ASX 200 finishes the week down 20 to 6696. US Futures up 77 points. Early weakness in miners and healthcare weighed. Banks put in a good performance with CBA up 0.3% the standout. Commodity price falls hurt BHP down 0.6% and RIO fell 0.9%. Bond proxies were also sold off with the REITs under pressure led by GMG down 1% on the large bond move. TCL fell 1% in utilities. In corporate news, NEA fell 9.5% after initially rising on record growth numbers and OSH rose 3.5% after media reports that STO was running the slide rule over the company for its PNG exposure. Meanwhile, Asian markets were mixed as China rose % and Japan flat lined. 10-year bonds had a stellar day with yields rising 11bps to 1.44%. The AUD pushed through 70c again, as USD under pressure on Powell comments. Trading at 70.11cc.

Todays Highlights

• ASX 200 fell 20 to 6696.
• High 6717 Low 6688
• ASX down 0.8% for the week.
• Banks rally on higher rates.
• Miners fall on commodity prices.
• Healthcare under pressure due to US changes.
• Energy stocks mixed OSH up on bid rumours.
• 10-year bond yields rally 8bps
• AUD firms to 69.84c as USD falls.
• Aussie gold falls to 2016.
• Bitcoin  $11,410 despite Trumps calls on Libra regulation.
• US futures up 64.
• Asian markets were better with Japan up 0.5% and China up 0.5%.

STOCKS

• OSH +3.5% bid rumours from STO.
• CRN +4.60% coal price optimism.
• EML +1.92% broker upgrade.
• PET +6.02% and they are back.
• CUV -8.16% profit taking.
• NEA -9.49% growth disappoints.
• SBM -2.80% bullion falls.
• MYX -2.78% US drug price changes?
• ANO +12.75% ASX speeding ticket saves day.
• PNR -8.57% substantial shareholder.
• SFX +18.48% Thunderbird is go. Ore update.
• Speculative stock of the Day: No volume QFE -4.00% on its second day.
• Biggest Risers: BUB, PET, CRN, OSH, PME and SIG.
• Biggest Falls: NEA, CUV, RMS, HUB, APT and SHV.

TODAY

• Nearmap (NEA) -9.49% expect that FY19 results will show record portfolio growth, with annualised contact value of 90.2m as at June 30, 36% up on the $66.2m reported a year ago. The company expects cash flow to break even from core operations, as previously guided. The core business cash balance as June 30, 2019, was $17.8m, up 0.3m from the opening balance. Group cash balance was $75.9m.
• Charter Hall Group (CHC) –0.43% purchase Telstra HQ in Melbourne for $830m in a partnership made up of the group, the Charter Hall Prime Office Fund (CPOF) and the Public Sector Pension Investment board (PSP Investments).

ECONOMIC NEWS

• Nothing locally.

BOND MARKETS

• 2-Year bond yields up 5bps to 0.99%
• 5-Year yields up 6bps to 1.05%
• 10-Year yields up 11bps to 1.44%

ASIAN NEWS

• Gross domestic product in Singapore, the gateway to Asian trade, shrank an annualised 3.4% in the quarter from the first three months of the year. That compared with growth of 3.8% in the first quarter and forecasts for a 0.5% expansion.

EUROPEAN AND US NEWS

• Boeing said the head of its 737 program is retiring. Shy and retiring? Max still grounded.
• Amgen and Novartis have closed two studies trying to find drugs for Alzheimer’s disease.
• Trump is now taking aim at Facebook with a tweet saying its new cryptocurrency, Libra, must be regulated.

And finally….

A teenager takes a seat on a bench next to a middle aged man reading a newspaper. After a few minutes the man looks over and stares intentively on the youth’s multicolored mohawk.
The teenager looks over at the man and says “What’s the matter old man, never done anything interesting in your life?”
The man responded with “I once got drunk and had sex with a parrot, I was just wondering if you were my son.”

Earl and Bubba are quietly sitting in a boat fishing, chewing tobacco and drinking beer when suddenly Bubba says, “Think I’m gonna divorce the wife… she ain’t spoke to me in over 2 months.”

Earl spits overboard, takes a long, slow sip of beer and says, “Better think it over… women like that are hard to find.”

Read more on page: http://www.jokesoftheday.net/the-best-jokes/

Clarence

XXX