Financials were generally somewhat easier, with ASX falling 2.8% and NWL down 1.3%. The REITs were also weaker, with GMG falling 0.8% and SCG down 1.8%, while industrials generally slipped lower. CPU fell 4.5% following a lack of broker upgrades, while BXB was down 1.4%. SGH also drifted on some broker negativity.
Retail stocks slipped following an update from PMV, which announced the closure of some UK stores. It fell 11.0%. Both WOW and COL fell 0.9%. Meanwhile, in the technology sector, we saw some profit-taking in WTC, XRO and TNE, with the All-Tech Index falling 1.0%.
Resources were mixed as the three iron ore majors gave back some ground, although we did see gains in the lithium sector, with PLS up 4.3% and MIN doing well, rising 2.1%. Gold miners were also in favour as the bullion price pushed higher, with NST up 0.7% and NEM gaining 0.9% Oil and gas stocks eased back despite Brent crude heading towards US$90, while uranium stocks pushed slightly higher, led by PDN, up 1.3%
In corporate news, CBA results were a slight beat, with the outlook appearing to stabilise. The stock fell 0.7%. SEK announced write downs and fell 14.3%. AGL beat forecasts and rose 6.0%. ASX fell following news of class actions, while GQG reported FUM, with money continuing to leak out. PMV fell after a trading update and UK store closures.
On the economic front, nothing locally. US CPI tonight.
Asian markets were mixed, with Japan up 0.8, Hong Kong down 1.2%, China up 0.4%, and Korea up 3.7%. US futures were mixed, with the Dow up 29 points and the Nasdaq up 77. European markets in holiday mode.
HIGHLIGHTS
- Winners: BVS, CDA, AAI, SGR, TVN, EOS, WC8
- Losers: DTR, SEK, PMV, AXQ, TPW, SUL
- Positive Sectors: Insurance. Gold miners. Lithium. Utilities.
- Negative Sectors: Banks. Tech. Iron ore.
- ASX 200 Hi 9229 Lo 9186 – Narrow range – CPI the focus.
- Big Bank Basket: Falls to $285.41 (-0.7%)
- All-Tech Index: Down 1.0%
- Gold: Higher at $6214
- Bitcoin: Slips to US$63771
- 10-year yields: Steady at 5.02%
- AUD: Steady at 70.57c
- Oil close to $90 in Brent. European futures flat.
MARKET MOVERS
- PLS +4.3% LTR +5.5% lithium bounce.
- BVS +12.5% good results.
- CDA +9.3% reaffirms guidance.
- EOS +7.4% rally continues.
- FPR +5.9% another bid.
- MTM +32.4% Geraniums and PGM expand commercial pipeline.
- AVH +7.0% continues higher.
- DTR -31.2% Colosseum issues.
- SEK -14.3% write downs.
- PMV -11.0% Pyjama game comes undone.
- AXQ -8.1% sell-off continues.
- CPU -4.5% broker downgrades.
- LKE -8.8% profit taking.
- Yesterday’s Hero: C79 +2.9%
- Speculative Stock of the Day: AUZ +40.7% Webinar yesterday.
ECONOMIC AND OTHER NEWS
- Treasurer Jim Chalmers says he expects property prices to grow over the next couple of years, sticking by official Treasury forecasts. Dreaming!
- ANZ on Tuesday said it expected national house prices to fall 4.3% in 2026 and 3.4% in 2027, driven by a 14.5% fall in house prices in Sydney and a 12.8% decline in Melbourne.
- US CPI tonight at 10.30pm.
- Oil back above $90. US fires missiles at cargo ship. Houthis launch an attack too. Six dead.
- China-linked hackers hit Taiwan in unprecedented ‘autonomous’ AI cyber attack.
- Panama Canal fees hit record high as El Niño and Iran war choke shipping.
- Poorer Americans are struggling to make ‘ends meet’, top Fed official says.
- China tightens grip on Europe’s car supply chain.
- CME to begin trading futures on compute costs.
And finally…..
I bought a pair of shoes with memory foam insoles: No more forgetting why I walked into the kitchen.
Clarence
XXXX
Beeks Downunder-Because not all financial news is boring! 