ASX 200 up 40 points to 7451 (+0.5%) as shares rallied slightly further in the afternoon after the RBA announced it was leaving the cash rate unchanged. The Aussie dollar fell 0.8%  to 66.66c, and bond yields took a hit. 2Y and 10Y bond yields fell 9bps and 8bps, respectively. Gold miners were golden today thanks to Lowe, NCM up 1.4%, EVN up 2.4% and NST +1.6%. Major iron ore miners rose following last week’s declines tracking a higher iron price. The big trio BHP, RIO and FMG all in the green. Lithium bounced back from Monday’s sell-off, IGO +3.2% and LTR +2.2%. Energy stocks good. WDS up 0.5%, STO up 0.8%, but STX stumbled, down 9.0% on news that a deal couldn’t be reached with its offer to TPD. Tech stocks did well. SQ2 up 2.6% and XRO up 1.4%. Defensive sectors, Healthcare and Telecoms in good condition.TPG the star on Vocus interest. REITS higher as bond yields fell. SCG +0.7%, GMG +0.6% and URW up 1.7%. Banks higher, with the Big Four all up. Big Bank Basket up to $182.74 (+0.3%). In corporate news, AKE up 0.5% on Mt Cattlin drill results, LYC +3.0% after signing a follow-on contract with US Defense to increase HRE cost contribution to $258m, ADH up 5.9% on agreement with DHL to take over operational control of its NDC from September, STA fell 22.7 % after completing institutional placement raising $33m. On the economic front, RBA left interest rates unchanged at 4.1%, and Consumer confidence rose by 3.2bps last week to its highest level since April. Asian markets mixed, Japan up 0.6%, HK and China down 0.4% and 0.2% respectively. Dow Jones futures down 13 points, and Nasdaq futures down 3 points.

  • Winners: TPG, AZS, PMT, MGH, GOR, LRS, SYA
  • Losers: CCP, WBT, STX, NXL, MSB, ASK
  • Positive sectors:
  • Negative sectors:
  • High 7470 Low 7414
  • RBA keeps rates unchanged.
  • Big Bank Basket: Higher at $182.22
  • All-Tech index: Up 1.1%
  • Gold better at $2937
  • Bitcoin: Slips to US28869
  • Aussie Dollar:  Falls at 66.58c
  • 10-Year Yield: Falls to 3.98%
  • Asian markets: Japan up 0.9% HK 0.1%, China down 0.2%
  • US Futures: Dow flat Nasdaq unchanged
  • European markets opening unchanged.

MAJOR MOVERS

  • AZS +11.4% lithium winner.
  • PMT +10.6% Albemarle takes stake and MOU.
  • LRS +8.2% trying hard to break out.
  • GOR +8.6% broker upgrade.
  • SYA +6.9% finding some friends.
  • TPG +11.6% Confirms discussions with Vocus Group.
  • BBN +21.3% FY results update. Positive last three weeks.
  • 29M +11.8% copper restart.
  • OPT +4.4% PK and safety of sozinibercept.
  • SLR +5.1% bargain hunters.
  • CCP -12.6% bad news for CCP, good news for economy.
  • WBT -9.5% qualifies ReRam module for auto-grade temperature.
  • 3DP -15.2% profit taking.
  • TPD -18.4% discussions with STX
  • STA -22.7% institutional placement.
  • IPO of the Day ASK -6.38% not a great start to life.
  • Speculative Stock of the Day: Viridis Mining and Materials (VMM) +92% acquisition of Tier One ionic clay rare earth project in Brazil. $2m for the project with a capital raise at 25c to pay for the acquisition. IXR will be a cornerstone investor.

HEADLINES

  • RBA leaves rates unchanged for the second month in a row. Interest rate futures markets are now forecasting a less than 25% chance that the Reserve Bank will lift interest rates in September.
  • Consumer confidence in Australia increased by 3.2%, reaching its highest level since April.
  • China’s manufacturing contracted in July. The Caixin manufacturing purchasing managers index declined to a six-month low of 49.2 in July from 50.5 in June.
  • Macau’s casino sector strengthened in July, with gaming revenue returning to about 68% of pre-pandemic levels. Gross gaming revenue surged 4,083% from a year earlier to 16.7bn patacas ($2.1bn).
  • China’s home sales tumbled the most in a year in July. The value of new home sales by the 100 biggest real estate developers fell 33.1% from a year earlier.
  • China’s overseas investment in metals and mining set to hit record.
  • HSBC beat expectations with an 89% jump in pre-tax profit in the second quarter. Will launch a $2bn share buyback after profit boost from interest rates.
  • Birkenstock owner eyes $8bn valuation in September IPO.
  • AMD and Uber results tonight.
  • US nuclear reactor kicks off, the first in seven years powering an estimated 500,000 homes and businesses, and no carbon emissions.

And finally…..

A lorry load of onions has overturned on the motorway. Police are advising motorists to find a hard shoulder to cry on

So I got chatting to this woman at the bus-stop this morning and she told me that people call her Vivaldi.

I asked her: “Is that because you’re a brilliant violinist?”

She said: “No, it’s because my name is Viv and I work at Aldi.“

Since Elon Musk launched his new venture x-AI, there have been strong rumours that a firm in Newcastle has developed an app in direct competition called y-AI.

Clarence

XXXX