ASX 200 rose 6 points to 7122 (0.1%) as results continue to dominate. ‘Do not disappoint’ is the mantra. BHP, the big one to report today, was a little underwhelming, although most was known after production numbers. The stock fell 0.7% with a slight miss to the dividend. Other miners were steady with big lithium in demand, PLS up 1.9% and AKE rallying 1.7% on results. Gold miners also in demand, NCM up 1.2% and NST up 2.4%. Oil and gas stocks eased as WDS reported, dropping 1.0% and STO down 0.5%. Coal stocks modestly better. Industrials were selective, TLS rallied 3.3% on some broker moves, tech better following Nasdaq higher with WTC and XRO both doing well, The All–Tech Index up 2.5%. Standouts were ALU up 25.9% on much better numbers and broker upgrades. MP1 was catapulted higher on better numbers, up 16.9%. Healthcare remains in the ICU, RMD down 1.6% and CSL off 1.0%. REITs better with SCG up 3.8% and VCX bouncing 3.1%. Banks better too with WBC finding some friends, up 1.3%, and NAB recovering 1.3%. Insurers weak, QBE off 1.7%. In corporate news, HUB results cheered with the stock up 11.3%, MAD rallied 8.5%, AD8 put on another 9.3% after broker upgrades. PRN down 12.4% on results and DTL missed EPS numbers and fell 18.8% KGN also in trouble as Ruslan tried to convince investors that it wasn’t a retailer. The market seemed to concur, falling 11.2%. AWC fell 8.0% on numbers and COL fell 7.1% as costs rose and shoppers ramped up thefts. WES and WOW fell hard too. On the economic front, ANZ–Roy Morgan consumer confidence fell 2.4%. In Asian markets, a mixed picture with Japan up 0.7% HK up 0.2% China down 0.3%. 10Y yields back up to 4.29%. Dow futures down 26 points. Nasdaq futures off 14 points. 

HIGHLIGHTS

  • Winners: ALU, MP1, HUB. AD8, MAD, PDN, SLX
  • Losers: DTL, PRN, ACL, KGN, AWC, LRS, NHF
  • Positive sectors: Gold miners. Banks. Tech. Lithium. REITs.
  • Negative sectors: Oil and gas. Healthcare. Consumer staples.
  • High 7125 Low 7090
  • Big Bank Basket: Rises to $171.78 (+0.5%)
  • All-Tech index: Up
  • Gold:  Eased to $2952.
  • Bitcoin: Slips to US26016
  • Aussie Dollar:  Better at 64.20c.
  • 10-Year Yield: Higher at 4.28%.
  • Asian markets:  Japan up 1.0% HK up 0.2% China down 0.3%
  • US Futures: Dow up 8 Nasdaq up 10
  • European markets looking at a higher opening.

MAJOR MOVERS

  • ALU +25.9% results and broker upgrades.
  • MP1 +16.9% better results and squeeze.
  • HUB +11.3% results beat expectations.
  • PDN +8.2% SLX +7.1% BOE +6.1% uranium on the march again.
  • RBL +21.1% inflated on results.
  • NXL +9.9% legal costs win.
  • EMV +5.5% latest clinical trial insights.
  • DTL -18.8% missed expectations.
  • PRN -12.4% miss
  • KGN -11.2% disappointment.
  • LRS -7.6% slipping again.
  • QPM -30.1% capital raising.
  • IVZ -11.8% drilling ahead.
  • SZL -7.7% lost its sizzle.
  • Speculative Stock of the Day: No volume winners. ALU and MP1 dominate.

HEADLINES

  • Softbank’s Arm IPO roadshow begins.
  • China is escalating its defence of the yuan. The PBoC set its daily fixing for the yuan at 7.1992 per dollar, compared with an average estimate of 7.3103 in a Bloomberg survey.
  • Rice prices surged to their highest in almost 12 years, after supplies in Asia’s primary staple food were limited by India’s rice export ban and adverse weather conditions.
  • India has slapped a 40% export tax on onions on the back of higher domestic prices.
  • Japan said on Tuesday it will start releasing more than 1m metric tonnes of treated radioactive water from the Fukushima nuclear power plant on Aug. 24.
  • BRICS summit begins in JoBurg
  • Trump says he will surrender to Georgia authorities on Thursday.
  • Microsoft submits new deal to UK’s CMA for Activision deal.

And finally…..

Clarence

XXX