The ASX fell another 38.5 points today to 5784 after some buyers emerged at lower levels. Banks got whacked with the Big Bank Basket back down to $112.19. CBA fell 0.7%, WBC down 2.3% as fall out from money laundering in Europe weighs on banks globally. Elsewhere in financials, MQG slipped 0.9% and SUN down 3.0%. IFL continued to be pressured down 1.3%, though ASX rose 1.6%. Miners were the other source of pain with BHP down 1.8%, RIO off 2.4% and FMG sliding 2.0%. Gold miners too under pressure although the AUD gold price was hardly changed. NCM dropped 2.0% and NST down 4.6%. Energy stocks were also under the pump as oil fell on Libya re-joining the party. Tech though was firmer with APT up 2.2 % and XRO doing well up 4.4%. The All Tech Index rose 1.4% and other ‘defensives’ were also back in the spotlight, COL up 0.7% and WOW up 1.8%. REITs slipped again with SCG down another 3.6% on CV19 fears and URW unchanged for a change. In corporate news, CHN had some great results and rose 29.71%. JIN fell hard after the TAH sell down dropping 12.8%. In economic news, South Australia is ready to open its border to New South Wales from Thursday. According to the ABS, Australian Single Touch Payrolls (STP) jobs were down 0.1% between August 29 and September 5. But wages were up 1.1% over the same period. ANZ Roy Morgan Weekly Consumer Confidence index lifted 1.2% to 93.5 last week. The 10-year yield dropped back to 0.83% and the AUD at 72.17c. Asian markets flatlining with Tokyo closed again today.

Today’s Highlights

• ASX 200 down 38.5 to 5784.
• High 5809 Low 5763.
• Big Bank Basket fell slightly to $112.19
• All Tech Index up 1.44%
• 28 trading days until the US election.
• Dow Futures down 30
• Gold slips to AUD$2653
• 10-year bond yield fall to 0.83%
• AUD rises to falls to 72.17c
• Bitcoin slides to $10467
• Asian markets weaker as Japan closed with China and Hong Kong flatlining.

STOCKS

• TLS -0.35% NBN will splash $700m in business push.
• NHC -2.81% results in black despite low coal prices.
• MYR -2.13% Geoff Wilson calls for MYR board rethink.
• CHN +29.71% strong drill results.
• XRO +4.39% tech bounced back.
• ELD +2.52% agri stocks still doing well.
• JIN -12.85% TAH sells out.
• CRN -6.35% shelf registration
• DEG -6.04% gold price falls.
• CTD -5.78% FLT -4.10% QAN -1.82% WEB -6.04% travel stocks fall on second wave.
• VUK -5.04% UK lock down looms.
• RSH +4.55% Entech Electronics appointed as global partner.
• BYE -7.89% sell off continues on SM58 disappointment.
• WMX +10.53% exceptional high grade results.
• Speculative Stock of the Day:  iCandy (ICI) +29.63% on successful completion of new game trial Musketeers.
• Biggest Winners: CHN, ADH, MMM, HGH, XRO, RMC, FPH and HLS.
• Biggest Losers: JIN, CRN, GXY, CMM, DEG, WEB, WAF and CTD..

TODAY

• Northern Star Resources (NST) -4.60% Repeats FY21 guidance at Gold Forum. Production expected between 940-1,060koz at an AISC US$1,050-1,140/oz.
• Tabcorp (TAH) -1.48% Sells its 11.6% stake in Jumbo Interactive priced at 1352c/share. The proceeds will be used to pay down existing drawn bank debt facilities. To record a profit after tax on the sale of $69m. CEO comments, “there is no longer a strategic rationale for Tabcorp’s shareholding in Jumbo. As a result, we have decided to monetise this investment, with the resulting capital to be used to further strengthen the balance sheet and support the move towards our recently revised target gearing range.”
• Mineral Resources (MIN) -1.60% Repeats FY21 outlook. Expects total iron ore volumes between 18.3Mt – 20.3Mt. Notes processing volumes remain stable due to yield improvement. Contract mining and haulage, strong volume growth expected. Kemerton on track for completion late-2021, full production expected by 2022.
• Senex Energy (SXY) -1.52% Announce domestic gas sales agreement for up to 2.5 petajoules (PJ) of natural gas with Southern Oil Refining’s Northern Oil Refinery. Under the two-and-a-half-year deal, SXY will supply Northern Oil Refinery with 0.3 PJ of gas a year with an option to extend the supply of gas for a further five years at 0.35 PJ a year.
• New Hope Corp. (NHC) -2.81% Full-year NPAT $83.9m ex-items vs consensus $127.6m. Revenue $1.08bn in line with consensus. Group EBITDA from continuing operations $289.8m vs year-ago $517.1m. Loss after tax and non-regular items from continuing operations -$156.8m vs year-ago $210.4m. No final dividend.

