The ASX 200 took a dive today driven down 106 pts to 8844 (-1.2%) as the healthcare sector cratered following a massive downgrade and fall from COH. CSL followed COH down around 5.7% with RMD and 4DX also feeling very unloved. Banks were also sold down heavily with CBA off 2.5% and the Big Bank Basket falling to $291.07 (-2.4%). MQG saw profit taking after near record highs, and other financials slid too. HUB dropped 2.0% and AMP off 2.0%. Retail stocks were also weaker, WES resumed the downtrend off another 0.9% and NCK sofa down 3.6%.  Travel stocks eased back as CTD revealed a massive refund due to the UK government. Still not trading. Tech stocks held up, the damage has already been done with COL and WOW better again. In resources, a good quarterly from BHP saw the stock rise 1.2% and lithium stocks held, S32 up 2.0% after its quarterly, as oil and gas stocks drifted lower, WDS down 1.4%. Gold miners eased, but still some patches of green, VAU up 3.0% and OBM doing well following quarterly. EVN fell 2.9%.

In corporate news, COH’s downgrade fell on deaf ears dropping 40.7%, GDG tumbled 22% on its update and TWE was popping corks as it updated China sales and jumped 16.5%. BOQ disappointed again on headline earnings. BHP looks like it has settled its dispute in China on pricing.

In economic news, nothing locally. Oil easing slightly in Asia.

Asian markets saw modest gains – Japan down 0.6%, HK down 1.4% and China up 0.3%. 10-year yields rises to 4.96%

US Futures ease, Nasdaq up 177, Dow up 237. Europe is opening mixed. UK CPI in focus.

HIGHLIGHTS

• Winners: TWE, KCN, NHC, PDI, DVP, ALD
• Losers: COH, GDG, EQR, BOQ, MAF, JDO
• Positive Sectors: Iron ore. Supermarkets. Lithium.
• Negative Sectors: Banks. Healthcare. Retail. Gold miners.
• ASX 200 Hi 8903 Lo 8839
• Big Bank Basket: Falls to $291.07 (-2.4%)
• All-Tech Index: Eases 0.6%.
• Gold: Eases to $6650
• Bitcoin: Better at US$78095
• 10-year yields: Falls to 4.90%
• AUD: drifts to 71.68c.

MARKET MOVERS

• TWE +16.,5% trading update pleases.
• ILU +3.5% quarterly review.
• SKS +2.8% bounces back.
• LRV +3.0% gold and antimony.
• ALD +3.8% Trading update and update on fuel supply arrangements.
• MEI +11.8% bounces on placement news.
• IVZ +15.5% post placement bounce.
• COH -40.7% big earnings downgrade.
• ART +9.7% results.
• GDG -22.6% FUA update.
• EQR -10.0% change of director’s interest.
• BOQ -9.1% results and CGF partnership.
• DTR -3.6% pushes lower again.
• 3DA -9.0% investor briefing.
• Yesterday’s Hero: SLM +46.3% up again today on corporate presentation.
• Speculative Stock of the Day: Nothing today. SLM kicks again.74% yesterday.

ECONOMIC AND OTHER NEWS

• Ceasefire indefinitely. Iranian leadership seriously fractured.
• UK CPI higher than anticipated at 3.3% YoY.
• Japan’s exports rose for a seventh straight month, data showed on Wednesday, boosted by solid global demand and rising prices and for now defying any major impact from disruptions caused by the conflict in the Middle East.
• Total exports by value rose 11.7% year-on-year in March, data showed, more than a median market forecast for an 11% increase.
• Lufthansa will scrub 20,000 uneconomic short-haul flights from its European summer schedule to save on jet fuel.
• Should a war break out between China and the U.S. in the Pacific, “what you are seeing in the Strait of Hormuz will be a dry run,” Singapore Foreign Minister Vivian Balakrishnan said Wednesday.
• Trump trade chief urges US allies to pay more for critical minerals
• Elite law firm Sullivan & Cromwell admits to AI ‘hallucinations’.
• ECB has ‘luxury’ to wait on interest rate rises, says top policymaker.
• War disruption forces world’s biggest condom maker to raise prices by up to 30%.

And finally….

Clarence

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