaker, with CKF down 5.4% and DMP falling 5.2%.

In corporate news, WTC remained in focus after the company said Richard White was not aware of any investigation by the AFP. RWC fell 3.0% after announcing it would close its brass casting operations in Victoria. There was nothing on the economic front today.

Nikkei 225 down 1.8% South Korea down 4%, HK down 1.5% and Shanghai down 1.8%.

US Futures – Dow Jones down 300, Nasdaq down 630

European futures showing a 1% loss.

HIGHLIGHTS

• Winners: TPW, NGI, RG1, UNI, LIC, BCI, TLX
• Losers: ASL, DTR, ILU, A4N, EQR, TCG, TNE
• Positive Sectors: Banks. Supermarkets.
• Negative Sectors: Gold. Lithium. Uranium. Tech. Retail.
• ASX 200 Hi 8850 Lo 8778
• Big Bank Basket: Higher at $273.76 (+0.8%)
• All-Tech Index: Down 2.8%
• Gold: Slips to $5914
• Bitcoin: Falls to US$63307
• 10-year yields: Falls to 4.78%
• AUD: Falls to 69.64c
• Oil down 1.3%

MARKET MOVERS

• TPW +4.8% change in substantial holding
• NGI +4.1% broker upgrade.
• RG1 +3.3% buyback update.
• INR +7.1% LOI for progress Rhyolite Ridge.
• AD8 +9.0% another good day.
• ASL -13.3% silver price
• DTR -11.4% sell off continues.
• ILU -10.8% first rare earth offtake agreement.
• EOS -5.0% defence stocks sold off.
• Yesterday’s Hero NOR +26.7% kicks again.
• Speculative Stock of the Day:  Nothing new on any volume.

ECONOMIC AND OTHER NEWS

• ‘Summer Davos’ kicks off in Beijing today.
• 10 years to the day since the Brexit referendum. Turned out well!
• 7 UK PMs in ten years. Andy Burnham sworn in. Talks about ‘Manchesterism’!
• KPMG Australia’s chair and senior partners to depart in wake of audit scandal.
• The Taiwanese market has rallied over 100% in the past year, with teenagers opening brokerage accounts and trading volumes crashing firms’ websites, fueled by money borrowed at rock-bottom interest rates.

• South Koreans pour AI stock windfalls into overheated property market.
• Korean stocks fell on Tuesday, with the benchmark Kospi sliding 9% as heavyweight chipmakers led losses.
• Global M&A deal value on track to reach US$4 trillion this year.
• U.S. President claimed ABC “failed to report that their close ‘friends,’ Dumocrats Obama and Biden, spent over US$100m on the Reflecting Pool, and it never worked.” Trump said he was preparing lawsuits against the broadcaster for “false reporting.”

And finally….

Clarence

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