ASX 200 rallies another 16 points to another all-time high of 6862. 6900 looked doable before some profit taking and closing sell off. Plenty of stocks hitting all–time highs too although struggling to hold those levels. Volumes to start the month were light. US futures up 84 points on record breaking Black Friday sales. Banks were the star today with WBC off the front page and rallying 0.3%, followed by ANZ up 0.6% and CBA up 0.7%. MQG rose 0.1% to an all-time high as REITs also back in demand, SCG up 0.5%. Healthcare continues to be the place to be as CSL moves higher again up by another 0.9% with $3000 firmly in its sights. Miners too rallied despite falls in commodities BHP rose 0.2% and FMG kicked to a new high and rose 3%. Staples were again in the green with COL up 0.5% WES up 0.1% and WOW unchanged pretty much after early gains evaporated. Not much action on the corporate front today as AGM season winds down, in economic news, the market cheered the latest CoreLogic house price data showing on track for record prices in Sydney and Melbourne by March next year. The 10-year bond yield rose to 1.08% and Asian markets were firmer on better Chinese PMI data. Japan up 1% and China up 0.5%
- ASX 200 up 16 points to 6862.Big closing fade. RBA tomorrow.
- High 6890 Low 6841.Low volume though.
- Banks rebound as housing shows best gain for a long while.
- CSL gets another upgrade.
- Miners in demand on trade hopes.
- REITs and bond proxies better ahead of RBA.
- 10-year bond yields rally to 1.08%.
- AUD steady at 67.71c
- Aussie gold steady at $2154
- Bitcoin eases to US$7356
- Asian markets better to start the month with Japan up 1.1% and China up 0.5%=
- OPT +15.75% equity raising presentation.
- AYS +10.26% acquisition and takeover rumours.
- VUK +4.78% broker target price raised.
- IMF +9.71% investment judgement
- CUV -4.38% CEO letter.
- JIN -4.14% no jackpot today.
- PET -3.91% sell off continues.
- EVS +10.00% global licence signed.
- SPL +4.53% on a run.
- SZL +5.00% new funding facility.
- PPK -13.67% rally runs out of juice.
- Z1P -4.08% completes placement.
- NCM -2.80% Havieron exploration update.
- NWH +3.02% broker upgrade.
- CCP +0.60% all time high.
- NAB +0.04% Ross McEwan starts work.
- Speculative stock of the day: Nothing special today on any volume. Creso Pharma (CPH) -29.27% slumped on a placement and business update.
- Biggest Risers: OPT, IMF, SHV, BWX, SLR and VUK.
- Biggest Falls: PPK, VGL, CUV, MYX, JIN, Z1P and PET.
- Woolworths (WOW) +0.03% have been notified of class action proceedings relating to 5,700 employees who have been underpaid and affected by non-compliance with the General Retail Industry Award. The retailer is committed to fully remediate all affected salaried team members, though will fully defend the class action as they believe the proceedings are without merit. A report in the SMH this morning estimates the underpayment as high as $620m.
- Amaysim (AYS) +10.26% announce the $7.8m acquisition of mobile virtual network operator Jeenee. The acquisition will not impact FY20 earnings, but is projected to provide FY21 earnings upside.
- ERM Power (EPW) – will be officially removed from the ASX at close of trading today after the implementation of the scheme of arrangement with Shell Energy.
- Building approvals for October fell to -8.1% from a revised 7.2% in September and below forecasts for a -1% figure.
- That took the yearly figure to -23.6%, worse than the -18% economists had been forecasting.
- Dwelling approvals fell in the Northern Territory (11.1%), New South Wales (4.6%), Queensland (1.4%), and Western Australia (1.0%). Tasmania (4.5%), South Australia (3.1%), Australian Capital Territory (3.1%), and Victoria (1.3%) recorded increases, in trend terms.
- Company operating profits for the third quarter declined from 4.5% to -0.8%, below forecasts of a 1% rise.
Current prices estimates -The seasonally adjusted estimate for company gross operating profits fell 0.8% in the September quarter 2019.
- The seasonally adjusted estimate for wages and salaries rose 1.0% in the September quarter 2019.
