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.

STOCK STUFF

Ex-Dividend

• 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.

TODAY

• 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.

ECONOMIC NEWS

• 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.

BOND MARKET

ASIAN MARKETS

• 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 finally….

 

and on a lighter note…

Have a great night

Clarence

XXXX