On the tapes…
- ASX 200 falls another 49 points to 5652.
- Closes on day’s lows in low volume.
- High 5703 Low 5651.
- Banks weigh from the outset. Insurers bounce.
- Miners join the selling with China on holiday.
- Energy stocks hit. Utilities and staples under pressure.
- CSL and TLS weigh.
- AUD rises to 78.60c
- US Futures down 2.
- Asian markets modestly higher Japan up 0.32% China still closed.
- CLH -2.96%
- APZ -1.38%
Movers and Shakers
- WOW -1.84% ACCC pushes back BP deal to November.
- IGO +4.11% metal price rises.
- GXY +2.41% after a response to a ASX query.
- PLG +6.91% substantial shareholding by ESR Cayman.
- QBE +2.75% bounces on broker optimism.
- CBA +0.32% Bell Potter upgrades to buy.
- ANZ -2.11% downgraded to equal weight by Morgan Stanley.
- A2M +4.99% upgraded to a buy by Goldman Sachs.
- APO -2.75% raised to a buy by UBS.
- ASL +2.86% after a presentation to a Deutsche Conference.
- MTO +14.66% buys Cassons and raises $67m.
- SUN +1.15% bucking the trend.
- RHC +0.03% also ahead on a bad day.
- AHG -2.35% expands its Newcastle operations.
- Speculative stocks of the day: Get Swift (GSW) +9.38% after announcing it has delivered 3m parcels now.
- Biggest risers – PLG, MSB, A2M. WSA, IGO and APX.
- Biggest fallers – SXL, VRL, ACX, HVN, MYR, OML and APA.
- Navitas (NVT) -2.21% Announces it will buy Christchurch College of English for NZ$5m representing 5x FY17 EBITDA. The purchase will be funded from existing finance.
- PolyNovo (PNV) -1.79% Announces it has signed up with Israeli company, AMI Medical Technologies to distribute its dermal repair product, NovoSorb™. PNV says that the Israel market holds significant promise given its willingness to adopt leading technologies.
- Galaxy Resources (GXY) +2.41% said it is in informal talks with multiple parties about supplying lithium for batteries, but denied media reports of an agreement with Panasonic.
- The CBA manufacturing PMI survey edged up to 53.8 in September from 53.5 in August. The CBA services PMI survey fell to 53.2 points from 54.2 points in August.
- Key findings:
- September survey data revealed a further slowdown in Australian service sector business activity growth, with the pace of expansion the weakest seen since the series began in May 2016.
- However, growth in new orders picked up since August, which supported the strongest increase in employment in 2017 to date.
- Meanwhile, input prices continued to increase sharply, despite the rate of inflation weakening for the second month in a row.
- New Zealand house prices grew at their slowest pace in five years in September. Quotable Value’s residential property price index rose 4.3% in the year to September, the slowest rise since August 2012, after gaining 4.8% the previous month.
- China may be closed but stocks in Hong Kong touched two-year highs after China cut its reserve ratio requirement.
- The economies of developing countries in East Asia and the Pacific will see softer growth in 2018 amid a gradual slowdown in China’s economy, according to a new World Bank forecast.
- Japan’s services sector expanded at the slowest pace in almost a year in September down to 51 from 51.6.
EUROPE AND US MORNING HEADLINES
- The reign in Spain continues with the King laying down the law on Catalan’s independence. Catalan says it will declare independence in days. Will they remain part of Europe?
- If you think Greece leaving the EU would leave a hole. What kind of hole would Catalan leave. Worth thinking about.
- Car sales in the US will get a huge boost as 500k vehicles will need to be replaced in the next 18 months.
- Theresa May tells Tories to ‘shape up’ and do your duty whilst Boris pitches for her job.
- So who is going to run the Fed. Here are the prices. Settlement is 100.
and on a lighter note…
Have a great night