ASX 200 finished down 17 points to 6457 (-0.3%) in a topsy turvy day of thin, volatile trading. NSW holidays kept most players sidelined as the market waited for the RBA decision tomorrow (50bps expected). Banks eased along with industrials, the Big Bank Basket closed down at $162.71 (-0.1%). MQG dropped hard again, with insurers also suffering as QBE fell 2.0%. Fund managers continued to sell off, MFG down 2.6% and GQG off 3.3%. Healthcare slipped slightly, with CSL down 0.6% on media reports of potential Moderna CV19 and flu jab hopes. RHC fell 1.3%, SHL down 0.3% and defensives slipping. COL down 0.8%, WOW off 1.3% and EDV falling 1.6%. TLS gave back 0.3%, with tech stocks falling, WTC down 1.2%, and XRO sliding another 2.7%. The All–Tech Index dropped 1.3%. REITs were better, but resources were the strength, BHP up 0.2%, FMG rising 0.7%, but RIO down by 0.3%. Base metals and lithium stocks eased, oil and gas better, WDS up 1.2% and STO up 1.1%. In corporate news, BUB applied for permanent FDA approvals in the US, up 1%. MSB rose 7.7% on some rare positive drug news on SR-aGVHD. Nothing on the economic front today. Asian markets are partially closed for Chinese Golden Week. Japan up 0.3%. 10-year yields 3.89%. Dow Futures are down 20 points. 

Headlines

• Winners: MSB, URW, YAL, TYR, CMM. ORG.
• Losers: 5EA, ECX, SLX, WAF, BCB, APM, TUA, VUL.
• Positive sectors: Iron ore. Oil and gas. REITs.
• Negative sectors: Banks. Industrials. Tech. Healthcare.

• High 6504 Low 6412 Big range. Low volume on NSW holiday.
• Big Bank Basket: Closed at $162.71 (pretty much unchanged)
• All-Tech index: Down 1.3%
• Gold: Higher at $2586
• Bitcoin: Lower at US$19,146
• Aussie Dollar: Eases to 64.30c
• 10-Year Yield:  Lower at 3.89%
• Asian markets: China closed for Golden Week. Japan up 0.1%. Oil up 2.8% in Asian trade.
• US Futures: Dow down 20 Nasdaq down 64
• European markets set to open flat.

Major Movers

• MSB +7.69% finally some success.
• URW +5.88% Audrey Arnoux appointed group director of IR.
• YAL +4.94% debt repayment of US$1bn.
• TYR +3.85% weekly transaction update.
• PNV +2.31% bouncing back.
• SFX +11.25% binding US$110m Orion loan facility.
• TIE +12.64% annual report.
• CYL +3.10% annual report.
• GAL +6.82% on the march.
• WAF -10.00% West African update on Burkina Faso.
• 5EA -21.18% hosting investor webcast.
• SLX -12.75% run unwinding.
• RED -10.53% capital raising
• BCB -8.45% profit taking. 
• Speculative Stock of the Day: Danakali (DNK) +25.00% term sheet executed in Asmara for sale of Colluli interest. OK volume.

In the News

• Dubber Corp (DUB) – Suspended from official quotation for failing to lodge financial reports in time.
• Janus Henderson Group (JHG) – Chair Richard Gillingwater to retire, effective 31 December.
• A2 Milk (A2M) – Renews exclusive import and distribution arrangements with State Farm Agribusiness Holding Shanghai.
• Yancoal (YAL) – Intends to prepay $1.0bn of debt from available cash on October 4.
• Catalyst Metals (CYL) – Reports full-year NPAT $2.1m vs year-ago $0.9m.
• Carsales.com (CAR) – Completes the previously announced acquisition of the remaining 51% of Trader Interactive.
• Pro-Pac Packaging (PPG) – Appoints John Cerini as CEO.
• Tyro Payments (TYR) – Reports FY23 YTD unaudited transaction value $10.37bn vs year-ago $6.53bn.
• Core Lithium (CXO) – Completes fully underwritten placement of ~97.1m shares at 103c through Canaccord Genuity.
• Liontown Resources (LTR) -received approval for the mining proposal and mine closure plan from the Western Australia Department of Mines, Industry, Regulation and Safety for its operation at Kathleen Valley.
• Bubs Australia (BUB)– lodged a letter of intent to the US Food and Drug Administration (FDA) for permanent market access in the US to October 2025 and beyond.
• Infomedia (IFM) – has not received a binding takeover offer from Solera Holdings or a consortium comprising TA Associates and Viburnum Funds, and will close the virtual data room to both parties.

Economic News/Bond Markets

• No Local news today. RBA tomorrow. 50 bps expected.

Asian Markets

• China closed for Golden Week.
• Confidence among Japan’s large manufacturers unexpectedly worsened for three straight quarters following the yen’s rapid depreciation and worsening global economic outlook. An index of sentiment among the country’s biggest manufacturers declined to 8 in September from 9, according to the Bank of Japan’s quarterly Tankan report
• Singapore home prices maintained a solid pace of increase in the third quarter as buyers brushed aside concerns for higher interest rates. Private property values rose 3.4% from the previous three months, when they climbed 3.5%.

US and European Headlines

• Credit (Debit) Suisse has moved to reassure markets about its financial position.
• Tesla says it produced over 365,000 vehicles and delivered over 343,000 vehicles in the September quarter. The delivery number as a proxy for sales is behind analysts’ consensus expectations for around 358,000.
• The UK’s credit outlook was lowered to negative from stable by S&P Global Ratings because of rising risks to the country’s fiscal health over the next two years.
• OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) at Wednesday’s meeting. That would be the biggest cut since 2020 when OPEC+ reduced output by a record 10m bpd as demand crashed due to the Covid pandemic.
• Brazilian election heads to round two after close race between Bolsanaro and Lula.
• Biden to visit Florida to inspect Hurricane Ian damage.
• Burkina Faso coup leader says all is under control.

It’s my Constipation Recovery group tonight. Sadly I can’t go.

My wife Rose is leaving me because of my obsession with pens.

Bye Rose.

Is there a doctor in the house?!

Yes, I’m a doctor of mathematics. What’s the problem?

My friend has had a heart attack!

Minus one.

Clarence

XXXX