The ASX 200 opened firm, slipped then rallied off lows as US futures stayed positive. We closed down only 4 points to 9022. Banks made a comeback, NAB up 1.0% with WBC up 1.5% and the Big Bank Basket up to $309.01 (0.3%). Financials elsewhere were smacked down on private equity fears, AI concerns and bears playing havoc post results. MQG dropped 3.6% on PE concerns, RPL rallied hard on better results, up 4.8% and NGI came under extreme pressure down 5.4%. MAF continued lower. ZIP fell another 6.4%. Insurers also fell, QBE off 1.6%. REITs too under pressure, GMG down 2.6% and SCG falling 1.1%. Industrials were mixed, WES down 1.8% and REA off 3.9% with tech under extreme pressure again, WTC fell 3.7% and XRO down 4.6% with the All-Tech Index down another 3.1%. Retail under pressure too, SUL off 2.5% and PMV falling 1.9%.

Resources were generally firm. BHP hit record highs, up 1.4% with RIO slipping 1.1% on some broker downgrades, FMG up 1.1%. Golds firmed then slid slightly as bullion prices came off the boil, NST up 1.6% and EVN up 0.8%. Lithium stocks went nuts, PLS up 8.0% and LTR rising 8.7%. Oil and gas stocks rose, WDS results cheered, STO up 0.4% and uranium stocks mixed.

In corporate news, MND pushed 5.9% higher on better than expected results, WDS managed a small rise after 24% drop in profits. NEC rallied 0.5% on numbers, VEA rose 8.1% after a stronger number. ARB had a shocker, falling 13.1% after a 17% drop in profits. KLS had a good day, up 7.8%, after announcing the sale of its tourism business.

On the economic front, Australian consumer confidence rose 3.1 points last week to 80.2.

Asian markets came back online with Japan up 0.9%. China up 1.3% and HK falling 1.9%

US Futures slightly firmer. S&P500 up 22.

HIGHLIGHTS

• Winners: DTR, MI6, SGQ, NXL, CXO, LTR, PLS
• Losers: SRL, ARB, ASB, SDR, NAN, PFP, 4DX, DTL
• Positive Sectors:  Lithium. Oil and gas. Banks. Supermarkets.
• Negative Sectors: Financials. REITs. Tech.
• ASX 200 Hi 9055 Lo 8987.
• Big Bank Basket: Rises to $309.01 (+0.3%)
• All-Tech Index: Down 3.1%
• Gold: Rises to $7322
• Bitcoin: Falls to US$62969
• 10-year yields: 4.69%
• AUD: Steady at 70.59c.
• Asian markets – Japan up 0.9%. China up 1.3% and HK falling 1.9%
• US Futures up. DJ up 100, Nasdaq up 123

MARKET MOVERS

• MND +5.9% good results and guidance.
• MI6 +12.3% rally continues on funding deal.
• CXO +9.5% lithium rally.
• DTR +13.1% gold rally.
• SGQ +11.1% rally kicks again.
• LTR +8.7% lithium rally.
• CVW +16.8% good results.
• KGN +10.1% kicks for another day.
• SRL -26.8% pause in trading. Feasibility study update.
• ASB -12.5% broker downgrades.
• ARB -13.1% results underwhelm.
• PFP -9.6% results underwhelm.
• NAN -9.9% results.
• MP1 -7.3% broker commentary.
• HPG -11.3% results underwhelm.
• QOR -6.8% tech sell off.
• SPL -5.2% sold down.
• PLY -9.1% results.
• Speculative Stock of the Day: ERE +72.2% standout drilling results.

ECONOMIC AND OTHER NEWS

• Australian consumer confidence rose 3.1 points last week to 80.2, despite the four-week moving average falling 1 point to 78.7, the lowest since December 2023. All subindices improved, led by expectations for the next 12 months, with short-term economic confidence up 5.8 points and medium-term confidence rising 4.1 points.
• Household sentiment on finances strengthened, with current conditions up 1.5 points and future conditions up 2.5 points, while the time to buy a major household item rose 1.8 points.
• Shayne Elliott, former CEO of ANZ has dropped his court case against the bank relating to withheld bonuses. No payments or commitments were made to Elliott.
• Euro still vetoing sanctions against Russia. 4 years today since Putin invaded Ukraine.
• FedEx sues Trump administration for tariff refunds.
• Anthropic accuses Chinese AI labs of ‘distillation attacks’ on its models.
• State of the Union Address to come!

And finally…..

I just found out my countertops are slate. I’ve been taking them for granite this whole time.

Clarence

XXXX