- ASX 200 down 18 to 6248.
- High 6277 Low 6240. Modest volume.
- Inflation is dead. Not pining for the fjords.
- RBA on hold ‘forever’.
- By Election Saturday beckons.
- Banks slip with healthcare and staples.
- Resources back in the spotlight.
- AUD slips to 74.08c on CPI.
- Bitcoin booming to US$8407
- Aussie Gold steady at $1656
- US futures down 23
- Asian markets mixed with Japan up1.36% and China down 0.42%.
Movers and Shakers
- PNI +10.23% returns to a round of applause following cap raise.
- MYX +2.81% positive broker reports.
- CSR +2.68% looks at selling Viridian. Transparent process.
- CIM +4.68% broker update.
- LOV +3.64% broker upgrades.
- CRD +10.98% annoying.
- COE +4.65% small oils doing well.
- KGN -11.13% the hits keep on coming.
- GXL -6.47% still a dog.
- UPD -3.59% fifth vertical announced. Conference Friday.
- TWE -2.79% profit-taking ion stronger dollar.
- DMP -1.97% never going to make forecasts.
- BAL -2.36% rally peters out.
- OZL +2.96% copper back in favour.
- TLS -1.09% S&P Global ratings cautions on NBN.
- RBL +2.63% market update.
- Speculative stock of the day: Gage Roads Brewing (GRB) +18.18% Quarterly progress report. Insiders insight this week.
- Biggest risers – PNI, CIM, COE, NCZ, NRW and IGO
- Biggest fallers – KGN, CVN, ASB, GXL, TGR and NUF
- Iron Mountain (INM) +0.04% Has declared a cash dividend of US58.75c to be paid on October 2nd, 2018.
- Unibail-Rodamco-Westfield (URW) –0.27% Has sold its Capital 8 office building in the Paris CBD for EUR789m. The transaction is part of URW’s EUR3bn asset rotation and is expected to be complete in the last quarter of 2018.
- CSR Limited (CSR) +2.68% In response to queries, CSR is reviewing the potential sale of its Viridian glass business. They have received interest from external parties, but no decision has been made yet. Viridian remains on track to increase earnings this year.
- Incitec Pivot (IPL) –1.61% Extends its contract with Alliance Aviation (AQZ) for flight services into Phosphate Hill until 2021.
- Wattle Health (WHA) +8.13% Granted approval for general trade of its 1kg retail bag of Milk Powder in China. WHA will be exhibiting products to over 88,000 trade buyers at the Shanghai International Children Baby and Maternity Products Industry Expo from the 25th to 27th of July and is hoping the additional product range will increase brand awareness and sales in China.
- Pinnacle Investment (PNI) +10.23% Successfully completes $60.0m institutional placement of 10.9m new shares to fund the acquisition of a 35% stake in Metrics Credit Partners and a 40% stake in Omega Global Investors, as well as future growth initiatives.
- Medical Developments International (MVP) –19.49% Approval for the sale of MVP’s Penthrox product has been delayed by the Food & Drug Administration (FDA) pending a letter outlining outstanding issues and concerns. The letter is expected within two months.
- Altura Mining (AJM) – Transitions from developer to miner, producing the first batch of lithium concentrate at its Altura Lithium mine, 16 months after breaking ground. Initial testing showed the product grade exceeds the industry benchmark. Production is to be ramped up in the coming months as the commissioning process nears completion. First shipments expected next month.
- S&P Global says NBN network is the last resort. Write-downs to come.
Inflation gone the way of the Norweigan Blue. Misses forecasts. Finally, ABS joins the 21st Century with good graphics.
CPI records modest growth in June quarter 2018
- The top AUD forecaster, CIMB in Singapore, is warning the AUD is heading lower. Genius. Speculative bets rise to highest since 2016.
ASIAN MARKET NEWS
- Chinese rally peters out. Stimulus wearing off already.
EUROPEAN AND US HEADLINES
- FTSE expected to open 13 points lower DAX down 38 and CAC down 8.
- Trump talking to Juncker tonight. Go Twitter. To tweet or not to tweet that is the question.
- Trump caught on tape discussing Storm damage.
- 247. That is how many days to go until UK lurches of the EU. May takes charge. Fills markets with confidence.
- US pledges US$12bn to its farmers as a help against tariffs. Couldn’t make this stuff up.
- The UK oks first fracking project with Cuadrilla given green light.AJ Lucas (AJL) owns 47%.
- Facebook has quietly set up a subsidiary in China, as it attempts once again to penetrate the country following its 2009 ban.
What’s better than Ted Danson? Ted singing and Danson!
What did the the drummer call his twin daughters? Anna one, Anna two!
What’s the difference between a well dressed man on a unicycle and a poorly dressed man on a bike? Attire!