Is this the way trade wars get out of hand….the Chicago Way?

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Today’s Headlines

  • ASX 200 slips 32 points to 6177 on trade fears and thin volume.
  • High 6214 Low 6174.
  • Banks reverse all engines.
  • Resources suffer but gold stocks shine.
  • CSL stumbles at the final hurdle.
  • TLS +% defensive buying.
  • AUD firmer at 74.06c on retail trade
  • Bitcoin eases to US$6467
  • Aussie Gold $1700.
  • US futures up 42
  • Asian markets slip with Japan down 0.13% and China CSI 300 down another 0.70%. Trade war fears building.

STOCK STUFF

Movers and Shakers

  • APT +4.98% momentum buying.
  • RSG +4.60% gold shares flying
  • ILU +4.29% rebounds from sell off.
  • DMP +1.68% World Cup buoys pizza sales.
  • PTM -8.86% broker downgrades
  • MFG -6.41% follows PTM down.
  • KGN -4.79% tech sell off.
  • AX1 -3.36% profit taking.
  • PLS +2.82% lithium conference presentation.
  • ATS +3.41% punters return.
  • REA -2.37% broker downgrade
  • AMP -3.00% Shaw downgrades to a 300c price target.
  • EBO +1.60% broker upgrades following Chemist Warehouse deal.
  • BYE -13.04% production update.
  • BLA -6.80% media attention worsens.
  • PVS +3.02% Insiders write up.
  • MMM +% finally finds some buying.
  • Speculative stock of the day: Anson Resources (ASN) +66.67% further encouraging results from Cane Creek with its evaporation concentration increasing 900ppm. Huge volume.
  • Biggest risers – APT, FSF, RSG, ILU, SBM and NHC
  • Biggest fallers – PTM, GMA, MFG, ASL and BAL

TODAY

  • Class (CL1) –11.65% Quarterly update. Total accounts growth of 3% to 169,413 which has gradually declined over the financial year and total customer growth of 4% to 1,367.
  • Gentrack (GTK) – announced a fully underwritten entitlement offer to raise NZ$90m. The recent NZ$44.2m acquisition of Evolve took GTK’s debt to NZ$90m which is what the new funds will pay off. The Chairman of Gentrack intends to subscribe to NZ$2.5m worth of shares.
  • Newcrest Mining (NCM) +0.94% has signed a binding agreement with Prodigy Gold (PRX) to pay $12m and acquire a 75% interest in the ‘Euro Project’. The agreement will allow the expansion of the Euro Project in the Northern Territory, with exploration next to the Trans-Tanami Trend, a previously unexplored area, to commence in Q3 2018.
  • Retail brokers allocated $600m of Viva Energy (VEA) equates to around 25% of the IPO. Looks to be covered at least once.

ECONOMIC NEWS

  • According to the Australian Bureau of Statistics (ABS), sales rose by 0.4% to $26.67 billion after seasonal adjustments, topping forecasts for an increase of 0.3%.
  • April’s increase, originally reported at 0.4%, was also revised higher to show a gain of 0.5%.

  • There was also a strong result in clothing, footwear and personal accessories, which rose 2.2%.
  • Spending on food and household goods also increased, lifting 0.3% and 0.1% respectively, offsetting a decline of 1.0% in spending at cafes, restaurants and takeaway food outlets.
  • As forecast the Australian balance of trade pared back some of the previous months loses, increasing the surplus by $83m to $1,056m in May in trend terms. In seasonally adjusted terms it was an increase of $355m to $827m.

BOND MARKETS

ASIAN MARKET NEWS

China services growth accelerates to 4-month high.

  • Najib Razak, former PM of Malaysia, was charged with three counts of criminal breach of trust. Authorities found so much cash in searchs that it took 22 counting machines, three days to count the notes.
  • Growth in Japan’s service sector picked up again in June with an uptick in new business

EUROPEAN AND US HEADLINES

  • US markets closed for Independence Day.
  • No bigger except England win a penalty shoot-out. It’s Coming Home.

  • Citi found that traded volumes could fall by as much as 50% during World Cup games, while the cost of executing trades increases sharply. Highly “distracting” to those working in the fixed-income markets apparently.

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And finally………….

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Clarence

XXX

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