ASX 200 rose 27 points to 7148 (0.4%), bouncing off the important 7100 level. Banks and BHP leading the way. Results continue to surprise.In every sense. The Big Bank Basket rose to $173.08 (+0.8%). Insurers bounced back, QBE up 1.5%, and SUN up 1.3%. MQG going nowhere, down 0.6%. REITs mixed with SCG and VCX easing back. Healthcare remains in ICU as CSL wallows, down 0.4%, RMD off 1.5% and COH falling 0.6%. Industrials were firm, TLS eased after a good run yesterday. WES up 1.2% and WOW rallied 3.5% on good results. COL continued to suffer on downgrades off 0.4%. Tech got whacked as WTC fell 19.6% on an earnings miss. The All–Tech Index cratered, down 1.8%. Resources back in favour, BHP up 1.9%, leading the miners higher. Commodity prices helping, FMG up 2.5% and RIO up 2.4%. Gold miners continued the rally, NCM up 0.4% and NST higher by 1.1%. Lithium stocks found some support, PLS up 1.0% and MIN up 2.8%. Oil and gas eased with WDS off 1.2% and STO continuing to fall on ho-hum numbers. In corporate news, some big companies reporting today, WOW much better than COL. DMP rallied hard on job cuts and a new cunning plan. APA in a trading halt raising $750m to buy some Alinta WA assets. WOR rose 0.6% as profit dropped, REH off 2.4% on slowing demand, and PPM down hard on a dividend cut and a drop in profits. In economic news, Australian Services PMI fell to 46.7 in August. Asian markets mixed again, Japan up 0.4%, HK up 0.5% and China off 0.9%. Dow Futures up 94 points. Nasdaq Futures up 65 points.

HIGHLIGHTS

  • Winners: MMS, DTL, DMP, IEL, SGF, LRS, MND.
  • Losers: WTC, PPM, OBL, ILU, NAN, CTD, PRN
  • Positive sectors: Banks. Iron ore. Gold miners. Insurers.
  • Negative sectors: Oil and gas., Tech. REITs.
  • High 7174 Low 7116
  • Big Bank Basket: Rises to $173.08 (+0.8%)
  • All-Tech index: Down 1.8%
  • Gold:  Steady at $2954.
  • Bitcoin: Steady at US26011
  • Aussie Dollar:  Better at 64.42c.
  • 10-Year Yield: Eases to 4.20%.
  • Asian markets mixed again, Japan up 0.4%, HK up 0.5% and China off 0.9%
  • US Futures: Dow up 65 Nasdaq up 77
  • European markets looking at a higher opening.

MAJOR MOVERS

  • MMS +13.0% results cheer. Novated leases rule.
  • DTL +12.5% good bounce on broker reports.
  • DMP +11.8% is Dom is good!
  • IEL +9.5% results better than expected.
  • LRS +9.8% bottoming.
  • SGF +7.8% salary packaging in vogue.
  • MSB +10.1% buyers back.
  • 29M +9.7% copper price move.
  • NMT +6.0% Mercedes battery recycling plant purchase.
  • OBL -5.6% FY results.
  • WTC -19.6% do not disappoint.
  • PPM -14.2% result sell off.
  • ILU -11.3% results
  • MFG -8.1% ex-div and special.
  • CTD -6.9% results.
  • NAN -8.9% broker downgrades.
  • RFG -11.3% result
  • IPO of the Day CVB -29.2% Not a great start and AI in the title too.
  • Speculative Stock of the Day: 4DS +89% on good volume as the company announced Megabit success.

HEADLINES

  • Australian Services PMI fell to 46.7 in August, down from 47.9 in July, its lowest level since Jan-22.
  • Australian Manufacturing PMI fell to 49.4 in August, marking the sixth month of contraction in the manufacturing sector.
  • Judo Bank Flash Australia Composite fell to 47.1 in August from 48.3 in the previous month, the lowest figure in 19 months.
  • Japan Services PMI rose to 54.3 in August from 53.8 in July. Japan Manufacturing PMI edged up to 49.7 in August up from 49.6 in July.

ASIAN MARKETS

  • China vowed to take “necessary steps” to safeguard food safety and the marine environment as eth approach of the Fukushima nuclear water release looms.
  • Hong Kong property developers saw the lowest sales since 2019 for new residential units.
  • Tesla has announced a regional headquarters in Malaysia.
  • Baidu reported better-than-expected revenue, up by 15% year-on-year in the second quarter and bolstered by growth in advertising.

US and EUROPEAN HEADLINES

  • Supply chain shortages delay tech sector’s AI bonanza. Nvidia results tonight.
  • Cathy Wood has doubled stake in Adyen.

And finally…..

I’ve deleted the phone numbers of all the Germans I know from my mobile phone. Now it’s Hans free.

Best Joke at the Edinburgh Festival….I mean really….”I started dating a zookeeper, but it turned out he was a cheetah.”

Some of the top ten…

When women gossip we get called bitchy; but when men do it’s called a podcast.

I entered the ‘How not to surrender’ competition and I won hands down.

My grandma describes herself as being in her “twilight years” which I love because they’re great films

All politically correct…

Clarence

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