The ASX 200 fell 73 points to 9,115 (0.8%) as the banking sector slid and resources took a breather. We saw CBA fall 1.1% and WBC down 0.9%, whilst ANZ had a better day following its results earlier this week. The Big Bank Basket fell to $282.50 (0.9%). Other financials were also under pressure, with ASX down 3.7%, while the insurance sector weakened, with QBE off 1.6% after disappointing results. Industrials were also easier, with TLS falling 1.2% and TCL down 4.1% The healthcare sector was a little mixed, with CSL slipping 0.7%. Tech stocks, however, caught a bid today, with XRO up 5.5%, WTC gaining 5.6% and TNE doing well, up 3.2% CAR also rallied 5.5%.

It was the resources sector that generally sucked the life out of the market today, with BHP falling 3.3% RIO down3.1% and the gold sector under pressure as the spot bullion price fell. NST dropped 2.3% while EVN was down 3.4%. We did see lithium stocks hold up relatively well, with LTR up 3.7% and MIN drifting slightly higher. Uranium stocks fell, while oil and gas stocks were relatively steady.

In corporate news, QBE dropped 1.6% on its results, while BBN surged 5.8% after posting better-than-anticipated profits. IPG also had a good day, beating forecasts and rising 13.1%. On the economic front, there was nothing of note locally.

US retail sales are due tonight and will be the key economic focus.

Asian markets were mixed, with Japan up 0.5%, Hong Kong down 1.0%, China down 0.2%, and Korea up 3.7%. US futures were narrowly mixed, with the Dow up 20 points and the Nasdaq down 11.

HIGHLIGHTS

• Winners: IPG, SEK, WC8, TUA, XYZ, ASB, WTC, XRO
• Losers: TVN, SKG, MSB, 4DX, DVP, CU6, SRL
• Positive Sectors: Tech. ‘Old Skool’ Platforms.
• Negative Sectors: Banks. Iron ore. Gold Miners. REITs. Industrials.
• ASX 200 Hi 9138 Lo 9091 Down 1.6% this week
• Big Bank Basket: Falls to $282.50 (-0.9%)
• All-Tech Index: Up 2.0%
• Gold: Lower at $6124
• Bitcoin: Slips to US$63286
• 10-year yields: Steady at 5.01%
• AUD: Steady at 70.66c

MARKET MOVERS

• IPG +13.1% good results.
• SEK +9.1% end of week bounce.
• WTC +5.6% tech bounce.
• AXQ +5.5% tech bounce.
• DTR +33.3% book squaring.
• BBN +5.8% results.
• TVN -12.1% resource sell down.
• MSB -7.1% risk off.
• 4DX -6.9% profit taking.
• WBT -5.1% profit taking.
• SKG -8.3% investor presentation and results.
• Yesterday’s Hero: AUZ unchanged.
• Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

• US Retail sales tonight. Another shoe to drop.
• Anglo American Plc has struck a yearlong supply deal with China’s state-backed iron ore buyer, joining BHP Group Ltd. among miners that have finalized an agreement with the group.
• The U.S. will be applying economic measures “that have never been seen on Iran,” according to Treasury Secretary Scott Bessent.
• Nigel Farage wins Clacton. 22k votes against 9k for Count Binface. 43% turnout.
• Trump imposes 100% tariffs on some drones.
• President Donald Trump ordered the Navy to return to using steam catapults to launch planes off of aircraft carriers. The decision will likely cost hundreds of millions of dollars given that the future aircraft carriers will require major redesign to include steam catapults.
• OpenAI and Anthropic in price war as Chinese AI rivals gain ground.
• AI frenzy drives Chinese tech valuations to multiples of US peers.
• JD.com shares slide 10% after first revenue decline since listing.
• South Korea’s comeback continues. An official bull market. Up 20% since July lows.

And finally….

My dad was a conjoined twin. We referred to him as my uncle on my father’s side. Don’t worry, they were surgically separated so now he’s my uncle once removed.

Clarence

XXXXX