ASX 200 dropped 96 points to 6982 (1.4%) as a broad sell-off hit the market as bond yields and Middle East conflict weighed on risk-takers. Big Banks down in the dumps, with CBA off 1.6% and the Big Bank Basket falling to $175.68 (-1.4%). MQG fell hard on US investment bank sell-off, down 2.7%. Insurers off too, despite 10-year yields rising to 4.78%. REITs in trouble, GMG down 2.5% and SGP off 1.3%. Healthcare too under pressure with CSL falling once again down 1.3%, although RMD managed to gain a mere 1.2%. Industrials weaker, WOW off 1.3%, TCL down 2.0% on traffic update, WES falls 1.7% on lithium woes. Retail fell, ALL off 1.7%, JBH off 1.1%, and TPW falling 3.3%. Travel stocks under pressure, WEB down 1.4% and FLT falling 3.6%. Tech fell hard, WTC off 1.6%, and XRO dropped 2.5%. The All–Tech Index down 1.5%. In resources, gold stocks were better, NST up 4.4% on production report. NCM unchanged ahead of impending Newmont deal, Lithium stocks taken out the back on an analyst downgrade to some majors overnight. PLS off 5.4%, MIN down 4.0% and LTR still scrambling around to get its equity raise away. Shorts will be happy. Iron ore miners fell, with BHP off 1.4% and RIO down 1.7%. Oil and gas stocks also under pressure WDS down 0.9%, and STO unchanged on production numbers. WHC fell 1.2% as a large block trade went through the market. In corporate news, WBT surged 6.8% on a deal with a large foundry, TLX dropped 10.1% in some disappointment on prostate cancer trial. QAN fell 2.5% as it terminated its AQZ deal finally. On the economic front, the jobs number headline was weaker than expected at only 3.6% unemployed. Asian markets weaker, Japan off 1.9%, HK down 2%, and China down 1.6%. Dow Futures down 36 points. NASDAQ Futures down 15 points. 

HIGHLIGHTS

  • Winners: DYL, A4N, WBT, FCL, ARB, NST
  • Losers: TLX, NWL, CHN, TYR, AWC, AKE, PLS
  • Positive sectors: Gold miners
  • Negative sectors: Everything else.
  • High 7053 Low 6952
  • Big Bank Basket: Higher at $175.68 (-1.4%) 175.68
  • All-Tech index: Down 1.5%
  • Oil eases in Asian trade
  • Gold: Better to $3091
  • Bitcoin: eases to $28,298
  • Aussie Dollar:  A little firmer at 63.02c
  • 10-Year Yield: Higher at 4.78%
  • Asian markets weaker Japan off 1.9%, HK down 2% and China down 1.6%.
  • US Futures: Dow down 40 Nasdaq down 14. Netflix will help.
  • European markets looking at heavy losses across the board.

MAJOR MOVERS

  • DYL +7.1% uranium bounce.
  • WBT +6.8% finally some good news on foundry deal.
  • NST +4.4% good quarterly and bullion price rise.
  • ARB +4.1% positive AGM comments.
  • PAN +13.9% positive update on Savannah.
  • MAY +12.5% stirring in Cuba.
  • LIN +11.11% nice bounce.
  • TLX -10.1% disappointing trial results so far.
  • NWL -7.8% business update.
  • TYR -6.4% selling continues.
  • CHN -6.0% never rains but it pours for Tim Goyder.
  • PLS -5.4% AKE -5.5% lithium majors under pressure.
  • ILU -4.4% quarterly review.
  • LTR – Capital raising pricing looking to be around 180c.
  • EGG -4.8% Meeting presentation. Auditor resignation.
  • Speculative Stock of the Day: Nothing on any volume today.

HEADLINES

  • The domestic unemployment rate remained unchanged at 3.6%. That number was below forecasts of a tad higher at 3.7%.
  • Chinese investors offloaded the most US bonds and stocks in four years in August.
  • China home prices fell at the fastest pace in almost a year in September. New-home prices in 70 cities, excluding state-subsidized housing, declined 0.3% last month from August, when they slipped 0.29%.
  • Fed Chair to deliver key speech today. How high, how long and how come.
  • Biden warns Israel to avoid 9/11 mistakes.
  • Jim Jordan loses second vote for US House Speaker.
  • Indian opposition calls for Adani Group probe over coal price allegations.
  • European markets set to open lower SAP results in focus.

And finally….

They are now talking about banning glitter this Christmas…

Its been on the cards for years!

A penguin walks into a bar and asked the barman if his brother had been in tonight.? The Barman said . “I dunno mate, what does he look like ?”

Fell asleep at a party last night and someone put a teabag in my mouth.
I went absolutely mental. No one treats me like a mug.

Clarence

XXX