The ASX 200 fell 12 points today to 7292 (0.2%) in listless trade. Better than the rest of Asia surprisingly. Plenty of risk coming off the Xmas table. Banks were softer after some recent gains, the Big Bank Basket eased to $175.99 (-0.4%) with MFG hurting the sector falling 33.0% after it confirmed that it had lost a substantial mandate. MQG also slipped slightly down 1.4%, and insurers mixed. Big miners and energy stocks were mixed too with STO off 4.8% and WPL down 2.9%,as oil fell 3% in Asian trade but FMG rose 2.5% and S32 up 1.0%. Gold miners were positive in the main, SBM are trying to acquire BDC, SBM fell 6.5% whilst BDC rose 14.6%. NCM rose 1.7% but NST fell 1.4%. Healthcare had a good day as CSL rallied 0.6% after last week’s indigestion. FPH and RMD rose on potential CV19 wins, RHC better by 1.8% and HLS doing well as tests ramp up, rising 3.3%. Industrials generally were firm, TCL rose 0.7%, ALL up 0.7% and TLS firming 0.5%. Consumer stocks were in demand, COL up 1.8% and WOW up 1.0%. Tech was once again on the nose although APT rose 1.5%. The All –Tech Index down 0.3%. In corporate news, CIM fell 13.4% before an ASX query on a media article on issues in the Middle east. VEA rose 3.72% on a business update, money managers slid a little as MFG fell 33.0%, TLX fell 6.2% after FDA approvals for its prostate drug Illuccix. Nothing on the economic front. 10-year yields 1.53% off slightly.
- Winners: MCR, BLY, MMS, BSL, VEA, CUV, HLS.
- Losers: MFG, CIM, TUA, NAN, SYA, VUL, UWL.
- Positive sectors: Healthcare. Consumer staples.
- Negative sectors: Banks. Energy.
- Hi 7303 Lo7258.
- Oil down 3% in Asian trade as Manchin knocks back Build Back Better Bill.
- Big Bank Basket: Slips to to $175.99 (0.4%)
- All-Tech index: Down modestly by 0.3%
- Gold: Rallies to $2531
- Bitcoin: Slightly weaker at US$46811
- Aussie Dollar: Lower at 71.13c 10-YEAR YIELD: falls to 1.53%.
- Asian Markets: Japan down 2.2% Hong Kong down 1.4% and China down 1.0%.
- US Futures: Dow futures down 278(Fair value is -417 points) Nasdaq down 175 points.
STOCKS ON THE MOVE
- MCR +6.47% nickel stock. Broker upgrades.
- VEA +3.72% earnings update.
- HLS +3.32% CV19 testing winner.
- BSL +4.09% completion of acquisition.
- ELD +2.39% broker upgrades following AGM.
- CD3 +10.05% NTA and distribution.
- POS +9.89% good drilling results.
- BDC +14.63% SBM bids 0.3604 for each BDC.
- RIO +0.23% appoints new chair. China friendly.
- AUB -0.13% profit upgrade.
- OFX +14.97% buys Firma for $98m
- TLX -6.21% FDA approval for IllucixTUA -13.33% profit taking.
- INR -5.00% early strength fades.
- AKP -9.09% sellers take profits. Volume very low as usual.
- CXL -5.80% 500c beckons.
- NAN -9.37% CV19 casualty.
- CIM -13.37% response to ASX query -media article on underpayments in Middle east.
- IPO of the Day – BirdDog (BDT) +6.15% $33m raise. BDT is a global video technology company that enhances the quality, speed and flexibility of video through a range of solutions, the company achieved total annual revenues of $38.2m in FY21.
- Speculative stock of the Day: Angel Seafood (AS1) +44.00% indicative, non-binding and conditional proposal for all cash or 20c from Laguna Bay.
ECONOMIC NEWS/ BOND MARKETS
- Scott Morrison has called a national cabinet meeting for tomorrow.
- UK has administered 904k boosters in a single day.
- U.S. Senator Elizabeth Warren, Senator Cory Booker and Jefferies Financial Group Inc. Chief Executive Officer said they tested positive for Covid-19.
- China reported 39 Covid infections on Monday amid a cluster in the city of Xi’an.
- Royal Caribbean’s Symphony of the Seas ship docked in Miami on Saturday with 48 passengers and crew members who tested positive for Covid-19.
- Chinese banks lowered borrowing costs for the first time in 20 months, providing support for the slowing economy. The one-year loan prime rate was set at 3.8% versus 3.85% in November
US AND EUROPEAN NEWS
- EuroStoXX futures down 1.8% early.
- Elon Musk has said he will pay over US$11bn in taxes this year. Biggest US taxpayer in history. No wonder he wants to go to Mars. Tax free there.
- US futures fall as Manchin becomes ‘The Grinch’ this Xmas for Biden. Goldman cuts USGDP in 2022 by 50%.
- Venture capital funds have poured about US$30bn into crypto this year.
- Dr Fauci warns Omicron will put US Hospitals under serious stress.
- Gabriel Boric a left-wing candidate wins Chile election.
- Spiderman has third ‘buggest’ opening in Hollywood history.
- David Frost, UK Brexit minister resigned to be replaced by Liz Truss.
- Boris Johnson in hot water again as new pictures of cheese and wine parties emerge.
Government leaders and their dogs