ASX 200 rallied 28 points to 7305 (+0.4%) as results dominated today. Big names hitting the boards, CSL, COH, and NAB trading update. The banks were solid but unspectacular with the Big Bank Basket rising to $179.26 (+0.1%) after NAB quarterly update. NAB up 1.3% on a new buyback. Insurers bounced back on higher yields with QBE leading the charge up 1.3%, SUN up 1.6%. Healthcare in recovery ward today after CSL beat lowered expectations, up 3.7% and COH kicked 5.7%. RMD continue to push higher after recent falls up 1.3% and RHC doing well too. REITs mixed, GMG down 0.6% and SCG up 0.7%. Industrials mainly positive, WOW up 0.4%, TCL up 0.4% and SVW putting on another 1.0%. Tech better too, WTC up 1.3% and XRO doing well up 2.0%. The All–Tech Index rose 1.1%. Resources once again a little unloved. Big miners struggled, BHP down 0.3% and RIO off 0.4% but FMG found some friends, up 1.0%. Lithium stocks remain under pressure, PLS down 3.4% and MIN off 0.9%. Gold miners slid, led by NCM down 1.5% and NST down 1.9%. Oil and gas stocks steady, coal miners a tad higher, WHC up 2.7%. In corporate news, a deluge of large-cap results today, SEK disappointed on growth options falling 4.3%, 360 produced some very positive results running 12.3% higher. Not so for TPW falling 4.5% on numbers, GUD up 14.9% on Gud results. LKE rallied hard on Kachi test results, up 16.7% and MAY fell 33.3% on Cuban disappointment. In economic news, RBA minutes and wages growth numbers. Asian markets mixed as China cuts some rates and Japan shows a 6% GDP rate. 10-year yields pushing higher again up to 4.27% on RBA Minutes. Dow futures up 4 points. NASDAQ futures up 45 points. 

HIGHLIGHTS

  • Winners: GUD, 360, AZS, SGM, PPM, COH, GWA
  • Losers: LRS, VUL, TPW, RSG, SEK, SLX, CBO
  • Positive sectors: Insurers, Tech. Healthcare.
  • Negative sectors: Iron ore. Gold. Lithium.
  • High 7329 Low 7272
  • Big Bank Basket: $179.26 (+0.1%)
  • All-Tech index: Up 1.1%
  • Gold lower at $2927
  • Bitcoin: Slips to US29329
  • Aussie Dollar:  Better to 65.10c.
  • 10-Year Yield: higher at 4.25% on RBA minutes.
  • Asian markets: Japan up 0.7% HK down 1.2%, China down 1.0%
  • US Futures: Dow up 40 Nasdaq up 40
  • European markets looking a little weaker on the open.

MAJOR MOVERS

  • GUD +14.9% Gud results.
  • 360 +12.3% results beat.
  • AZS +6.8% SQM interested.
  • SGM +6.3% result beat.
  • COH +5.7% market all ears.
  • GWA +4.8% broker upgrades.
  • NVX +10.5% critical metals bounce.
  • NXL +10.0% tech bounce.
  • DRR +2.2% royalty result.
  • WHC +2.7% coal picks up again.
  • TWE +2.8% Penfolds cheers.
  • CXL +3.7% investor newsletter.
  • DLI +8.0% mystery buyer. MIN?
  • TPW -4.5% results disappoint.
  • SEK -4.3% underwhelming outlook.
  • LRS -5.7% profit taking.
  • SLX -4.3% second full scale laser module completed.
  • RGN -3.0% results presentation.
  • MAY -33.3% drilling report in Cuba.
  • COE -7.1% broker downgrades.
  • Speculative Stock of the Day: Lake Resources (LKE) +16.7% The company announced it had completed the intermediate milestone to achieve DFS with a successful extraction and injection tests at Kachi.

HEADLINES

  • RBA Minutes.
  • Annual wages growth fell to 3.6% in the June quarter from 3.7%in the March quarter.
  • Japan saw robust export growth to an annualised 6% expansion in the second quarter, beating market expectations. Exports rebounded 3.2% from the previous quarter, largely driven by the spike in car shipments, while imports plunged 4.3% over the time period.
  • The People’s Bank of China lowered the rate on its one-year loan by 15bps to 2.5% today. Looking now for a potential rate cut in China’s lending benchmark loan prime rate (LPR) next week.
  • China retail sales rose by 2.5% in July from a year ago, below expectations for a 4.5% increase. Industrial production rose by 3.7% in July from a year ago, below the 4.4% increase analysts had expected.
  • Real estate investment fell by 8.5% from a year ago as of July, a greater decline than as of June.
  • The Chinese urban unemployment rate ticked up to 5.3% in July from 5.2% in June. Authorities have stopped counting youth unemployment. Too high.
  • Trump charged in Georgia election interference case.
  • Hollywood studios have made a new offer to striking screenwriters that includes concessions on issues such as the use of AI and access to viewer data.
  • Tesla has added two lower spec versions of its less popular Model S and X electric vehicles in the US and Canada, slashing the price by US$10,000 as competition intensifies.
  • Micheal Burry sells Alibaba and JD.com. Buffett buys US homebuilders.
  • UBS pays US$1.4bn to settle US mortgage bond mis-selling case
  • Saudi Arabia has now spent US$480m on football stars this year.

COMPANY NEWS

And finally…..

Clarence

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