The ASX 200 rose straight out of the gates up 32 points to 6718 to another 11½ year record high, although off highs. Tax cuts pass. US futures in holiday mode down 13. Banks were the stand outs today after a couple of days in the dog house with ANZ up 1.3% and CBA up 0.8%. MQG pushed up 1.2% with other financials also doing well. MPL had a good day up 3.7%. CSL bounced gaining 1.8% but miners slipped as iron ore prices cooled. BHP fell 0.55% and FMG down 2.1%. Basking in its new found ethics push, WOW put on another 0.7% and the REITs continued to find buyers. In corporate news, AOG confirmed that it was in talks with Canadian behemoth Brookfield. The stock rose 2.8%. US markets are closed tonight for the grand parade, jobs numbers loom on Friday, but plenty of traders will be heading off for the US driving season and vacation. In Asia, China is talking tough with HK and telling the UK to butt out and the Australian in North Korea has been released from detention. Asian markets mixed with Japan up 0.25% and China down 0.50%. AUD higher at 70.36c and bond yields moving slightly higher up around 1bps across the board.
- ASX 200 up 32 to 6685 as miners drive markets higher.
- High 6732 Low 6690 Quiet trade ahead of US holiday.
- Banks take up the running.
- Miners see some profit taking.
- Healthcare better as is WOW.
- Some tech profit taking but industrials generally firm.
- AUD stirs slightly up to 70.36c
- Aussie gold weaker as AUD rises $2012.
- Bitcoin steady at$11,696
- US futures down 12
- Asian markets mixed with Japan up 0.25% and China down 0.50%.
- SDA +9.88% oversold and due a bounce.
- HUB +8.74% buyers seize opportunity.
- NWL +7.61% bargain hunters.
- PLS -5.77% lithium on the nose.
- PPH -4.93% successful bookbuild.
- BVS -4.72% rethink on yesterdays rise.
- EML +4.64% BNPL back.
- FMG -2.13% WA Mining Club presentation.
- IGO +2.51% Nova operation exceeds guidance.
- OEL -11.11% Mustang exploration.
- EXL +4.90% MedVec Distribution agreement signed.
- ECX +7.08% buyers back in on broker update.
- MND +2.78% mining services should be winners of commodity prices.
- SHV +4.34% going nuts.
- AOG +2.83% confirms it is in talks with Brookfield.
- NUH – trading halt pending more details on Samsung approach.
- NAB +1.01% Mike Baird rules himself out of contention.
- M7T – ceasing to be a substantial shareholder.
- Speculative stock of the Day: Pura Vida Energy (PVD) +47.06% following reinstatement and a presentation on an onshore oil and gas project earn in.
- Biggest Risers: HUB, NWL, EML, SHV, MPL, PGL and AX1.
- Biggest Falls: PLS, VGI, PPH, BVS, LIC and APE
- Independence Group (IGO) +2.51% have reported preliminary FY19 metal production numbers. Nickel, copper and cobalt production came in above guidance at the Nova operation, while gold production fell at the lower end of the guided range at the Tropicana operation.
- Stockland (SGP) +0.92% has entered into a strategic capital partnership with Capital Property Group taking a 50% interest in Stockland’s master planned ‘Aura’ community on the Sunshine Coast. The investment has been made at around a 30% premium to book value.
- National Australia Bank (NAB) +1.01% Mike Baird has withdrawn as a candidate for the CEO position.
- Retail trade lifted 0.1% month on month in May, missing estimates of a 0.2% lift.
- This will come as some surprise but according to the Australian Consumer and Media Authority (ACMA), the broadband modems that are supplied by the ISP are NOT capable of delivering speeds anywhere close to 100Mbps. Testing of 43 modem/routers, from 11 different hardware makers and 10 ISPs found that none could achieve 100/40 Mbps broadband speeds over a 450m copper run, which is the average length of copper in an NBN connection. I could have told them that.
- BOND MARKETS
- 2-Year bond yields up 1bps to 0.93%
- 5-Year yields up 1bps to 0.99%
- 10-Year yields up 1bps to 1.29%
- The Hong Kong dollar has hit a two-year high as interbank borrowing ocsts near the highest level in a decade.
- Joe Biden’s presidential campaign raised more than $21m in the past quarter.
- Chinese billionaire Wang Zhenhua was detained by Shanghai police for ‘personal reasons’ without too much elaboration from authorities. His arrest sent shares in the real estate stocks Future Land Developmemt Holdings, of which he is the founder, falling on the news.
EUROPEAN AND US HEADLINES
- A former UK chancellor is seeking backing in his push to take over as head of the IMF. John Osborne reckons he has a chance and is pushing hard for the job.
- Deutsche Bank has come up with another cunning plan that looks like it will cost around EUR5bn to overhaul the bank. Not a great look for the economic power house that is Germany. Going to be a new bank with all the bad assets.
- Italy avoids EU slap on the wrist over the budget. More can kicking down the road. Italy will trim budget.
- Trump gets his parade. Happy 4th July.
If someone who speaks two languages is bilingual, and someone who speaks many languages is multilingual, then what do you call someone who speaks one language?
What’s the difference between the US and yogurt?
If you leave yogurt alone for 300 years, it develops a culture.
Oh and England made the semi finals..go boys!