- ASX 200 closes down 7 at 6017
- High 6034 Low 6007.5.
- Jobs number fails to move needle.
- Banks fall into bear market as woes mount.
- TLS gets an upgrade.
- Healthcare under pressure as PRY hit.
- Miners doing better though AGO suffers.
- AUD eases to 75.63c
- Bitcoin steadies at US$6489
- AUD Gold mildly higher at $1299.
- US futures up 30.
- Asian markets lower after Fed and soft China data with Japan down 0.52% and China CSI 300 down 0.49%
Movers and Shakers
- TLS +5.07% JP Morgan upgrades.
- APA -3.90% FIRB worries.
- UPD +2.33% market update
- MLX +5.39% nickel and copper help.
- VOC +4.48% telcos receive a boost on Huawei news.
- KMD +1.33% cold snap in NSW.
- GSC 5.62-% completes placement
- BUB – Trading halt – Capital raising.
- WHA -9.68% competes capital raising.
- PRY -8.29% UBS downgrades. Sector follows.
- SPZ -25.00% UK review finds no wrong doings.
- AGO -19.01% WA government clarifies expansion.
- NTC +14.54% legal dispute settled.
- BLA -8.67% the dips are getting bigger. Not looking good.
- PDN +5.56% uranium attracting attention.
- RCR +8.93% broker upgrade.
- MWR +3.40% new bricks and mortar stores added for SpaceTalk.
- Speculative stock of the day: Droneshield (DRO) +13.89% wins a Middle Eastern order for 70 drone guns. Largest order ever worth $3.2m
- Biggest risers – CLQ, IRE, ORE, BPT, APT and MLX
- Biggest fallers – PRY, GSC, APA, CGF, COH and AUB.
- Bubs Australia (BUB) – placed in voluntary trading halt as they are conducting a capital raising for $40m through placement to institutional investors. They will issue 53,333,333m shares.
- Orica (ORI) +0.40% confirm their contracted supply of explosives to Fortescue (FMG) until December 2019, although FMG may also source some ammonium nitrate from an external party from July 2019. Orica say this will not materially change the financial outlook for FY18 and FY19 and have a small impact from FY20 onwards.
- Atlas Iron (AGO) –19.01% after the WA government said the company doesn’t have the priority right to develop valuable export infrastructure. This comes after the company climbing as much as 64% over the week since heavy investment inflow following a takeover bid by Mineral resources (MIN).
The monthly trend unemployment rate remained steady at 5.5% in May 2018, according to latest figures released by the Australian Bureau of Statistics (ABS) today. Better than expected but participation fell to 65.5% from 65.6%. Jobs numbers saw a rise of 12,000 versus a forecast of 19,000.
The seasonally adjusted unemployment rate decreased to 5.4% and the labour force participation rate decreased to 65.5%.
Full time down 20k Part time up 32k.
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment increased 12,000 to 12,518,300. Full-time employment decreased 20,600 to 8,521,400 and part-time employment increased 32,600 to 3,996,900.
- Unemployment decreased 26,800 to 714,600. The number of unemployed persons looking for full-time work decreased 11,200 to 494,300 and the number of unemployed persons only looking for part-time work decreased 15,600 to 220,300.
- Unemployment rate decreased by 0.2 pts to 5.4%.
- Participation rate decreased by 0.2 pts to 65.5%.
- Monthly hours worked in all jobs decreased 24.2 million hours (1.4%) to 1,738.8 million hours.
ASIAN MARKETS NEWS
- Under pressure ZTE has announced it will ask state banks for around US$10bn in a line of credit.
- Hong Kong raises rates by 25bps in line with Fed.
- China’s retail sales, investment growth and industrial output came in below forecasts in May, according to official figures.
- Retail sales growth also slowed sharply, increasing at an annual pace of 8.5%, the lowest level in 15 years.
- Industrial output grew by 6.8% from a year earlier, down from 7% in the 12 months to April and below the 6.9% level expected.
- Retail sales grew by 8.5% over the year, down from 9.4% in April.
EUROPE AND US MORNING HEADLINES
- ECB meeting tonight. Should be fun.
- The UK housing market remained flat in May and an upturn is not yet on the horizon.
- One Pub chain in the UK, JD Wetherspoon, has decided not to sell French champagne or German beer from July 9th in preparation for Brexit. Things just getting silly now. Labour party sees resignations on Brexit issues.
- The worlds richest plumber, Charlie Mullins from Pimlico Plumbers, has lost his high court battle over the status of contractors and holiday pay. Big implications for the gig economy.
And finally….love to hear you jokes…Clarence is very un PC so hard to offend…
A man joins a big corporate empire as a trainee. On his very first day of work, he dials the pantry and shouts into the phone, “Get me a coffee, quickly!”
The voice from the other side responded, “You fool you’ve dialed the wrong extension! Do you know who you’re talking to, dumbo?”
“No,” replied the trainee.
“It’s the CEO of the company, you fool!”
The trainee shouts back, “And do you know who YOU are talking to, you fool?!”
“No,” replied the CEO indignantly.
“Good!” replied the trainee, and puts down the phone.
While attending a Marriage Seminar dealing with communication, Tom and his wife Grace listened to the instructor, “It is essential that husbands and wives know each other’s likes and dislikes.”
He addressed the man, “Can you name your wife’s favorite flower?”
Tom leaned over, touched his wife’s arm gently and whispered, “It’s White Wings isn’t it?”
One day a brunette, a redhead and a blonde decide to go through their daughter’s purses.
So, the brunette goes through her daughter’s purse and finds cigarettes. She says, “Oh my, I’m so ashamed! My Daughter smokes.”
So, the redhead goes through her daughter’s purse and finds an empty can of beer. She says, “Oh my, I’m so ashamed! My daughter drinks.”
So, finally, it’s the blondes turn and she finds a used condom. She says, “Oh my, I’m so ashamed! My daughter has a penis.”