Friday 11th August – Australian Market Wrap | Beeks Downunder-Because not all financial news is boring!

ASX 200 slid 17 points to 7340 (+0.24%) in quiet trade dominated by results again today. For the week, the index is down 0.85%. Broad based weakness today, nothing spectacular though. Banks eased after CBA results and Phil Lowe talked up rates in Canberra. The Big Bank Basket down to $180.46 (0.1%). Insurers mixed, QBE slipped 0.3% despite broker upgrades. Fund managers also squeezed slightly higher. MFG up 1.8%. Industrials were flat, healthcare better led by CSL up 0.6% and RMD up 0.6%. REITS slightly firmer with GMG down 0.4% the exception. Tech stocks eased back with XRO down 0.2% and WTC falling 1.5% with the All–Tech Index down 0.4%. In resources, iron ore stocks down again, FMG off 2.2% with RIO falling another 0.6%. Lithium stocks on the nose today with PLS down 1.1% and MIN off 1.7%. Energy stocks also weaker, WDS down 2% on crude falls and strike threats. STO off 1.6% with coal stocks sold down, WHC off 2.0% and BCB down 4.2%. In corporate news, SGR is up 18.0% on a softly, softly NSW government tax regime, NCK rose 13.3%, so far so good, CTT founder sold down, stock up 5.4% and BBN fell 1.9% on well-guided results. In economic news, it was all about the US CPI, although Phil Lowe spent his last uncomfortable day in Canberra with some regrets, he had a few. Too few to mention. Asian markets weaker, China down 1.3% and HK off 0.7%. Japan closed for Mountain Day. Dow futures up 29 points. NASDAQ futures 23 points.

HIGHLIGHTS

Winners: SGR, NCK, CUV, AMP, A4N, SGF, MAD
Losers: AZS, TUA, SWM, BFL, NHC, RPL.
Positive sectors: Healthcare. Industrials. Gold.
Negative sectors: Oil and gas. Iron ore. Lithium.
High 7361 Low 7329
Big Bank Basket: $180.46(-0.1%)
All-Tech index: Down 0.4%
Gold steady at $2935
Bitcoin: Slips to US29370
Aussie Dollar: Steady at 65.20c
10-Year Yield: Back to 4.12%
Asian markets: Japan closed. HK down 0.6%, China down 1.5%
US Futures: Dow up 10 Nasdaq up 19.
European markets looking at a weaker opening.

MAJOR MOVERS

SGR +18.0% NSW government goes soft with jobs at stake.
NCK +13.3% so far so good on results.
AMP +8.3% positive broker comments.
A4N +6.7% picking up buyers.
CTT +5.4% Dean Mintz sells down $100m worth.
IVZ +10.7% rig mobilised.
SHV +11.0% going nuts.
NXL +7.1% tech run.
AZS -9.3% profit taking continues.
BSL -3.6% investment in new capacity.
NHC -3.7% not such a merry old soul today.
RPL -3.6% briefing invitation.
LKE -7.1% sanity returns.
PNR -5.4% under pressure
IR1 0.5% clarification on Beecher project.
Speculative Stock of the Day: Nothing today on volume.
Winners: SGR, NCK, CUV, AMP, A4N, SGF, MAD
Losers: AZS, TUA, SWM, BFL, NGC, RPL.

HEADLINES

The RBA struck a slightly dovish tone before lawmakers, saying that interest rate policy had shifted to a “calibration” phase.
UK GDP +0.2% Q/Q v Forecasts of 0.0%. Consumers continue to spend.
Concern is mounting the prominent developer Country Garden will default.
Hong Kong July foreclosures surged the most in more than five years, as higher rates pinched homeowners’ ability to pay mortgages.
Chinese tech giant Alibaba jumped over 3% after the company reported a 51% rise in profits, the biggest annual increase in sales since the September 2021.
Singapore lowers 2023 growth forecast on weaker than expected GDP data.
Tapestry agrees to buy Capri Holding for US$8.5bn
California clears way for driverless taxis in San Francisco.
US Supreme Court halts $6bn Purdue opioid settlement in blow to Sacklers.
UBS moves to kill off Credit Suisse brand. Voluntarily removes the Swiss government’s US$10.27bn backstop agreed as part of the takeover of Credit Suisse.