ASX 200 tumbled another 147 points to 6493 as the sell-off continues. US Futures up by 56 points. US NFP Jobs number the key Friday. Banks led the market lower as ScoMo called them profiteers from not passing on the rate cut in full. CBA down 2.9% and NAB down 3.5%. Concerns growing that the ongoing remediation costs will be ongoing. Miners were buried today with BHP down 3.2% and FMG down 3.2%. Gold miners were the only shining light as bullion moved higher, NST up 3.5% and NCM up 2.75%. In corporate news, WBA caught the attention of the Canadian and they lobbed a 200c cash bid rising 52.3%. MSB fell 6.8% after raising $75m at 200c. 10-year yields fell another 4bps to 0.92%. In economic news the trade balance came in at a surplus of $5.93bn. The Aussie dollar remains becalmed just above 67c at 67.16c. In Asia, China remains closed and Korea too with Japan down 2.06%.

Todays Highlights

  • ASX 200 down 147 to 6493
  • High 6615 Low 6475. Good volume today. No sign of a rally.
  • Wide-spread losses with banks especially hit hard.
  • Gold stocks shine. Miners buried.
  • Consumer stocks on sale.
  • AUD steady at 67.17c
  • 10-year yields 0.93%
  • Aussie gold higher at $2230
  • Bitcoin rallies hard to US$8345
  • US futures up.
  • China closed and Japan down 2.0%. Hong Kong remains a serious issue as the economy collapses and Singapore picks up the slack.

STOCKS

  • AMA +10.54% completes placement and acquisition.
  • RMS+5.29% SAR +4.07% NST +3.54% all that glistens today is gold.
  • WBA +52.76% market goes nuts for takeover.
  • MSB -6.78% placement weighs.
  • EOS -5.36% profit taking.
  • MYX -4.76% gives back some of Tuesdays gains.
  • PDL -4.70% market falls spoil the party.
  • CAT -5.56% change in substantial holding.
  • BRU +1.92% Miani 1 well spuds.
  • PET -3.44% directors sell down.
  • TLS -3.41% Christian von Reventlow is leaving his job at TLS. Not even a year.Heading back to Germany.
  • Speculative stock of the day: 4DS +16.18% after progress has been made on its imec memory megabit platform. Whatever that means it is good news.
  • Biggest Risers: AMA, RMS, RFF, SAR, BWX, NST and 360.
  • Biggest Falls: MSB, OPT, NEA, EOS, ASB, SWM and OML.

TODAY

  • Cleanaway Waste Management (CWY) +0.26% enter into a JV with Macquarie Capital’s Green Investment Group to develop energy from waste project in Western Sydney.
  • Phoslock Environmental (PET) –3.44% the company’s Chinese directors have agreed to sell around 7.5m shares (valued at around $10.1m) to accommodate “an approach by a well-respected Australian institutional investor looking to purchase a meaningful stake in PET”. Following the sale, PET board and management still own over 25% of the fully issued stock.
  • Webster (WBA) +52.76% PSP BidCo, a wholly-owned subsidiary of the Public Sector Pension Investment board, has entered into Scheme implementation agreement to acquire Webster at 200c/share in cash. Webster Directors will unanimously recommend shareholders vote in favour of the schemes, which are expected to be implemented in Q120.
  • ASX (ASX) –1.36% report September activity. The average number of daily trades rose 30% on last year, with the average daily value up to $5.39bn from $4.62bn a year ago. Total capital raised fell to $5.41bn from $8.11bn a year ago. Volatility fell to 0.3% from 0.8% in August.

ECONOMIC NEWS

  • The AIG Australian Performance of Services Index edged up to 51.5 in September, from 51.4 in August.
  • New car sales are down again for the 18th consecutive month. Another 6.9% drop as it just becomes too hard to borrow the money to buy a car.
  • Trade surplus narrowed to $5.93bn in August, from a marginally revised $7.25bn in July, missing market estimates of a surplus of $6bn.
  • Exports fall 3.4% to $40.98bn in August. Imports fell 0.4%, practically unchanged on the month at $35.06bn.

BOND MARKET

  • 2 – year bond yields fall 2bps to 0.62%
  • 3 – year bond yields fall 2bps to 0.62%
  • 10 – year bond yields fall 4bps to 0.92%

ASIAN NEWS

  • Anheuser-Busch InBev said  it had sold an additional $750m in shares after raising $5bn in its Hong Kong IPO.
  • The HK man shot by police has now been charged with rioting. Tough school there. Calls grow for curfew and face mask ban.

EUROPEAN AND US NEWS

  • US wins the WTO US$7.5bn price and is about to slap tariffs on French wine and Irish Whisky. The Finnish PM is still trying to get his head around what happened yesterday. Come meet the President they said. It will be a great photo op they said. Didn’t work out that well. Awkward.
  • French cheese escapes from tariffs Airbus could have been worse but Swiss and Italian cheese on the tariff list. Switzerland isnt even part of the EU and still gets hot with a tariff.
  • US airline stocks not happy as they have 40% of the Airbus orders which will now cost much more. Not that easy just to switch to Boeing. Building planes is a little different to building cars.
  • All eyes on Brussels after Boris outlines his cunning plan.Does his stand up routine in Manchester.
  • Germany closed today. Weakness across the rest of the Euro trash. Gold picking up above US$1500.
  • US Insurer pulls pin on the Adani rail risk.

And finally……………

Someone stole my antidepressants. Whoever they are, I hope they’re happy

To be or not to be a horse rider, that is Equestrian

I’ve got an Cranbrook-themed advent calendar, where all the doors are opened for me by my dad’s contacts”

Clarence

XXXX

mt_tryforfree

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