ASX 200 kicked 58 points higher to 6838 (+0.9%) after a tentative start. Plenty going on in resources today. BHP commits to potash in Canada up 1.6%. RIO and FMG also kick higher on better iron ore prices. Gold miners a little flat, with NEM down 2.3% and CMM off 1.3%. Lithium producers under pressure again, but the dreamers and schemers were on a roll, AZS up 4.6%, WC8 up 7.1% and TG6 going well again, up 45.5%.  Uranium is the new lithium boom as PDN rose 7.9%, BOE up 4.9%, and DYL racing 6.8% ahead. Coal stocks slipped with oil and gas modestly better. Banks were slightly better, with the Big Bank Basket at $170.64 (+0.4%). Insurers better led by QBE, but MQG still out of favour with results pending. REITs had a great bounce, with GMG up 2.2% and SCG rallying 1.7%. Sector looks oversold. Industrials were mixed, staples eased back again, WOW down 0.6%, COL up 0.4%, and TLS unchanged. Elsewhere, some green on screen, WES up 1.0%, ALL up 1.3%, and BXB doing well up 2.4%. Tech was slightly better with the All-Tech Index up 1.0%. In corporate news, MIN took a 19% stake in WC8, ORI fell 1.4% on legal news, ACL up 0.4% after extending the HLS bid. ABB in a trading halt with a capital raising to fund the SYM deal. On the economic front, building approvals cratered, the IMF recommended that the RBA raise rates. Asian markets better, Japan the stand out, up 2.4%. 10Y yields hovering just below 5% at 4.96%. Dow Futures down 67 points. NASDAQ Futures down 25 points. 

HIGHLIGHTS

  • Winners: CHN, PDN, WC8, DYL, MAD, AD8, PME, BOE
  • Losers: NHC, BGL, CXO, LRS, SYA, AKE, 360
  • Positive sectors: Iron ore. Healthcare. Oil and gas. Insurers.
  • Negative sectors: Lithium majors.
  • High 6833 Low 6788
  • Big Bank Basket: Lower at $170.64 (+0.4%)
  • Iron ore jumps 1.2% in Singapore. Citi upgrades too.
  • All-Tech index: Up 1%
  • Gold: Slips to $3123.
  • Bitcoin: Higher at $34,464
  • Aussie Dollar:  Steady at 63.33c
  • 10-Year Yield: Higher again at 4.95%
  • Asian markets weaker Japan up 2%, HK unchanged.
  • US Futures: Dow down 67 Nasdaq down 25

MAJOR MOVERS

  • DYL +6.8%, PDN +7.9%, BOE +4.9% uranium is back.
  • MAD +6.4% broker upgrades.
  • WC8 +7.1% MIN buys 19.85% at 85c.
  • TPW +4.8% broker upgrades. 
  • CHN +8.9% the brew that is true.
  • AZS +4.6% speculation on rival bid from MIN or Gina.
  • NVX +10.4% US$100m grant from US DOE finalised.
  • INR +10.7% partnership with EcoPro.
  • EL8 +15.6% shallow uranium play.
  • AGE +14.0% snapping to it.
  • IVZ -10.6% profit taking.
  • BCB -4.4% Lenton coal reserve update,
  • PAR -30.6% very subpar on capital raise.
  • ALC -27.8% capital raise.
  • ORI -1.4% suing CF Industries in the US.
  • LRS -4.1% following Sigma lower.
  • SYA -4.0% sayonara.
  • NHC -4.5% coal stocks on the nose.
  • Speculative Stock of the Day: TG6 +45.5% second day running. Lake Johnston lithium hits

HEADLINES

  • China’s factory activity unexpectedly contracted in October, a private survey showed on Wednesday, raising questions over the state of the country’s fragile economic recovery at the start of the fourth quarter.
  • The Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July and missing analysts’ forecasts of 50.8 by a large margin.
  • The PBoC drained 109bn yuan ($14.9bn) on a net basis from money markets via offering seven-day reverse repurchase agreements, and short-term loans.
  • Japan ramps up yen intervention warning after BOJ -fueled selloff.
  • China has loosened the rules surrounding the local carbon market after prices rose to a record, to make it easier for power generators to meet rising winter demand.
  • Fed night tonight. Treasury also announces refunding requirements. Preview from Monday of US$776n in debt auctions.
  • Building Permits MoM in Australia fell -4.60% in Sep-23, down from 7% the previous month.
  • Australia’s CoreLogic Home Value Index rose 0.9% in Oct-23, marking the eighth consecutive month of growth.
  • Australia’s manufacturing sector continued to contract in Oct-23, with the Ai Group Industry Index falling by 8.1 points to -20.9. This negative trend has persisted since Sep-22.

And finally…..

Why is it when archaeologists find human remains, they always determine that they are either male or female and none of the other hundreds of genders?

• How is it that the government can’t control gasoline prices…but the weather is something they can fix?

• We’re churning out a generation of poorly educated people with no skill, no ambition, no guidance, and no realistic expectations of what it means to go to work.—Mike Rowe

• If kids knew what they wanted to be at age eight, the world would be filled with cowboys and princesses. I wanted to be a pirate. Thank goodness nobody took me seriously and scheduled me for eye removal and peg leg surgery. —Bill Maher

• Why were we told to lower our AC usage on hot days to prevent overwhelming the electric grid while simultaneously being told to trade in our gas cars for electric vehicles?

• Why is canceling student debt a good idea? Does it make sense to reward people who do not honor their financial commitment by taxing the people who do?

• Does it make sense to cut off oil from an ally and buy it from an enemy who calls for your death?

• Are we living in a time where intelligent people are silenced so that stupid people won’t be offended?

• Why is talking sexually in the workplace considered sexual harassment to adults… but talking about sexuality to children K-3 at school considered education.

• If your electric car runs out of power on the interstate, do you walk to a charging station to get a bucket of electricity?

• I just got a full tank of gas for $22. Granted, it was for my lawn mower, but I’m trying to stay positive.

• If an 18-year old isn’t mature enough to own a firearm, then they surely aren’t mature enough to vote.!

• Nobody called it “Toxic Masculinity” when we were saving the world.

• Mice die in mouse traps because they do not understand why the cheese is free. Just like today’s Democrat socialism.

• The most powerful governments on earth can’t stop a virus from spreading… but they say they can change the Earth’s temperature if you pay more taxes.

• If socialism is so good and capitalism is so bad… then why in hell aren’t the caravans heading to socialist Venezuela?

Why doesn’t Tarzan have a beard when he lives in the jungle without a razor?

Why do we press harder on a remote control when we know the batteries are flat?

Why do banks charge a fee on ‘insufficient funds’ when they know there is not enough?

Why do Kamikaze pilots wear helmets?

Clarence

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