- Local Black Friday sales hit records. Kogan said sales were up 80% on last year. Amazon Australia said Friday was the best shopping day since it started here. National Australia Bank predicted $2.9bn would be spent by consumers over the weekend. Has it just brought forward buying patterns and Xmas will see a drop off? We shall see. Retailers happy for now though.
- Hong Kong is expected to record its first budget deficit since 2004 with the economy sustaining damage equivalent to 2% of output growth. Retail sales data for October due later Monday are expected to show sales declined by almost 23% in October amid a collapse in visitors’ numbers from mainland China.
- China factory activity: Faster than expected growth in November. Beijing wants US to lift tariffs.
- Caixin/Markit manufacturing Purchasing Managers’ Index for November comes in at 51.8. The index was expected to have fallen to 51.4 in November from 51.7 in October, according to economists polled by Reuters.
- China’s official PMI was 50.2 in November at its highest level since March, China’s National Bureau of Statistics said on Saturday.
- China is embracing facial recognition as new phone contracts can only be opened after facial recognition technology is deployed.
- India’s economy slows to a six-year low.
EUROPEAN AND US NEWS
- Trump heads to Europe for the NATO meeting. Expect some interesting comments as usual.
- Record breaking Black Friday followed by Cyber Monday and Toasty Tuesday and Wonder Wednesday. Apparently watch out for ‘grinch bots’ that steal ID information.
- Issue of terrorism and prison sentences dominates UK election following attack on London Bridge. Corbyn looks like he is closing the gap. Slight worry.
- Donald Trump has declined to join the impeachment hearing circus.
The doctor said, ‘Joe, the good news is I can cure your headaches. The bad news is that it will require castration.
You have a very rare condition, which causes your testicles to press on your spine and the pressure creates one hell of a headache. The only way to relieve the pressure is to remove the testicles.’
Joe was shocked and depressed. He wondered if he had anything to live for. He had no choice but to go under the knife.
When he left the hospital, he was without a headache for the first time in 20 years, but he felt like he was missing an important part of himself.
As he walked down the street, he realized that he felt like a different person.
He could make a new beginning and live a new life.
He saw a men’s clothing store and thought, ‘That’s what I need… A new suit.’
He entered the shop and told the salesman, ‘I’d like a new suit.’
The elderly tailor eyed him briefly and said, ‘Let’s see… size 44 long.’
Joe laughed, ‘That’s right, how did you know?’
‘Been in the business 60 years!’ the tailor said..
Joe tried on the suit it fit perfectly.
As Joe admired himself in the mirror, the salesman asked,’How about a new shirt?’
Joe thought for a moment and then said, ‘Sure.’
The salesman eyed Joe and said, ‘Let’s see, 34 sleeves and 16-1/2 neck.’
Joe was surprised, ‘That’s right, how did you know?’
‘Been in the business 60 years.’
Joe tried on the shirt and it fit perfectly.
Joe walked comfortably around the shop and the salesman asked, ‘How about some new underwear?’
Joe thought for a moment and said, ‘Sure.’
The salesman said, ‘Let’s see… size 36.
Joe laughed, ‘Ah ha! I got you! I’ve worn a size 34 since I was 18 years old.’
The salesman shook his head, ‘You can’t wear a size 34. A size 34 would press your testicles up against the base of your spine and give you one hell of a headache.’
And this gem
Three ex-pats are drinking in a NY city bar.
“As good as this is,” said the Scotsman, “I still prefer the pubs back home. In Glasgow, there’s a bar called McTavish’s. The landlord there goes out of his way with the locals. When you buy four drinks he will buy the fifth.”
“Well Angus,” said the Englishman. “At my local pub in London, The Red Lion, the barman will buy your third drink after you buy the first two.”
“Ahhh, dat’s nothin’,” said the Irishman. “Back home in my favorite pub, the moment you step foot in the place, they’ll buy you a drink, then another. In fact all the drinks you like. Then, when you’ve had enough to drink, they’ll take you upstairs and see dat you get laid, all on the house.”
The Englishman and Scotsman were suspicious of the claim. “Did this actually happen to you?” they asked.
“Not meself personally, no,” admitted the Irishamn, “but it did happen to my sister quite a few times.”