- ASX 200 collapses as US Cohn resigns, down 60 to 5902
- High 5957 Low 5895.
- Trade war is on? Tremors in PNG.
- GDP figure disappoints on weather issues.
- Broad based losses as US futures hit.
- Plenty of ex-divs, with BHP amongst them.
- AUD volatile on US news and GDP at 78.05c
- Bitcoin slips slightly to US$10,740
- US futures crashes 360 on Cohn.
- Asian markets steady on trade wars fears with Japan -0.62% and China CSI up 0.02%
Movers and Shakers
- CBA +0.73% broker upgrade.
- RFG +5.26% light or a train at the end of tunnel.
- MSB +4.95% US$75m non-dilutive credit facility.
- LYC +1.70% looking a little toppy.
- HLO +3.01% change of director’s interest.
- MND -6.81% ex div and broker downgrade.
- RSG +3.40% gold producers doing well.
- MLX +2.41% better copper prices.
- PTM -4.51% continuing concerns on succession.
- NCM +1.80% defensive buying of bullion.
- WHA +4.48% bouncing back.
- STO -2.57% monthly drilling report.
- VOC -3.33% enthusiasm waning.
- Speculative stock of the day: Patrys (PAB) +14.58% kicks again after very promising PAT – DX1 results in reducing brain tumour size.
- Biggest risers – BWX, MSB, AMA, YAL and RSG.
- Biggest fallers – MND, NWH, KGN, EHE and PTM.
- BlueScope Steel (BSL) -unchanged- the CEO has warned the United States government’s steel tariffs would actually hurt the broader American economy.
- Australian 4Q GDP grew by 0.4% QoQ, consensus was for 0.5% growth. 4Q GDP was up 2.4% YoY, vs consensus of +2.5%. Aussie dollar little-changed following GDP data, near US77.80c.
- Weakness in exports, mostly weather-related and a rise in import volumes, took away some of the improvement from stronger consumer spending, which was lifted by demand for Apple Inc’s iPhone X and pre-Christmas sales. Government spending was a solid contributor with state and federal governments both endorsing large infrastructure projects.
- RBA Governor Philip Lowe says businesses, investors and workers should feel confident inflation will accelerate in Australia in coming years, particularly as an investment boom gathers strength, but again warned it was still too soon to consider official interest rate hikes.
BOND MARKET UPDATE
ASIAN MARKETS NEWS
- Nothing significant today
EUROPE AND US MORNING HEADLINES
- The Trump administration is considering clamping down on Chinese investments in the US and imposing tariffs on a broad range of its imports to punish Beijing for its alleged theft of intellectual property.
- Porn queen, Stormy Daniels, is suing Trump over a non-disclosure agreement.
- NAFTA is looking like a serious
- UK accuses Russia of a poisoning attempt, threatens to stop Prince William from going to World Cup. Putin quakes.
- A last-minute agreement to sell The Weinstein Company to an investor group backed by two billionaires has collapsed after the buyers learned of previously undisclosed liabilities at the troubled film and television studio.
- This will be big news for our cannabis stocks in next few weeks. Canopy Growth is bidding for Spain’s Alcaliber, a producer of morphine and thebaine valued at EUR200m. Consolidation in the marijuana industry has increased as Canadian companies seek to gain market share domestically and abroad.
Why is it so?
Why do supermarkets make the sick walk all the way to the back of the store to get their prescriptions while healthy people can buy cigarettes at the front?
Why do people order double cheeseburgers, large fries, and a diet coke?
Why do banks leave vault doors open and then chain the pens to the counters?
Why do we leave cars worth thousands of dollars in our driveways and put our useless junk in the garage?
Why does the sun lighten our hair, but darken our skin?
Why can’t women put on mascara with their mouth closed?
Why don’t you ever see the headline ‘Psychic Wins Lottery’?
Why is ‘abbreviated’ such a long word?
Why is it that doctors and attorneys call what they do ‘practice’?
Why is lemon juice made with artificial flavoring, and dish washing liquid made with real lemons?
Why is the man who invests all your money called a broker?
Why is the time of day with the slowest traffic called rush hour?
Why isn’t there mouse-flavored cat food?
Why didn’t Noah swat those two mosquitoes?
You know that indestructible black box that is used on airplanes?
Why don’t they make the whole plane out of that stuff?
Why don’t sheep shrink when it rains?
If flying is so safe, why do they call the airport the terminal?
It is Clarence’s birthday today so he may be a little dusty tomorrow!!!