Today’s Headlines

• ASX 200 gathers after tentative start, closes up 16 at 5919.
• Narrow range High 5928 Low 5907. Low volume.
• Citi sees the ASX at 6250 by mid-2018.
• Banks shrug off early losses. CBA -% remains negative REITs struggle.
• Energy in demand, healthcare positive too.
• TLS suffering still. VOC rallies.
• AUD rises to 76.76c
• US futures down 24.
• Asian markets mixed with Japan up 0.08% and China CSI down 0.30%.

STOCK STUFF

Movers and Shakers

• AJM +14.52% quarterly report, placement and offtake agreement
• RMD +3.00% broker upgrades.
• FXJ +2.37% Chris Gayle wins defamation case
• CHC +1.76% broker upgrade on performance fees.
• VOC +5.43% brokers warming.
• WES +0.31% buyers step back in.
• WBC +0.60% set to fight BBSW allegations.
• VTG -5.26% broker downgrade.
• BIG +2.77% JV with Australian News Channel.
• CAT +4.00% brokers turning positive.
• MQG +0.95% cuts mortgage rates in move to win share from big four.
• NAB +0.61% settle BBSW with ASIC.
• SIG -4.88% Astra Zeneca changes distribution channel.
• MYR -3.16% Lew ramps up pressure ahead on D-Day
• Speculative stocks of the day: Titomic (TTT)+20.00% gathering new friends after tech conference.
• Biggest risers – AJM, VOC, CLQ, BKL, ASB and STO.
• Biggest fallers – LYC, GXL, SUL, SIG and SYR.

TODAY

• National Bank (NAB) +0.61% This morning NAB settled with ASIC over allegations of breaches in the course of trading in BBSW. NAB will pay a $10m penalty and donate $20m to a financial consumer protection fund nominated by ASIC. NAB also admitted that they did not meet their usual ‘high standards’. NAB also gets to shout ASIC the $20m for costs.
• IMF Bentham (IMF) +1.77% Announced today it will fund a lawsuit against the Australian Defence Force in relation to water contamination. The class action relates to alleged drinking water supply contamination in Katherine, where the ADF runs its Tindal air force base, and caused by its use of firefighting foam at the base.
• Pilbara Minerals (PLS) +3.21% The company has completed a landmark equity subscription and offtake agreement with Great Wall Motors. The offstake agreement is for stage 2 of the Pilgangoora lithium-tantalum project in WA. Great Wall has complete3d a $28m placement to enable completion of the stage 1 of the development. The offtake agreement is for 75k tpa of chemical grade spodumeme concentrate. GW also has an opportunity to secure a further 75k tpa of stage 2 offtake.

ECONOMIC NEWS

• A new tracker of business spending by economists at JPMorgan Chase & Co. underpins confidence in a global pick up. It points to capex growth running at a pace of around 8%.

BOND MARKET

ASIAN MARKETS

• China’s 10-year bond yields jump 4bps to 3.89% the highest in three years
• Shares in Daewoo Shipbuilding & Marine Engineering shed close to two thirds of their value on Monday as the world’s second-largest shipbuilder traded for the first time in 15 months.
• Japanese economic data:

 

EUROPE AND US MORNING HEADLINES

• S&P and Fitch have left their ratings on the UK unchanged.
• S&P has nudged up Italy’s rating one notch, citing the country’s firming economic recovery on the back of rising private-sector investment and employment.
• Today, an annual electricity bill for one of Britain’s top 10 highest energy users stands at around GBP120m a year, but within a few years this will rise to GBP170m.

• Global butter prices have almost tripled to 7,000 euros a ton from 2,500 euros in 2016, according to Agritel a Paris-based farming consultancy. One reason for the butter crisis was the milk glut in 2016 after the end of milk production quotas meant that companies did not invest. A drought in NZ and the US stopped exporting as strong local demand. , New Zealand, the world’s largest dairy producer, exported 11% less butter between January and August than it did the year before.

 

And finally…………..

Three guys were playing golf with the club pro. The first guy tees off and hits a dribbler about 60 yards. He turns to the pro and says, “What did I do wrong?”

The pro says simply, “Loft.”

The next guy tees off and hits a duck hook into the woods. He asks the pro, “What did I do wrong?”

Again, the pro says, “Loft.”

The third guy tees off and hits a slice into a pond. He asks the pro, “What did I do wrong?”

Once more, the pro says, “Loft.”

As they’re walking to their balls, the first guy finally speaks up.

He says to the pro, “The three of us hit completely different tee shots, and when we asked you what we did wrong, you answered the same exact answer each time. What is loft?”

The pro says, “It’s an acronym. L-O-F-T. Lack of f***ing talent.”

A wise person once said:

1. We all love to spend money buying new clothes but we never realize that the best moments in life are enjoyed without clothes.

2. Having a cold drink on hot day with a few friends is nice, but having a hot friend on a cold night after a few drinks – PRICELESS.

3.. Arguing over a girl’s bust size is like choosing between Fosters, Carlsberg or Carling.
Men may state their preferences, but will grab whatever is available.

AND

4. I haven’t verified this on Snopes or Google but it sounds legit.  A recent study found that women who carry a little extra weight live longer than the men who mention it.

 

Clarence

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