The ASX 200 closed down 55 points at 8911 (0.6%), with the banks coming under some pressure and resources also slipping. CBA dropped 0.9%, WBC dropped 1.1%, but ANZ managed a small gain, along with MQG, which was again up on the day. The Big Bank Basket dropped to $269.97 (-0.75%). The rest of the financials were not faring so well, with ASX down 2.3% and HUB also down 2.3%, while ZIP fell slightly as well.

The REIT sector also came under a little pressure again today, with GMG down 1.2% and SCG down 0.8%, while industrials were somewhat mixed as the tech sector continued to stumble lower. REA fell X0.6%, WTC dropped 3.4%, XRO lost 3.9%, and the All-Tech Index was down 0.5%. Retail eased slightly, although WES was up 0.3%, while both WOW and COL gained around 1%. Healthcare stocks were mixed, with CSL adding another 1.2%, but RMD fell hard on broker downgrades, down 3.8%.

Meanwhile, in resources, we saw BHP slipped 0.8% on the iron ore price weakening, while RIO and FMG fell further. Gold miners were selectively under pressure, although gold in both Australian dollar and US dollar terms was slightly firmer. We had EVN down 1.9% and GMD up 0.3%, making for a mixed picture across the gold sector. Lithium and rare earth stocks fell back again today. PLS was down 3.0% and LYC fell 1.6%. We also saw selling in the oil and gas sector, with WDS down 1.2%and STO down 0.4%, while coal stocks eased back.

In corporate news, CGF rallied slightly after its Fidante unit agreed to a merger with Channel Capital. SOL rose 0.8% after agreeing to sell its stake in Brickworks Property Trust to GMG. Elsewhere, EOS remained in a trading halt ahead of a material announcement involving a new defence contract.

There was nothing special on the economic front. Citi estimates ANZ job listings fell 2.9% year-on-year in May, with Australia down 4.5%.

Asian markets – China up 0.1% HK down 1.7% Japan up 1.7% Korea up 1.5%

US Futures – Dow Jones up 248, Nasdaq up 339. Oil down 2.5%

HIGHLIGHTS

• Winners: WC8, LIC, PYC, EUR, EOS, MP1
• Losers: MEI, CHN, DTR, OBM, LIN, RXL, TVN
• Positive Sectors: Supermarkets. Healthcare.
• Negative Sectors: Iron ore. Gold. Banks. Tech. REITs
• ASX 200 Hi 8984 Lo 8911
• Big Bank Basket: Lower at $269.97(-0.75%)
• All-Tech Index: Down 0.5%
• Gold: Steady at $6135
• Bitcoin: Falls to US$63710
• 10-year yields: Falls to 4.77%
• AUD: Steady at 70.36c.
• Oil down 2.5%

MARKET MOVERS

• WC8 +13.5% no reason
• LIC +9.8% trading update.
• EOS +4.8% trading halt pending order
• EUR +4.9% update on deal with CRML.
• PYC +8.2% nothing special
• CXU +33.3% passive seismic results.
• AEU +12.5% Status of Madaouela project.
• DTR -8.1% some give back.
• MEI -11.4% licencing update.
• PNR -6.7% starting to look interesting.
• Yesterday’s Hero: NOR -5.6%
• Speculative Stock of the Day: BDX +55.0% Recommended in the Biotech Basket No.2.

ECONOMIC AND OTHER NEWS

• Migration fell to 301,000 in 2025 and reached its lowest level since 2022. The slowdown comes after net overseas migration rose for the first time in two years in the year to September 2025, reaching 309,000.
• The Bank of England is expected to hold interest rates on Thursday as inflation proves less of a threat than feared and energy costs fall on hopes for an end to the conflict in the Middle East.
• Interesting that the first ships to pass through the Strait are Iranian tankers.
• JPMorgan Chase cuts off Anthropic access for its Hong Kong staff.
• Chinese universities gain ground on UK and US in global rankings.
• As many as 100m Chinese consumers are struggling to service their personal debt. Non-performing household debt soared 21% last year to a record of at least 2.22 trillion yuan, with estimates suggesting that as much as 10.6% of China’s 1.1 billion adult population were behind on debt payments at the end of 2025.
• India’s largest stock exchange, the National Stock Exchange, has filed papers for an ​IPO.
• England beat Croatia 4-2. HK strikes 2.

And finally….

I just opened my fridge and it really smells of basil…

I think it’s faulty.

I just saw Adam Ant buying an ice cream.

He asked for standard vanilla.

Clarence

XXXX