ASX 200 fell another 53 points to 6890 (0.8%), an 11-month low with banks and industrials in the firing line today. The Big Bank Basket dropped to $172.06 (-1.6%), with CBA down 1.6% and MQG falling 2.1%. Insurers are once again under pressure despite rising bond yields, usually good for the sector. QBE down 1.0%, SUN off 1.6% and REITs sold off yet again. VCX down 1.5% and SGP off 1.3%. Tech eased, with WTC down 0.8% and XRO off 0.8% as the All-Tech Index dropped 0.7%. Industrials fell across the board, TCL down 0.9%, WES off 0.6%, and TLS falling 1.3% on the TPG/VOC news of the DD period expiring. Resources found a little support on the falling AUD with BHP down only 0.3% with RIO up 0.7%. Gold miners saw a few brave souls venture out with NCM up % and EVN up %. Lithium stocks tried to steady, LTR pushed 0.7% higher on more Gina buying. Oil and gas stocks slid slightly, with WDS down 0.9% and STO off 1.1%. In corporate news, MIN dipped 1.3% after finalising a $1.1bn debt deal. Nothing on the economic front. RBNZ kept rates unchanged over the ditch. Asian markets weaker again, with Japan down 2.0% and HK off 0.9%. 10Y yields up to 4.66%. Dow Futures down 56 points. NASDAQ Futures down 34 points. 

MAJOR MOVERS

  • CTT +4.3% good bounce.
  • DTL +3.2% bouncing off support.
  • SLR +1.8% bargain hunters.
  • LTR +0.7% Gina buys more.
  • BOT +14.8% recent annual report.
  • NMT +9.7% new lithium flowsheet.
  • OPT +9.4% positive announcement on Euretina Congress.
  • BNR +25.3% EPA greenlight – DA to come.
  • MAD -8.8% slides back.
  • WBT -4.8% under pressure again.
  • CXO -6.0% profit taking.
  • JDO -4.6% chopped again.
  • LRS -1.9% reversal continues.
  • GLN -7.6% Canadian lithium acquisitions.
  • 4DX -11.1% slips back down.
  • Speculative Stock of the Day: Noxopharm(NOX) +61.3% Good volume as FDA grants Orphan Drug Designation for CRO-67.

HEADLINES

  • The Ai Group Australian Industry Index rose by 8.2 points to -3.5 in September 2023, remaining in contraction for a 17th consecutive month.
  • RBNZ keeps rates unchanged. Bank says ‘interest rates may need to remain at a restrictive level for a more sustained period of time’.
  • Japan will take appropriate steps against excessive moves in their currency according to the finance minister.
  • McCarthy ousted as House Speaker by Republican rebels.Will not contest the post again.
  • According to Ray Dalio, founder of Bridgewater Associates, the US restrictions on advanced semiconductor exports to China are similar to the oil ban it imposed against Japan prior to the outbreak of war in 1941. He has been consistently warning against the risk of conflict.
  • Meta to charge users in EU for ad-free Instagram and Facebook.
  • OPEC Plus expected to keep output unchanged in catch up meeting.
  • UK Sunak to speak at Conservative Party conference.
  • European markets opening lower. Sandoz debuts. Novartis spin off.

And finally….

My Grandad only had one leg, but still managed to work 40 years in a brewery.

He was in charge of the hops.

Clarence

XXXX