ASX 200 slipped from strong early gains to close up 29 points at 7056 (+0.4%) as geopolitical events hang and RBA minutes show RBA thought about a rate rise. Plenty of green on screen today with the Big Banks doing well, CBA up 0.5% and the Big Basket Basket up to $177.81 (+0.7%). Insurers rallied, with QBE up 1.7% and MQG rising 0.6%. REITs were better again despite 10-year yields rising to 4.55%. GMG up 1.0%, and VCX leading the gains, up 2.3%. Industrials were weaker as defensive slipped, WOW was flat and WES off 0.3%. Healthcare under pressure again as CSL slipped another 1.5% despite every broker being bullish as normal. RMD managed to flatline, but Retailers struggled on RBA minutes. JBH down 1.3%, SUL fell 0.9%, and BAP was dumped 11.5% following bearish AGM comments. HVN down 2.4%. Tech better following the Nasdaq higher, WTC up 1.0% and the All Tech Index up 1.0%. Meanwhile, resources once again better, RIO production report failed to dampen enthusiasm as iron ore rose in Asian trade. BHP up 0.9% and FMG up 1.4%. Gold miners were a little mixed, NST down 1.1%, and NCM getting another court approval for its merger rose 0.2%. Lithium miners were mixed, PLS off 1.0% and AKE bouncing back 2.8%. Oil and gas are a mixed picture too, with WDS up 0.1% but STO up 0.5% on shareholder agitation. In corporate news, COH fell 0.5% on AGM guidance, HUB up 1.4% on its FUA, and A2M fell 0.9% on its ongoing dispute with SM1. On the economic front, RBA minutes and ANZ consumer confidence, RBA looks still live for another hike. In Asian markets, Japan up 0.6%, China up 0.3% and HK up 0.7%. Dow Futures down 45 points. NASDAQ Futures down 23 points. 

HIGHLIGHTS

  • Winners: CMW, A4N, TPG, VUK, NWS, MP1.
  • Losers: BAP, WAM, LRS, RSG, FCL, SYA
  • Positive sectors: Bank. Tech. REITs. Iron ore.
  • Negative sectors: Staples. Retailers. Gold miners.
  • High 7100 Low 7043
  • Big Bank Basket: Higher at $177.81 (+0.5%)
  • All-Tech index: Up 1.0%
  • Iron oil up in Asian trade.
  • Gold: Slips to $3014
  • Bitcoin: rallies to $28,181
  • Aussie Dollar:  A little firmer at 63.54c
  • 10-Year Yield: Higher at 4.54%
  • Asian markets higher, Japan up 0.9%, China up 0.5% and HK up 0.7%.
  • US Futures: Dow down 10 Nasdaq down 23

MAJOR MOVERS

  • GMD +2.1% DCN deal helping.
  • TPG +5.6% perks up.
  • AZS +2.4% investor webinar.
  • NWS +3.9% low volume.
  • A4N +6.7% CFO appointment.
  • VHT +18.8% quarterly update.
  • SGF +2.5% on AGM comments.
  • CXL +2.1% finding some support.
  • SQ2 +2.6% tech buyers back.
  • PMT +7.0% change of director’s interest from Ken Brinsden.
  • A1M +13.2% quarterly report.
  • BAP -11.5% AGM downgrades
  • WAM -6.2%  WLE -4.1 % Ex dividend and some.
  • RSG -5.3% golds five back a little.
  • CHN -2.9% falls again.
  • BOE -3.0% PDN -3.7% uranium slips.
  • HFR -10.5% falls off cliff.
  • Speculative Stock of the Day: Pinnacle Minerals (PIM) +61.11% Good volume too. Back from a trading halt with the following announcement. James Bay focus.

AUSTRALIAN HEADLINES

RBA MEETING MINUTES– The RBA considered a 25bp hike during the October meeting. Inflation remains well above target and is expected to remain so for some time. Services price inflation remained sticky, fuel prices added to headline inflation.

  • The ANZ-Roy Morgan Australian Consumer Confidence index fell by 3.7 points last week, dropping below 80.

HEADLINES

  • New Zealand’s annual inflation rate eased to 5.6% in Q3 2023, a decrease from 6% in Q2, marking the lowest figure since Q3 2021.
  • Biden to visit Israel Wednesday. Putin arrives in China to talk to Xi.
  • Goldman Sachs CEO retires as a DJ. Expected earnings of 531c and revenue of US$11.19bn.
  • Iran’s foreign minister has warned that “pre-emptive action is possible”.
  • Italy unveils €24bn in tax cuts and pay rises to spur faltering growth.
  • Taylor Swift’s Eras Tour concert film tallied US$92.8m during its debut, making it the second-highest domestic opening in October.

And finally some great words of wisdom

I had a rose named after me and I was very flattered. But I was not pleased to read the description in the catalogue: – ‘No good in a bed, but fine against a wall.’ – Eleanor Roosevelt.

I was married by a judge. I should have asked for a jury. – Groucho Marx

We could certainly slow the aging process down if it had to work its way through Congress. – Will Rogers

Clarence

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