ASX 200 fell 3 points to 7277 (0.9%) as more Chinese woes hit confidence and iron ore losses mount in Asian trade. The big miners slid, BHP down 2.1% and FMG off 1.8%, with lithium stocks under pressure, PLS down 6.0%, and AKE dropping 3.9%. Base metal stocks eased too with gold miners holding in places. Oil and gas stocks gave up early gains as oil lost 1% in Asian trade. Coal stocks drifted lower with WHC down 1.2%. Banks were softer as BEN reported and lost 2.9%. CBA is down 0.7% and the Big Bank Basket at $179.01(0.8%). Insurers slid with SUN down 1.9%. Money managers also sliding lower. Healthcare lost ground with CSL under pressure yet again down 1.2% ahead of numbers tomorrow. RMD bucked the trend up 1.9%. REITS slid on higher yields; Tech eased with the All–Tech Index up 0.8% with XRO off 0.3%. Rate-sensitive industrials fell, TCL off 1.1% and REA off 0.8% as analysts digested recent results. In corporate news, CAR reported and rose 7.0%, JBH held up well on better numbers than expected, rising 2.8%. GWA posted a good result rising 7.5% and BPT disappointed yet again and slid 3.6% on lower revenue numbers. Nothing on the economic front. Asian markets wobbled on China woes, Japan down 1.2% , China off 0.7%. 10-year yields holding at 4.19% and the AUD under pressure below 65c.

HIGHLIGHTS

  • Winners: TUA, GWA, CAR, RED, SGM, SWM
  • Losers: LRS, ELD, VSL, PLS, STX, PWH, AKE
  • Positive sectors: Tech.
  • Negative sectors: Everything else
  • High  7331 Low 7259
  • Big Bank Basket: $179.01 (-0.8%)
  • All-Tech index: Up 0.8%
  • Oil falls 1% in Asia. Iron ore under pressure in Singapore.
  • Gold higher at $2954
  • Bitcoin: Slips to US29412
  • Aussie Dollar:  Fals to 64.79c
  • 10-Year Yield: higher at 4.19%
  • Asian markets: Japan down 1.2%  HK down 2.2%, China down 0.7%
  • US Futures: Dow down 48 Nasdaq down 12
  • European markets looking a little weaker on the open.

MAJOR MOVERS

  • CAR +7.0% vroom, vroom on results.
  • GWA +7.5% results bounce.
  • RED +5.0% I see RED
  • BLD +2.4% broker upgrades.
  • RMD +1.9% bounce continues.
  • BBN +9.6% broker upgrades.
  • TPD +11.4% STX takeover deal.
  • IVZ +9.7% drilling to come.
  • WC8 +18.2% going nuts. Tabba Tabba in focus.
  • PLS -6.0% profit taking as China wilts.
  • ELD -6.1% broker downgrade.
  • LRS -7.9% profit taking.
  • AKE -3.9% lithium falls.
  • RTR -17.7% capital raising.
  • IPO of the Day Lithium Universe (LU7) +90.0%
  • Speculative Stock of the Day: Nothing today on volume.

COMPANIES NEWS

ASIAN MARKETS

  • The yen slid to its weakest in nine months as rate gap heads towards a level when the BoJ intervened.
  • Chinese private wealth manager Zhongzhi Enterprises looks to have missed some payments on high-yielding products.
  • China’s Country Garden, China’s top private property developer, will suspend trading of its 11 onshore bonds from Monday. Country Garden said on Tuesday it had not paid two-dollar bond coupons due on Aug. 6 totaling $22.5bn.
  • Global rice markets could come under further pressure as the world’s leading producer China grapples with heavy rain and flood risks

US and EUROPEAN HEADLINES

  • US Steel rejects $7.3bn acquisition bid from rival Cleveland-Cliffs.
  • The U.S. consumer is in focus this week. July’s retail sales data comes out Tuesday.
  • Goldman Sachs anticipates the US Federal Reserve will start lowering interest rates by the end of next June.

And finally…..

Clarence

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