ASX 200 gained another 116 points to 6814 (+1.7%). Big run in the banks continues with the Big Bank Basket up to $174.45 (+2.6%). MQG rallying another 2.4% with fund managers GQG up 3.2% and MFG up 1.7%. Insurers rallied as QBE up 1.4%. Nothing else really moving. Healthcare up as CSL up 1.1%, RMD up 3.4% and SHL doing well up 1.6%. Industrials firmed with WES rising 2.3%, TCL up 0.9% and ‘old skool’ platform stocks REA up 7.5% and SEK up 5.9%. REITs firmed with GMG leading the charge up 3.2%. Tech in demand as some of the bombed-out stocks rallied hard like PBH up 9.1% and HUB up 9.7%, TLX rallied 11.7%. Resources better but not stunning, BHP up 1.1% and FMG up 2.4% as MIN rose 3.4% with S32 finding friends on manganese interest, up 3.7%. Lithium stocks eased back as PLS unchanged, and CXO fell 3.4% on drilling news. Energy stocks ahead with OPEC looming, WDS up 0.7% and STO up 1.9%. Coal stocks flat. Gold miners were mixed, DEG in a trading halt with a $130m cap raise, GOR up 1.5% and NCM up 1.0%. In corporate news, LNK rose 6.7% on media speculation that (never say) Dye and Durham were making fresh proposals, STX fell 3.9% on a South Erregulla update, and FMG announced more green deals. BHP held an Iron ore briefing day in WA. Nothing on the economic front except for our Kiwi cousins raising rates by 50bps. China is still closed, but HK is back online and playing catch up. 10-year yields continue to slide to 3.65%. Dow Futures are down 128 points. 

Headlines

• Winners: 5EA, TLX, HUB, JDO, PBH, MSB, GRR, SQ2
• Losers: SYA, AGY, RMS, SMR, STX, SGM, CXO
• Positive sectors: Nearly Everything.
• Negative sectors: Almost Nothing.

• High 6820 Low 6719 Near highs.
• Big Bank Basket: Closed at $174.45 (Up 2.6%)
• All-Tech index: Up 4.2%
• Gold: Big rally again $2650
• Bitcoin: Rallies to US$20,209
• Aussie Dollar: Up to 64.94c
• 10-Year Yield: Falls to 3.65%
• Asian markets: HK back online and flying up 5.4%. China still closed. Japan up 0.4%.
• US Futures: Dow down 128 Nasdaq down 61 Oil eases ahead of OPEC meeting in person.
• European markets set to open weaker across the board.

Major Movers

• 5EA +15.64% good bounce back as bots get back in.
• TLX +11.65% another solid bounce back.
• PBH +9.09% out of favour stocks playing catch up.
• REA +7.45% house price relief perhaps.
• LNK +6.69% fresh (never say) Dye and Durham proposal.
• CD3 +15.46% merger proposal.
• TNT +9.52% exploding higher.
• KGN +7.19% more consumer spending on airfryers.
• SYA -7.84% profit taking
• SGM -3.49% annual report
• AKE -3.11% Mt Cattlin drilling update.
• STX -3.92% South Erregulla update.
• GAL -4.78% Nickel conference presentation.
• CTM -5.29% Japanese nickel sulphide project update.
• CXO -3.38% diamond drill results.,
• AGY -5.61% profit taking.
• Speculative Stock of the Day: QX Resources (QXR) +34.00% kicks again. Good volume. Presentation yesterday. Was SSOTD 28^th September.

In the News

• De Grey Mining (DEG) – To launch a $130m institutional placement and non-underwritten SPP to raise $20m at 100c through Canaccord Genuity.
• Oz Minerals (OZL) – Completes minimum spend requirement and commits to JV with Demetallica for Stage 1 of the Peake and Denison project.
• Centaurus Metals (CTM) – Provides a Jaguar Nickel Sulphide project update; DFS completion has been rescheduled to mid-2023.
• Link Administration Holdings (LNK) – Confirms it has received a non-binding bid from Dye & Durham to acquire the Corporate and BCM business for $1.27bn cash
• Tyro Payments (TYR) – Major Australian Bank is rumoured to be considering an acquisition of TYR. The Australian reports that NAB would be the logical group interested in a payment technology business. Morgan Stanley has suggested an offer between $2-2.50/share would be the comparative valuation for similar companies.
• ASIC is suing Latitude Finance Australia (LFS)and Harvey Norman Holdings (HVN)for allegedly misleading interest-free advertising.
• Fortescue Metals Group (FMG) – Fortescue Future Industries enters a global strategic collaboration with Tree Energy Solutions.
• Tabcorp (TAH) – Reportedly in talks to acquire a stake in Dabble, according to The Australian.

Economic News/Bond Markets

• RBNZ raised interest rates by 50bps for a fifth consecutive meeting and signalled more to come.

• BlackRock cautioned investors should brace for more volatility as the global economy tips into a near-inevitable recession.

Asian Markets

• Hang Seng Index jumps over 5%, catching up to global rally.
• Chinese tech shares in the city climbs as much as 7%.

US and European Headlines

• Liz Truss to lay out her latest cunning economic plan for stimulating growth. Facing backlash on welfare increases.
• Musk will buy Twitter for US$44bn.
• Ah, Vienna – First in person meeting since 2020, OPEC plus today – Saudi Arabia and Russia plan deep oil cuts in defiance of US.2m barrel cuts on agenda.
• Three scientists, Alain Aspect, John F Clauser and Anton Zeilinger, have jointly won this year’s Nobel Prize in Physics for their work on quantum information science. The work was conducted on quantum entanglement, where two particles are linked regardless of the space between them, a field that unsettled Einstein himself, who once referred to it in a letter as “spooky action at a distance”.

• Susquehanna noted that 97% of S&P 500 stocks are up for the third time in the past five trading days, first time since at least 2000 that the broader market index has seen such strength at the stock level.
• Monetary and fiscal policies in advanced economies, including continued interest rate hikes, could push the world toward a global recession and stagnation, the UN Conference on Trade and Development.

And finally….

A teenage boy had just passed his driving test and inquired of his father as to when they could discuss his use of the car. 

His father said he’d make a deal with his son: ‘You bring your grades up from a C to a B average, study your Bible, and get your hair cut.

Then we’ll talk about the car.’

The boy thought about that for a moment, decided he’d settle for the offer, and they agreed on it.

After about six weeks his father said, ‘Son, you’ve brought your grades up and I’ve observed that you have been studying your Bible.

But I’m disappointed you haven’t had your hair cut.

The boy said, ‘You know, Dad, I’ve been thinking about that.

I’ve noticed in my studies of the Bible that Samson had long hair, John the Baptist had long hair, Moses had long hair

~ and there’s even strong evidence that Jesus had long hair.

You’re going to love the Dad’s reply:

“Did you also notice that they all walked everywhere?”

There is a nudist convention in town this weekend.

I might go if I have got nothing on.

I don’t like country music, but I don’t mean to denigrate those who do. And for the people who like country music, ‘denigrate’ means ‘put down.’

Clarence

XXX