The ASX 200 pushed 61 points higher to 7443 (+0.8%). A solid day of gains as both banks and miners did well. Banks were pushed higher as once again bond yields rose with the short end soaring with 2 years up 11bps to 0.68%. Remember the RBA official rate is 0.1% and no increase as far as the eye can see, officially. The Big Bank Basket rose to $188.94 with NAB up 0.7% and CBA up 0.9% leading the way. MQG rallied 1.4% and insurers were slightly weaker with QBE unchanged and SUN down 0.7 %. Industrials were solid across the board, WOW up 0.7%, WES up 0.7% and TLS up 0.5%. REITS were firm and tech stocks rallied with APT up 2.0% and the All–Tech Index up 1.6%. Miners were a good place to be today, a rally in iron ore as debt holders sighed with relief as Nevergrande scrapped together around US$148m to pay the recent interest bill. RIO rallied 3.4% and FMG kicked again up 1.9%. Base metal stocks also did well IGO up 4.8% and lithium stocks in the green, PLS up 4.3%. Gold miners were a little underwhelming ahead of the weekend, maybe some caution still on whether it can last. NCM down 1.8% and NST off 0.2%.  Energy stocks rose as STO put on 1.6% and WPL up 1.1%. In corporate news, CXL ran strongly, up 19.9%, on the back of a new patent for zero-emissions technology in iron ore, BRN doing well on the Akida testing, up 23.5% and APM listed today with a slight discount of 6.2% as another billionaire minted.

MAJOR MOVERS:

  • Winners: BRN, CXL, IHL, SYA, BOE, SWM, DUB, PXA
  • Losers: PWH, PPH, APM, LTR, GNE, HT1, AVZ, RED
  • Positive sectors: Banks. Iron ore miners. Base metals. Energy. Industrials
  • Negative sectors: Healthcare. Gold miners
  • High 7466 Low 7394. ASX 200 relatively unchanged for the week
  • Big Bank Basket: Up to $188.94 (+0.7%)
  • All-Tech index: Up 1.6% APT Up 2.0%
  • Gold: Higher at AUD2551
  • Bitcoin: Steady at US$64863
  • Aussie Dollar:  Lower at 72.90c
  • 10-YEAR YIELD: Rises to 1.80%
  • Asian Markets: Japan up 1.19%, Hong Kong down 0.11% and China down 0.07%
  • US Futures: Dow futures up 39. NASDAQ futures up 30

STOCKS ON THE MOVE

  • CXL +19.93% new patent for zero emission iron ore and steel.
  • BRN +23.47% Akida production version testing completed.
  • PXA +7.42% TechOpps conference bump.
  • CTT +5.37% conference bump.
  • SWM +7.94% ads are back.
  • BOE +8.06% PDN +5.73% uranium back in the mix.
  • LMG +23.08% magnesium company now funded after cap raise.
  • VR1 +34.38% picking up well.
  • DCC +7.14% Bitcoin exposure.
  • PLY +7.5% gaming is back.
  • SMR +14.44% doing well from BHP deal.
  • MI6 +17.17% the Goyder fan club are in da house.
  • TEK +1.14% NTA 51.9c. Late announcement.
  • TUA -2.23% profit taking after a solid week.
  • PPH -7.89% comes to shove as brokers downgrade.
  • LTR -4.27% some disappointment still from DFS.
  • FFX -1.41% lithium coming off the boil slightly.
  • GGG -29.60% Greenland parliament clamps down on resource projects.
  • MDR -1.28% tech under a little pressure.
  • FPH -3.19% RMD -1.61% sleep sold down.
  • CDM -0.97% The Metals Company hits back at short seller.
  • IPO of the Day APA Human Services (APM) -6.20% 355c IPO price. Not all IPOs go as well as Rivian.
  • Speculative stock of the Day: Bard 1 Life Science (BD1) +41.41% – US patent issued for family lung cancer diagnosis. Good volume too.  

IN THE NEWS

  • Aristocrat Leisure (ALL) completes retail shortfall bookbuild for 1-for-20.56 pro rata renounceable entitlement offer at 4660c/share.
  • Link Group’s (LNK) – Pepper European Servicing submits non-binding proposal to acquireLink Group’s (LNK) Banking and Credit Management business for up to $86.5m.
  • Northern Star Resources (NST) CFO Morgan Ball resigns.
  • Here,There and Everywhere (HT1) – buys radio company Grant Broadcasters for $307.5m.
  • Z1P– Completes the Twisto acquisition.
  • NHF (NIB) – resumes travel insurance sales.
  • AusNet (AST) – Court approval for scheme of arrangement

ECONOMIC NEWS/ BOND MARKETS

  • The Westpac Card Tracker Index posted a strong gain of 3.5 points last week, reaching its highest level since mid-April. At 110.6, the latest reading means annual growth in card activity is running 10.6% above its pre-COVID-19 pace.
  • In the year to September, a net 14,980 people left the country either permanently or for an extended period. There were 30,300 departures from Australia in September, the lowest on record according to the ABS. ABS Director of Migration Statistics, Jenny Dobak said: “The record low departures can be attributed to continued international travel restrictions, the various lockdowns in Australia and low numbers of new arrivals. Many have not arrived during the pandemic to be able to depart.”
  • Market ‘Titan’ Ray Dalio has called said that inflation is driving down real wealth.
  • The most severe methane cloud in more than a year over Australia was spotted over the Bowen Basin in Queensland.

CV19 NEWS

ASIAN MARKETS

  • Big ‘Singles Day’ in China. 
  • SMIC says four directors resign from board.Nothing sinister just rejuvenation. Down 5.5% despite good earnings numbers. Profits up 22.6%
  • Xi Jinping gets a job for life.
  • Nasdaq Golden Dragon China Index jumps by most since October on solid Singles’ Day performance.
  • Key Chinese data will be released Monday. Industrial output and retail sales both seen slowing.
  • Toshiba board has ruled out a deal to privatise the group. Considering a split into three companies.
  • The Indian economy is on a huge roll as CV19 cases drop from 400,000 daily infections to a mere 11,000 currently.

US AND EUROPEAN NEWS

  • European markets expected to have some solid gains at the open.
  • Trouble in Belarus as it threatens to cut gas supply if border chaos continues.
  • Pushing Humpty off the wall and putting him back together again have proved lucrative for banks and brokers in US as GE has provided around US$7.2bn in fees. Stock down 75% since 2000.
  • US Petrol prices up 60% in a year. European gas supplies hurt again and prices rising.
  • COP (OUT) 26 finishes today.

And finally…go see No Time to Die…great Bond film.

On their way to the church to get married, a young Catholic couple
were involved in a fatal car accident.


Being good Catholics the young couple find themselves sitting outside
the Pearly Gates waiting for St. Peter to process them into Heaven.

While waiting, they begin to wonder: could they possibly get married in
Heaven?

When St. Peter finally showed up, they asked him.

St Peter said “I don’t know. This is the first time anyone has asked.
Let me go find out” and he leaves them sitting at the Gate.

After three months, St Peter finally returns, looking somewhat
bedraggled. “Yes” he informs the couple ” I can get you married in
Heaven”.

“Great!” said the couple “But we were just wondering, what if things
don’t work out? Could we also get a divorce in Heaven?”

“You must be bloody joking” says St. Peter, red-faced with
frustration, slamming his clipboard on the ground.

“What’s wrong?” asked the frightened couple”.

“OH, COME ON!” St. Peter shouted “It took me three months to find a
priest up here…..do you have any idea how long it’ll take me to find
a lawyer?”

Clarence.