ASX 200 up 40 points to 7324 (0.6%) in quiet trade again. Lacking conviction. Narrow range and once again banks leading the way higher, following US peers higher on NIM. CBA up 2.0%, ANZ up 2.0%, and the Big Bank Basket up to $180.15(2.0%). Insurers better too, QBE up 0.8% and SUN better. Money managers also in demand, ASX up 0.9% and MFG up 2.3%, with MQG rising 1.2%. REITS in demand after the drubbing yesterday, GMG missed out flat, SGP up 2.0% and MGR up 1.3%. Healthcare mixed, CSL up 0.4% after early losses, FPH up 0.7%. Industrials firmed WES up 0.5%, TCL up 0.2% and CPU up 2.1%. WOW and COL steady. ANN continued 2.5% lower after downgrades. Tech stocks better, WTC up 0.8% and XRO up 1.3%. The All–Tech Index up 0.6%. Resources were weaker again today, iron ore down in Singapore, BHP off 0.3%, RIO dropped 0.7% after production report pointed to production of IO at upper end of range. Base metal stocks going nowhere, gold stocks disappointing although DEG down 1.7% on management changes. Oil and gas better, WDS up 1.4% on production numbers, coal doing well as heatwave bites, WHC up 2.8%. In corporate news, ALD did well up 4.4%, on a strong business update, NST fell 5.8% on production numbers, and AEF FUM grows to $9.2bn. In economic news, the Westpac-Melbourne Institute Leading Economic Index in Australia rose 0.1%. Asian markets were mixed again, Japan up 1.2%, HK down 0.6%, China down 0.1%.

  • Winners: IMU, LRS, MGX, BRN, MGH, CRN, SIQ
  • Losers: NST, VSL, SFR, CXL, INR, REG, ILU
  • Positive sectors: Banks. REITs. Industrials. Oil and gas. Tech.
  • Negative sectors: Iron ore. Base metals.
  • High 7333 Low 7293
  • Big Bank Basket: Higher at $180.15 (+2%)
  • All-Tech index: Up 0.6%.
  • Gold rallies hard to $2910
  • Bitcoin: Drifts higher to US$30,107
  • Aussie Dollar:  Slips to 67.88c
  • 10-Year Yield: Falls to 3.90%
  • Asian markets: Japan up 0.8%, HK down 1.2%, China down 0.4%.
  • US Futures: Dow up 20 Nasdaq up 2
  • European markets to open higher on ASML numbers UK inflation falls to 7.9%. Expected 8.2%

MAJOR MOVERS

  • LRS +10.6% Samba is back.
  • IMU +12.90% Patent awarded in US.
  • BRN +6.8% Patent granted.
  • MGH +6.8% buyback update.
  • ALD +4.4% First half strong performance. Refinery repaired.
  • IPD +24.3% Top 5 payor covering SOZO testing.
  • RCE +11.2% Phase 1 trial data review.
  • NST -5.8% Quarterly report.
  • DRO +23.0% takes off again on US deals.
  • KGN -1.5% retreating.
  • DSE -21.6% quarterly presentation.
  • PEN -27.8% delays production
  • SFR -3.4% base metal stocks under pressure.
  • AQZ -2.0% Profit taking.
  • Speculative Stock of the Day: Nothing on any volume today.

COMPANY NEWS – HIGHLIGHTS

ECONOMIC & OTHER HEADLINES

  • The Westpac-Melbourne Institute Leading Economic Index in Australia rose 0.1% in June, reversing from a 0.3% fall in May. This is the eleventh consecutive negative print for the growth rate.
  • Deteriorating confidence in the labour market was a drag on the Index.
  • The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, lifted to -0.51% in June from -1.01% in May.

ASIAN MARKETS

  • Iron ore slipping again. Down 1.4% in Singapore trade.

US AND EUROPEAN HEADLINES

  • Eurozone, UK CPI comes in at 7.9% ahead of forecasts. US housing starts.
  • Goldman Sachs numbers tonight- Revenue US$10.82bn expected.
  • Tesla results. Margins the focus. Deliveries and production ramp up a key too.
  • ASML Q2 revenue EUR 6.9bn v EUR 6.7bn estimate.Earnings Q2 EUR1.9bn beating expectations. Strong growth expected.
  • Kremlin oligarchs eye Carlsberg assets as Kadyrov ally takes over Danone unit.
  • Dutch emissions laws stall €10bn of green investment at Europe’s biggest port.
  • Trump says he is target of a criminal probe into 2020 US election.
  • John Kerry said that U.S. President Joe Biden and Chinese President Xi Jinping could meet later this year. Kerry was referring to the Asia-Pacific Economic Cooperation Leaders’ Summit set to be held in San Francisco in November.
  • A whopping 150m jobs will shift to workers over the age of 55 by 2030, accordinga new Bain and Company survey. China’s elderly population (65 and older), for example, will double by 2050, according to the study.

And finally…..

Just found out the company that produces yardsticks won’t be making them any longer.

Went to the doctor with a suspicious-looking mole. He said they all look that way, and I should have left him in the garden.

The past, present, and future walked into a bar. Things got a little tense.

Clarence

XXX