ASX 200 finished the week down 67 points to 7115 (0.9%). Down 33 points for the week. Results the focus. Weakness across the board on the back of the US sell-off. Banks brought back to earth with a bump, the Big Bank Basket down to $173.12 (-1.1%). NAB down 1.8%, with MQG off 0.8%. Insurers also fell hard as QBE dropped 1.6% and IAG off 3.2% on ASIC news. Fund managers also in the dumps. Healthcare mixed, RMD up 0.6% and CSL down 0.2% on director selling. RHC falling again. REITs soft SGP off 1.2% and SCG down 1.5%. Industrials mixed, WES results cheered with the stock up 3.2%, WOW ok too up 0.9%, but elsewhere selling dominated. TCL off 1.1%, ALL down 1.5% and REA falling 1.4%. Tech under pressure, WTC gave back 4.8%, with XRO down 3.3%. The All–Tech Index down 1.2%. MP1 gave back some gains too. In resources, BHP hit hard down 1.7%, RIO off 0.9% and MIN off 1.4%. FMG down 0.6% with PLS off 8.0% on results that disappointed apparently. Gold miners eased, coal stocks under pressure and oil and gas stocks down. WDS off 1.3%, and STO off 1.2%. In corporate news, AX1 had a great day, proving the retail critics wrong up 17.1%, ABB had a good result up 11.0%, CBO sold a lot of olive oil and rose 5.3%. PXA fell 6.0%. Nothing on the economic front, some death data to cheer us up the exception. Asian markets under pressure, Japan down 0.9%, HK down 1.1% and China down 0.7%. 10-year yields 4.16%. Dow Futures up 23 points. Nasdaq Futures down 66 points. 

HIGHLIGHTS

  • Winners: AX1, ABB, IRE, REG, LOV, CBO, RSG
  • Losers: CTT, JDO, PLS, TAH, AZS, WHC, NXL, WBT
  • Positive sectors: Staples.
  • Negative sectors: Banks. Tech. Miners. Gold. Oil and gas.
  • High 7164 Low 7092
  • Big Bank Basket: Rises to $173.12 (-1.1%)
  • All-Tech index: Down 1.2%
  • Gold:  Higher at $2983.
  • Bitcoin: Lower at US26,057
  • Aussie Dollar:  Lower at 64.17c.
  • 10-Year Yield: Rallies to 4.16%.
  • Asian markets firms, Japan down 2.1% HK off 1.3% and China down 0.5%.
  • US Futures: Dow up 55 Nasdaq down 18.
  • European markets opening slightly lower.

MAJOR MOVERS

  • AX1 +17.1% if the shoe fits. Better than expected numbers.
  • ABB +11.0% results cheer.
  • IRE +9.9% clarifies guidance.
  • LOV +6.3% brokers back in love.
  • CBO +5.3% the good oil.
  • 4DS +22.7% switch from Nvidia.
  • ALG +6.6% buyback.
  • AD8 +4.1% rally continues.
  • BVS +44.0% beats forecasts. And some.
  • WC8 +8.1% continues to impress.
  • TGA +12.4% takeover approach.
  • CTT -10.3% sellers back.
  • PLS -8.0% results not good enough.
  • JDO -8.9% chopped again.
  • NXL -6.3% tech sell off.
  • WHC -6.4% coal eases.
  • WBT -6.3% tech sell off.
  • AZS -6.7% fell Andover fist.
  • Speculative Stock of the Day: Sabre Resources (SBR) +17.8% major new lithium target identified with Andover look-a-like.

HEADLINES

  • ANZ seeks review of the Suncorp (SUN) decision by the independent Australian Competition Tribunal.  Isn’t that the same as the ACCC?
  • Goldman Sachs has lowered its 2023 regional earnings growth forecast” from 0 to -2% taking into account revised China estimates due to property risks.
  • Outrage mounts in China about the Fukushima water release. China and HK bans seafood from Japan.
  • China Construction Bank warns of pressure on profit margin
  • Trump takes to Twitter. X marks the spot.
  • BRICs summit wraps up its 15Th meeting. Nothing done in the last 15 either.
  • Subway gets sold for US$9bn.
  • Jerome Powell to speak at Jackson Hole. At the last Symposium inflation was 8.3%. Now 3.2%. Been a good year. Take a bow. 3.5% unemployment last year. Still the same.

And finally….

I used to date an air stewardess from helsinki.

I dropped her off at work one day and she vanished into Finnair.

A long time back, (when it was fashionable), my mum always wanted a fur coat but they were very costly. 200 guineas plus. My Dad surprised her on her birthday with one he picked up for £20. Why was it so cheap? It was made from hamsters. 362 pelts to be exact, but did not let on to mum. As an extra treat he took her to Blackpool for the day so that she could parade it up and down the prom. Big mistake. It took him 6 hours to get her off the big wheel.

The first rule of Cliffhanger Club is…

Clarence

XXXX