Friday 6th February – ASX 200 drops 180 – 1.8% for the week – Nowhere to run – Banks hold up better – WEB hit – EOS halted by a grizzly!

06 Friday Feb 2026

Posted by in Daily Reports

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The ASX 200 fell 180points today to 8691 (2.0%). Biggest loss since Liberation Day! Across the board losses and no rally in sight this afternoon. Is this the climax of the selling? No where to run, no where to hide, Materials fell hard led by BHP down 3.1% as copper came under pressure in Asia, RIO held up on news the Glencore deal is off, FMG dipped 1.2%. Gold miners fell, although it could have been worse, NST down 1.7% and NEM off only 4.9% with uranium stocks falling hard too on AI trade impacts, LOT dropped 27.8% as it raised money, PDN fell 10.9% and oil and gas stocks fell, WDS down 1.6% and WHC down 4.1%. BPT continued to fall after the results yesterday. Lithium and other base metal stocks also fell, LYC down 3.2% and PLS off 1.2%.

Banks were holding up for a while, before gravity took over WBC down 1.2% and NAB down 1.6%.  The Big Bank Basket fell only 0.8% to $278.71.MQG dropped 2.2% and other financials under pressure, HUB off 6.1% and ZIP down 3.3%. Insurers eased and REITs dropped big time, GMG down 6.1% and SCG off 2.5%. Healthcare fell in a hole, CSL down 0.4% and COH falling 3.3% with RMD a bright spot. Retail on sale, JBH down 3.2% and WES off 1.3% with tech wrecked again, WTC down 4.7% and TNE off 5.0%. XRO trying to find a base. Escaping today. NXT dipped 3.9% and EOS down 16.2% and suspended on a research report from Grizzly.

In corporate news, RIO and Glencore are now just friends. REA dived 7.8% on its results on lower listings, NWS dipped 5.4% too on results, TWE ditched 8.0% after a UBS report,  and WEB crashed 29.5% on a Spanish audit. HMC did a strategic deal with KKR and still fell 2.7%. The ASX Tech sector is on track for a 13% fall this week! Down 4.4% again today.

Asian markets mixed, Japan up 0.8%, China up 0.2%, and HK down 1.3%

US Futures down, Nasdaq down 185, Dow down 136

10-year yields eases to 4.82%

HIGHLIGHTS

  • Winners: BXB, MGH, PPM, RMD, PXA
  • Losers: WEB, LOT, APX, EOS, MEI, SRL, MI6, DYL, AIS
  • Positive Sectors:  Nothing
  • Negative Sectors: Everything
  • ASX 200 Hi 8806 Lo 8683 Down 1.8% for the week.
  • Big Bank Basket: Slips to $278.71 (0.8%)
  • All-Tech Index: Down another 4.4%
  • Gold: Steady at $6984
  • Bitcoin: Falls to US$65677
  • AUD: Falls at 69.49c.
  • Asian markets eased Japan up 0.4%, China unchanged, and HK down 1.1%
  • European markets set for losses.
  • US futures down with Dow off 125 and Nasdaq down 209.

MARKET MOVERS

  • RMD +1.2% breathing easy.
  • BXB +3.5% safety on pallets.
  • PPM +1.7% no sneeze here.
  • MGH +2.2% bounce is in.
  • WEB -29.5% Hola Spanish Audit.
  • LOT -27.8% cap raise and uranium sell off.
  • EOS -16.3% attacked by a Grizzly.
  • SRL -13.2% volatility continues.
  • PDN -10.9% uranium sell-off.
  • FLT -10.3% travel sector woes.
  • MKR -19.4% sold down hard.
  • TWE -8.0% UBS downgrade.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • US asks its citizens to leave Iran now ahead of talks in Oman.
  • The South Korean index pared losses and was last down 2%; the small-cap Kosdaq was down 2.48%.
  • A Bank of Japan board member highlighted the need for further increases to the benchmark interest rate in order to complete the process of normalising policy settings.
  • India is reportedly ‘ready’ to buy up to US$80bn in Boeing aircraft following trade deal with U.S.
  • Indian central banks keep rates on hold.
  • Japanese elections this weekend.
  • Big Tech’s ‘breathtaking’ $660bn spending spree reignites AI bubble fears.
  • US government to fund Maga-aligned think-tanks and charities in Europe.
  • Trump rows back his criticism of UK’s Chagos Islands deal.

And finally….

I could never get good WiFi on my farm..so I moved the router to the barn and now I get a stable connection.

Clarence

XXXXX

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