ECONOMIC NEWS

• ANZ Roy Morgan Weekly Consumer Confidence index lifted 1.2% to 93.5 last week.

Payroll numbers

• Payroll jobs decreased by 4.5%
• Total wages decreased by 4.3%

• Deputy governor Guy Debelle has said that a lower Australian dollar would be helpful. In a speech today, Dr Debelle said the federal and state governments could raise more funds if needed, as current debt levels were manageable. “Absent the fiscal stimulus, the economy would be significantly weaker and debt levels even higher.”
• Debelle said under its central scenario, it would be more than three years before the economy neared a full employment level that would push inflation toward its target band, and as such the Reserve Bank would target a three-year bond rate of 0.25%

COVID – 19 NEWS

• Hong Kong’s four-person limit on public gatherings and other social distancing measures will be extended by a week to Oct. 1,
• Apple chief Tim Cook is impressed by his workforce working from home. He doesn’t believe that the company will “return to the way we were because we’ve found that there are some things that actually work really well virtually.”
• Argentina reported a daily record of 429 deaths from Covid-19, bringing the country’s fatalities to 13,482.
• The UK fiasco continues, too little too late, hospitality venues across England will have to close by 10 p.m. and will be limited to table service only in measures to be announced Tuesday.
• India may have a vaccine for the coronavirus ready by early 2021 but rolling it out safely across 1.3 billion people will be the country’s biggest challenge.

BONDS

ASIAN NEWS

• China has jailed the property tycoon Ren Zhiqiang for 18 years on graft charges.
• Chinese President Xi has said “no country should be allowed to do whatever it likes and be the hegemon, bully or boss of the world.” Xi is scheduled to address the United Nations General Assembly via video link later Tuesday.
• China’s Global Times says Say No to US robbery of TikTok.

EUROPEAN AND US HEADLINES

• Annual UN summit in NY. 
• European futures pointing to a firmer start.
• Battery Day today from Elon Musk and Tesla. Plenty of hype for this. Will it deliver? 
• Trump will nominate a new Judge to the Supreme Court by Friday. Amy Coney Barrett is firm favourite.
• Powell says small business may need direct fiscal support.
• Boris Johnson has issued last orders at 10pm. Let’s have your glasses gentlemen please. Time. Workers may not be welcome at work. More restrictions to come.
• Spain ready to take further action to stop second wave in Madrid.

And finally…

Jenny came skipping home from school one day.

“Mommy, Mommy,” she yelled, “we were counting today, and all the other kids could only count to four, but I counted to 10.   See? 1, 2, 3, 4, 5, 6, 7, 8, 9, 10!”

“Very good,” said her mother.

“Is it because I’m blonde?” Jenny asked.

“Yes, it’s because you’re blonde,” said the mommy.

The next day the girl came skipping home from school

“Mommy, Mommy,” she yelled, “we were saying the alphabet today, and all the other kids could only say it to D, but I said it to G.   See?   A, B, C, D, E, F, G!

“Very good, Jenny,” said her mother.

“Is it because I’m blonde, Mommy?”

“Yes, it’s because you’re blonde.”

The next day Jenny came skipping home from school.

“Mommy, Mommy,” she yelled, “we were in gym class today, and when we showered, all the other girls had flat chests, but I have these!”

And she lifted her tank top to reveal a pair of 36Cs.

“Very good,” said her embarrassed mother.

 “Is it because I’m blonde, mommy?”

“No Honey, it’s because you’re 24!”

Clarence

XXXX