The ASX 200 lost 5 points to 9081 for its first down day this week. No Freaky Friday drop! For the week, the index is up 1.8%. Banks leading the way again, the Big Bank Basket up to $311.23 (+0.9%). MQG fell 1.6% with other financials slipping again, ZIP eased 3.8% after an early rally. Insurers though firmed on a better set of numbers from QBE, up 7.1% and SUN up 1.8%.  REITs were slightly firmer, industrials slipped lower, ALL down 4.6%, WOW and COL slid, TLS off 0.6% and REA dropping 0.6%. Retail also fell led by JBH off 1.2% and GYG crashing 13.9% on results and US update. Healthcare eased back, CSL off 0.6% and COH continuing lower. PME dropped 2.1% and RMD fell 0.6%. Tech was once again back on the noise, WTC off 3.8% and XRO falling 3.7% with the All-Tech Index off %.

Resources were mixed, RIO fell 3.1% on results whilst BHP held firm. Gold miners were mixed with results falling, NEM down 4.9% on numbers, GMD off 3.1% on its numbers. Lithium stocks fell, PLS down 4.6% on results, and LTR off 6.4% with results from MIN failing 5.3% to help sentiment. In the oil and gas space STO dropped 0.9% and uranium stocks were ok, PDN up 5.4% on Canadian approvals.

In corporate news, ING dropped as it cut its poultry forecast. NEM off 4.9% on its results, ASB awarded a $4bn contract from the ADF and TLX jumped 14.5% as it guided higher revenues.

On the economic front, nothing today, in the US, we may get the tariff ruling and we have Core PCE.

In Asia, HK back from holidays, down 0.6% and Japan down 1.3%.

US Futures up. DJ up 62 Nasdaq up 42

HIGHLIGHTS

• Winners: TLX, C79, BRE, PWH, QBE, ASB
• Losers: HLS, ELS, MIN, NEM, SDR, 29M, ALL, PLS
• Positive Sectors: Banks. REITs. Utilities.
• Negative Sectors: Lithium. Healthcare. Retail. Tech.
• ASX 200 Hi 9082 Lo 9047. Narrow range again. Up 1.8% so far this week. Four out of five ain’t bad!
• Big Bank Basket: Rises to $311.23 (+0.9%)
• All-Tech Index: Down 1.4%
• Gold: Rises to $7104
• Bitcoin: Steady at US$67281
• 10-year yields: 4.73%
• AUD: Steady at 70.39c.
• Asian markets – Japan down 1.3% China closed and HK open again, down 0.6%.
• US Futures up. DJ up 62 Nasdaq up 42

MARKET MOVERS

• QBE +7.1% surprisingly good results.
• TLX +14.2% FY results.
• BRE +8.9% rare earths back?
• SGQ +9.5% good volume.
• FTI +26.0% strategic placement.
• ING -13.5% chickens down.
• GYG -13.9% US expansion struggles.
• MP1 -11.8% results.
• GWA -7.3% plumbs depths.
• ZIP -3.8% fails to bounce.
• PNV -8.5% results fail to inspire.
• MAF -10.5% broker research.
• EQR -8.2% profit taking.
• AQZ -16.1% crash lands.
• HCH -7.3% slipping lower
• Speculative Stock of the Day: REC +109% Acquisition of Sunset Well Gold Project in WA.

ECONOMIC AND OTHER NEWS

• Iron ore was on track for the longest streak of weekly losses since 2022, weighed by signs of a loosening market as flows improved from Australia and Chinese ports saw elevated stockpiles.
• China AI Startups surge after holiday in rotation from Big Tech.
• Japan’s manufacturing activity stayed expansionary for a third month on the back of solid output, signaling firmer corporate sentiment as Prime Minister Sanae Takaichi prepares to promote her investment plans.
• Could we get a tariff ruling tonight.
• US Options expiry set for a US$3 trillion contract value.
• PCE tonight. The headline reading is expected to show a 2.8% advance on a year-over-year basis.
• Nvidia is in discussions to invest up to $30bn in OpenAI as part of a funding round that could value the AI startup at a $730bn pre-money valuation, CNBC confirmed.
• Trump gives Iran 15 days to strike a deal or ‘bad things will happen.’.
• Private credit stocks slide after Blue Owl halts redemptions at fund.
• Singapore has once again been named the world’s most powerful passport on the Henley Passport Index. Australia is seventh. Tied with UK. Iran comes in last.
• Last Royal arrested 350 years ago. Does Pizza Express deliver to the Tower?

And finally…

Clarence

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