ASX 200 gives back 18 points to finish at 7219 (-0.3%) down as lacklustre trade ahead of NFP and Easter took hold. US futures easing slightly, not helping sentiment. Profit taking across the board with healthcare and CSL a pocket of strength. CSL up 2.2% and RMD up 0.9%. Resources under pressure still as lithium remains depressed, PLS slipping again, down 3.2% and AKE off 3.5%, LTR falling back 2.6% slightly after Albemarle downgraded by BoA. Iron ore stocks remain under pressure, BHP off 0.4% and RIO down 0.3% with base metals easier and rare earths down, LYC off 2.4%. Gold miners steady and finding some limited support as AUD bullion remains above $3000. Energy stocks ease, oil prices down, WDS off 1.0% and coal not such a merry old soul. WHC off 0.9% and NHC down 2.2%. REITs slipped despite 10-year yields falling again, Banks drifted lower with the Big Bank Basket down slightly to $171.895. and MQG down 0.7%. MFG took another leg down 3.7% off with ASX 3.2% better on higher futures volumes and a broker report. Industrials drifted off, ALL down 2.4% and FLT down 2.6% with TLS still holding up and tech slip sliding away. XRO off 2.6% and WTC down 2.3%. On the corporate front, not much to get excited about today. In economic news, we had some trade data showing imports falling and the RBA stability report, warning of risks ahead. In Asian trade, Japan down 1.3%, China back from Tomb Sweeping and down 0.4% with HK down 0.3% Dow futures down 38 points. NASDAQ futures down 52 points.

HEADLINES

• Winners: IMU, TLG, STX. EMR, SLR, WBT, TIE
• Losers: NVX, CXL, BOE, NIC, ING, SDR, AX1, MP1
• Positive sectors: Healthcare. Gold miners. Utilities.
• Negative sectors: Everything else.
• High 7245 Low 7200. Narrow range. Drifting.
• Big Bank Basket Slightly lower at $171.85
• All-Tech index: Hit down 1.4%
• Gold a little better at 3008
• Bitcoin: Steady at US$28388
• Aussie Dollar: eases to 66.90c
• 10-Year Yield: yields fallto 3.19%.
• Asian markets: Japan down 1.7%, HK down 0.8% and China unchanged.
• US Futures: Dow down 38 Nasdaq down 52.
• European markets having a muted start barely changed.

MAJOR MOVERS

• STX +4.88% kicks higher again.
• IMU +7.14% positive sentiment continues following test news.
• A4N +2.92% QLD government grant.
• ASX +3.20% better futures volumes.
• WBT +3.87% breaks higher.
• TLG +5.25% Swedish environmental permits
• ERA +28.4% bounces higher after raising.
• IPX +11.11% webinar presentation.
• PAR +6.11% shorts covering.
• MNB +3.23% was a buy on Ausbiz yesterday.
• IVZ -6.67% placement weighs.
• NVX -7.85% joins lithium downward spiral.
• CXL -7.68% slips again.
• MP1 -4.29% drops hard.
• ING -5.56% chicken mortality rate in focus.
• QAL -1.79% sell off continues.
• SPECULATIVE STOCK OF THE DAY: Same one as yesterday. It did kick on. Western Mines Group (WMG) +26.98% Aqua Regis test work confirms nickel sulphide association.

COMPANY NEWS

• Noble Helium (NHE) – Intends to begin drilling for helium in Tanzania in Q3 of 2023.
• Western Mines Group (WMG) – Receives promising results from Mulga Tank nickel project, leading to further metallurgical testing to demonstrate a viable large open pit.
• Challenger Financial (CGF) – To sell Australian real estate business to Elanor Investors Group (ENN) for $42m in new securities, with the deal expected to give Elanor $3.4bn in funds under management. CGF will have an 18% interest in ENN after the transaction is completed.
• Alpha HPA (A4N) – Received a $22m grant from the Queensland government.
• Neometals (NMT) – has increased its ownership interest in the joint venture RISAB to 72.5% in the Finnish Vanadium recovery project.
• Newcrest (NCM) and joint venture partner Harmony Gold have signed a Memorandum of Understanding (MOU) with the government of Papua New Guinea about Wafi-Golpu mining project.

ECONOMICS & OTHER NEWS

RBA Stability Report:

• Global financial stability risks have increased
• Australian banks are well regulated, well capitalised, profitable and highly liquid.
• Borrowers are resilient to higher interest rates and inflation but a small cohort of households with low savings, high debt and low incomes are most at risk of facing difficulties servicing debt.
• About 16% of households with a home loan are in “mortgage prison”, unable to refinance to a lower rate because they do not meet tough serviceability assessment rules. Another 1% rise would see that number jump to 20%.
• About 45% of the poorest quarter of households with a mortgage are spending more than 30% of their income on repayments, which is considered a proxy for mortgage stress.

Payroll jobs rose 0.6% in the month to mid-March 2023, following a larger seasonal rise of 2.9% over the month to mid-February, according to figures released today by the ABS.

Between the weeks ending 11 February 2023 and 11 March 2023:

• Payroll jobs, up 0.6%
• Total wages paid, down 1.8%

TRADE DATA

• The seasonally adjusted balance on goods and services surplus increased $2,604m in February.
• Goods and services debits (imports) fell $4,304m (9.1%) driven by Non-industrial transport equipment.
• Goods and services credits (exports) fell $1,700m (2.9%) driven by Metal ores and minerals.

ASIAN MARKETS

• Caixin services PMI climbs to 57.8 in March, survey shows. Chinese consumers reported an increase in their incomes for the first time in a year.

• The PBoC’s business profitability index, based on a survey of 5,000 firms, fell to its weakest level since the onset of the pandemic in 2020.
• Indian Central Bank pauses on rate rises. For now.

US AND EUROPEAN HEADLINES

• Monsieur Macron goes to China.
• House Speaker Kevin McCarthy and a bipartisan congressional delegation met with Taiwanese President Tsai Ing-wen in Simi Valley, California. Will China retaliate?
• Hedge funds have made a massive US$7bn with the US banking crisis.
• KKR set to buy stake in communications group FGS Global.
• Cash App founder Bob Lee fatally stabbed in San Francisco.
• IMF says US-Chinese tensions could cost the world around 2% in GDP.

Happy Easter

How do you know a rabbit is in a good mood? He’s hoppy.

How can you tell which rabbits are getting old? Look for the gray hares.

Where does Dracula keep his Easter candy? In his Easter casket!

Where do rabbits go after their wedding? On their bunnymoon.

Have a great break…NFP 3.6% and 204k Jobs the numbers.

Clarence

XXXX