Todays Highlights

• ASX 200 down 129 to 5552.5 as selling accelerates.Closes on lows.
• High 5676  Low 5550. Good volumes too. Technical selling.
• Banks lead markets down as OECD warns on housing and bank risk.
• ACCC talks tough on digital giants.
• IFL loses executives.
• Healthcare under pressure as broad losses.
• Buildings take housing slow down hard.
• Miners a rare positive. Energy has some strength too.
• AUD sours a little to 72.17c
• Bitcoin firms to $3526.
• Aussie Gold firms to $1731
• US futures down 200.
• Asian markets crumble with Japan down 2.19% and China down 2.32%

STOCKS IN FOCUS

• KDR +7.09% sorts out Mt Holland.
• HTA +4.17% spectrum results.
• NST +2.68% EVN +2.48% gold producers in demand.
• NEA -7.84% tech sell offs.
• APX -6.18% High PEs under pressure.
• ABC -8.60% building stocks sold off heavily.
• IFL -6.96% CEO steps aside.
• CSR -6.73% housing cycle sours again.
• AHG -10.91% home ATM running dry.
• SWM -9.92% media changes.
• RMS +12.50% exploration update.
• MYX -% change of directors interest.
• Speculative stock of the day: Resonance Health (RHT) +38.18% buyers keen after FDA clearance for FerriSmart last week.
• Biggest Risers – KDR, RRL, HTA, VGI, GOR, SFR and NST
• Biggest Fallers – AHG, SWM, ABC, PNI, EHL and NEA

TODAY

• IOOF Holdings (IFL) – 6.96% Appoints an Acting Chairman and Acting Executive Officer after Managing Director Christopher Kelaher and Chairman George Venardos last week stepped aside pending the resolution of proceedings brought by APRA. Mr Renato Mota, the current Group General Manager – Wealth Management, has been appointed Acting CEO, and Mr Allan Griffiths, a current non-executive Director, has been appointed as Acting Chairman.
• Telstra (TLS) –1.30% Secure 30-80 MHz nationwide in the 3.6 GHz spectrum auction held by the Australian Communications and Media Authority. The $386m purchase supports the companies national 5G rollout.
• More spectrum results: 5G Spectrum Auction last week: All 350 lots available in the auction were sold, realising total revenue of approximately $853m. Mobile JV Pty Limited (a joint venture arrangement between subsidiaries of TPG Telecom Limited and Vodafone Hutchison Australia Pty limited) won 131 lots for A263.3m Optus Mobile Pty Ltd won 47 lots for $185.1m. Telstra won 143 lots for $386.0m. Licences won at auction will commence in March 2020 and will extend until 13 December 2030.
• Bank of Queensland (BOQ) –3.18% And Freedom Insurance Group Limited (FIG) -11.54% announce the mutually agreed termination of the St Andrews Insurance sale and purchase agreement due to the two parties being unable to agree on an extension of timeframes and transaction conditions.

ECONOMIC NEWS

• The number of owner-occupier home loans is up 2.2% for October. Value of all home loans up 2.6%.

BOND MARKETS

• 2-Year bonds unchanged to yield 1.92%
• 5-Year yields down 1bps to yield 2.02%
• 10-Year yields down 1bps to yield 2.43%

ASIAN MARKETS

• Ghosn has been indicted.
• Goldman has said the chance of a March Fed hike is now only 50%.
• Yen strengthens on flight to safety.
• Alibaba has lifted its holding in its movie company, Alibaba Pictures, to just over 50%.
• Japan Q3 GDP fall revised lower to 2.5% down.

EUROPEAN AND US HEADLINES

• All about Brexit, the vote and Huawei in the US. CFO applies for bail on health reasons.

And finally……………………..

Teacher: “If I gave you 2 cats and another 2 cats and another 2, how many would you have?”
Johnny: “Seven.”
Teacher: “No, listen carefully… If I gave you two cats, and another two cats and another two, how many would you have?”
Johnny: “Seven.”
Teacher: “Let me put it to you differently. If I gave you two apples, and another two apples and another two, how many would you have?”
Johnny: “Six.”
Teacher: “Good. Now if I gave you two cats, and another two cats and another two, how many would you have?”
Johnny: “Seven!”
Teacher: “Johnny, where in the heck do you get seven from?!”
Johnny: “Because I’ve already got a bloody cat!”

 

Clarence

XXX