Today’s Headlines

  • ASX 200 closes down 21.5 to 5990
  • High 6008 Low 5972.
  • Narrow trading range. Down 0.7% from 6033 for the week.
  • Banks suffer a thousand cuts as ANZ in dock.
  • Miners hold but energy sags.
  • Consumer stocks weaken too despite Amazon moves.
  • AUD a tad weaker at 75.43c
  • Bitcoin steady at US$7491
  • AUD Gold steady at $1298.
  • US futures up 23.
  • Asian markets mixed with Japan up 0.07% and China CSI 300 down 0.89%

STOCK STUFF

Movers and Shakers

  • DMP +6.46% short squeeze continues.
  • ISU +32.00% takeover approaches.
  • JMS +7.14% Manganese prices.
  • WTC +1.84% cream rises.
  • BAL -4.69% profit taking.
  • MSB -4.25% weaker in US.
  • WSA +3.85% nickel price rise in China.
  • RIO -0.57% completes sale of Winchester South for $200m
  • S32 +1.88% metal price rises.
  • A2M -3.22% SM1 -3.16% farmgate price rise.
  • MND -4.34% broker downgrade
  • DNA +23.53% freeze on Thai investor sales.
  • MOC +1.63% positive momentum.
  • REA +2.40% completes Hometrack acquisition.
  • TLS -0.71% Penned in and heading down again.
  • CMP -8.33% rethink after rise yesterday
  • Speculative stock of the day: Livetiles (LVT) +16.05% following a announcement that the company had seen a strong adoption of the LiveTile Bots, leading to annualised recurring revenue of $800,000.
  • Biggest risers – YAL, JMS. DMP, MYX, WSA and COH
  • Biggest fallers –SDA, SIG, BAL, IRI, MND and MSB.

TODAY

  • ANZ (ANZ) -1.51% The Commonwealth Director of Public Prosecutions (CDPP) are commencing proceedings against the bank for alleged cartel conduct by the joint managers of ANZ’s 80.8m share placement in August 2015.
  • Synlait (SM1) –3.16% Increased base milk prices for 2017/2018 season by 15c to $6.65 KgMS bringing the total price forecast to $6.78 KgMS. They also released the 2018/2019 milk price forecast of $7.00 KgMS driven by firm milk fat prices
  • iSelect (ISU) +32.00% has confirmed that it had received a number of unsolicited approaches from both listed and unlisted parties in relation to mergers and change of control transactions, involving iSelect. Its major rival http://www.comparethemarkets seems to have a 12% shareholding through an entity known as IHA.

ECONOMIC NEWS

  • Sydney house prices fell another 0.2% in May, with year to date prices down 4.1%. House prices in Melbourne also fell 0.5%, with year to date price growth subdued at 2.2%.

BOND MARKETS

ASIAN NEWS

  • Controversial Chinese telco supplier ZTE, has been culled from the MSCI inclusions.
  • The AiG manufacturing purchasing index fell from 58.3 to 57.5. The CBA manufacturing index followed suit falling from 55.5 to 53.2.
  • China’s Caixin manufacturing PMI for May was unchanged at 51.1 which beat expectations of a fall to 51.0. Output and domestic production grew, offsetting export declines.

  • Samsonite shares jumped as much as 15.2%in morning trading in Hong Kong after the company’s chief executive has resigned in the wake of a critical report from a short seller, Glaucus Mark II.
  • Japanese PMI fell to a 7-month low in May.

EUROPE AND US MORNING HEADLINES

  • England’s Football strip costs GBP160 yet is made by workers in Bangladesh, earning 21p an hour. Not sure England will last that long to make it worthwhile.
  • Media reports in the UK suggest 31,000 jobs are under threat as the US trade war heats up.
  • Deutsche Bank’s US business put on a list of problem banks in America..
  • Spanish no-confidence vote today. Rajoy under pressure.

And finally…………………

Two friends took a chance and headed to their local golf course on a beautiful summer’s day without a tee time. When they arrived at the pro shop the manager had some news.

“I’m sorry, guys,” he said. “We don’t have any open tee times available today.”

“Wait a minute,” one of the guys said, testing his luck. “What if Arnold Palmer and Jack Nicklaus showed up? I’m sure you would be able to find a starting time for them.”

“Of course we would, sir,” the man behind the desk said.

“Well, I happen to know they’re not coming,” the golfer said. “So, we’ll take their time.”

Clarence

XXX

 

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