The ASX 200 down modestly by 10 points to 7072 (0.14%). Tech stocks got pummelled following the Facebook fiasco. Should never have changed its name. Meta got thumped after hours and the US tech sector futures led ours lower. SQ2 flopped 9.8%, WTC down 8.0% and XRO off 5.0%. The All Tech Index dropped 4.3%. Heavy losses across the sector. Industrials went nowhere, CSL gave back some strength falling 1.9% as the VWAP pricing period enters the final days. Banks were mixed after WBC Q1 update, the surprise was no surprises. NIM under pressure but some restructuring and soothing words on cost cutting was enough to satisfy the bulls. The stock rallied 2.3% as CBA came under a little pressure falling 1.4% ahead of its results. MQG dropped 1.5% with insurers doing ok. Some fund managers doing it tough today, MFG dropped 7.5% as Hamish fronted a conference wearing his hair shirt. The falling Meta not helping his cause as MFG are big holders. AEF also on the nose falling another 7.5% and HUB down 7.8%. Miners supplied some strength as iron ore plays continued to find buyers, BHP up 3.1% and RIO rallying 2.4%, FMG up 3.3%. Lithium stocks eased back again as risk appetite waned. Energy mixed. In corporate news, NCK rose % on a business update, CTT crashed % on a dip into the red on increased sales of $1000 shorts. NUF showed the strength in the Ag space rising 1.0% on an update and OPH 3.8% higher on an investor update. SYD say yes to takeover. On the economic front, Building approvals for December rose 8.2% well ahead of forecasts of a 1% fall.
- Winners: NUF, IFL, OPH, AMI, RED, FMG, BCK, BHP, AMC
- Losers: CTT, NVX, AEF, SQ2, IHL, BRN, Z1P, INR, IMU
- Positive sectors: Iron ore miners.
- Negative sectors: Healthcare. Tech. Lithium. Battery tech.
- Hi 7095 Lo 7046. Narrow range. Results in focus.
- Big Bank Basket: Falls to $169.49 (-0.35%)
- All-Tech index: Down 4.3%
- Gold: Up to $2537.
- Bitcoin: Falls to US$36912
- Aussie Dollar: Eases a little 71.22c 10-YEAR YIELD: Slips to 1.86%
- Asian markets closed for holidays.
- US Futures: Dow down 17 Nasdaq off 331.
STOCKS ON THE MOVE
- NUF +20.22% trading update and outlook.
- 88E +2.08% buyers return.
- RED +3.64% KOTH update.
- DEG +0.83% drilling update.
- HAS +7.14% kicking again.
- BRN -9.66% tech sell off.
- Z1P -9.63% follows SQ2 down.
- PVS – MA Moelis raising $14.8m at 49c.
- CTT -21.19% results disappoint.
- NVX -14.68% US listing Buy the Rumour.
- AEF -13.39% under serious pressure.
- SQ2 -9.75% PayPal weighs.
- INR -9.22% Tiem’s Buckwheat proposed critical habitat.
- Speculative stock of the Day: Nothing on any volume today.
ECONOMIC NEWS/ BOND MARKETS
- Building approvals for December up 8.2% vs consensus down 1.0%. While approvals for private houses have fallen from all-time highs, the series remains at historically elevated levels.
- Trade surplus of $8.36bn missed estimates of $9.85bn in December. Exports up 1.0%, imports up 5%.
- New Zealand will finally begin reopening to the world at the end of this month. The border will reopen to vaccinated New Zealanders from Australia at midnight on Feb. 27 and from the rest of the world at midnight on March 13. Didn’t we have a bubble once? Tourists won’t be able to come until July. Still will need to self-flagellate for 10 days though.
- Nothing special.
US AND EUROPEAN NEWS
- BoE to raise rates tonight by 25bps?
- US jobs report tomorrow.
- Shipwreck confirmed as HMA Endeavour off the coast of Rhode Island.
- Is this really the future crypto? Wormhole, a communication bridge between Solana and other decentralised-finance blockchain networks, said hackers stole about US$320m in cryptocurrency. No wonder it has so many fans, seems so easy to steal it.
- The U.K. scrambled Typhoon fighter jets to intercept and escort four Russian bomber aircraft approaching its area of interest.
- US sends another 2000 troops to Europe.
- CNN chief Zucker resigns over a consensual relationship.
- Biden’s new nominee for the Fed watchdog is talking tough on US banks.
- Euro inflation hits 5.1%. Lagarde says no reason to act fast on rates.
- Ferrari posts record profit and talks electric dreams.