The ASX 200 fell 34 points to 8583 (0.4%) as US futures stabilised and oil failed to kick despite weekend moves against Kharg Island. Banks held firm with CBA up 1.0% ahead of RBA. The Big Bank Basket rose to $300.96 (0.6%). Other financials also found some buyers with SOL up 1.1% and insurers slightly better. REITs were firm with GMG the exception as tech stocks remain as unloved as Khomeini. Industrials were mixed, WES recovered another 1.0% with TLS firming 1% and supermarkets stronger. Tech selling saw WTC down another 2.0% with XRO off 1.9% and the All-Tech Index down 1.3%. Retail drifted lower, JBH down 0.6% and PMV falling 1.3% with NCK falling another 0.5%.

In resources, the stronger USD and commodity price falls brought out the sellers. Gold hovered around $5000 with miners under pressure, NST falling % on broker downgrades, RRL ditched 8.3% with NEM off 4.2%. Lithium stocks eased too despite higher underlying prices, PLS down 2.7% and MIN fell 4.8%. Copper stocks and rare earths also down. LYC bucked the trend on a new deal with the US DoW. BHP, RIO and FMG all under pressure as the iron ore price flip flopped to losses in Asian trade. Oil and gas stocks firmed, WDS up 1.9% and STO 2.1% better.

In corporate news, S32 put its Mozambique aluminium smelter on care and maintenance. PPT sold its wealth business to Bain Capital for $500m. ORI settled long running litigation and KMD dumped 10.5% on news of another review of strategic funding options.

Nothing locally on the economic front, Chinese data better than expected as Trump talks a possible postponement of summit, unless China does not do its bit to get oil flowing. Day Two of Trade talks in Paris.

10-year yields steady at 4.98%.

Asian market weaker on oil prices, Japan down 0.3%, HK up 1.1% and China down 0.6%. Oil steady in Asian trade.

US Futures: Dow up 183 Nasdaq up 135

HIGHLIGHTS

• Winners: DTR, RWC, RXR, KAR, AMP, CGF, DGT, PPC
• Losers: IPX, CHN, DYL, NMG, SVM, SLX, SBM
• Positive Sectors: Banks. Oil and gas. Supermarkets.
• Negative Sectors: Gold miners. Iron ore. Lithium. Tech.
• ASX 200 Hi 8618 Lo 8563  
• Big Bank Basket: Rises to $300.96 (+0.6%)
• All-Tech Index: Down 1.3%
• Gold: Eases to $7145
• Bitcoin: Higher at US$73814
• 10-year yields: Steady at 4.98%
• AUD: Falls to 70.12c.
• Dow up 183 Nasdaq up 135

MARKET MOVERS

• RWC +6.9% buyback news.
• DTR +9.6% pushing higher again.
• KAR +4.6% oil exposure.
• LIC +3.0% continuation rally.
• SPL +13.4% good bounce.
• CNB +12.1% streets ahead with PFS at Greater Duchess.
• TTX +22.4% precision medicine franchise launch.
• IPX -22.2% sell off continues.
• SLX -10.1% ceasing to be substantial shareholder.
• NMG -11.1% gold sector under pressure.
• EOS -8.7% dumped after run.
• FRS -8.5% completes acquisition. Profit taking continues.
• STN -13.8% falls hard on presentation.
• Speculative Stock of the Day: IMM +35.6% after a shocking day Friday on drug trials, a good bounce today. Long way back though!

ECONOMIC AND OTHER NEWS

• Trump warns Nato faces ‘very bad future’ if allies fail to help US in Iran.
• POTUS signals possible delays to China summit.
• Central bank focus.

• Trump is pushing the UK, among others, to provide escorts to ships attempting to transit the Strait of Hormuz.
• China’s economy rebounds ahead of Iran crisis. Retail sales for the first two months of the year rose 2.8% from a year earlier. Industrial output climbed 6.3%, also exceeding expectations for a 5% jump.
• Chinese Urban unemployment rate edged up to 5.3% in the first two months this year.
• Ukraine peace talks fizzle out as Trump’s focus shifts to Iran.
• Trump puts Japan’s Takaichi under pressure with call to send warships.
• Dubai International Airport temporarily suspends flights after a drone incident caused a fuel tank to catch fire.

And finally…,.

I injured myself while measuring radio frequencies. Still Hertz.

Clarence

XXXXX