ASX 200 up another 20 points to 7015 (+0.3%), off highs but holding up. Banks continue to find buyers with NAB volatile post results, WBC Ex-Dividend with the Big Bank Basket up to $178.05 (+0.6%). MQG kicked 1.5% higher, with insurers doing well too, SUN up 0.7% with SOL up 1.5%. REITs mixed, SCP and VCX down. Industrials holding up relatively well, Tech in a hole made by XRO with WTC down 2.7% following XRO after results and a bad reception, falling 12.2%. Healthcare better with CSL better, up 1.8%, but RMD falling back 3.6%. Resources were better as iron ore stocks recovered, BHP up 0.6% and FMG kicking 1.5%. Lithium finding some support from depressed levels, PLS up 1.1%, and gold miners slipping lower. NEM having another bad day off 4.3%, down 10% this week post the merger. Oil and gas eased, WDS down 1.8% and coal better, WHC up 1.0%. In corporate news, ORI rose 2.8% on better-than-expected results. NAB results were solid, ZIP fell 5.1% after AGM comments. CGF up 1.9% on an agreement with Apollo. On the economic front, business turnover increased. Chinese CPI slipped on pork price falls. Asian markets mixed, Japan up 1.2%, China off 0.1% and HK down 0.3%. 10-year yields down to 4.53%. Dow Futures up 3 points. NASDAQ Futures down 14 points. 

HIGHLIGHTS

  • Winners: IMU, NWH, S32, SQ2, ORI, FBU
  • Losers: XRO. MEI, HLS, IFM, SYT, REG, NXL, DYL
  • Positive sectors: Banks. Insurers. Healthcare. Industrials. Iron ore.
  • Negative sectors: Tech. Oil and gas.
  • High 7046 Low 7000
  • Big Bank Basket: Higher again $178.05 (+0.6%)
  • All-Tech index: Down 1.3%.
  • Gold: Lower at $3039
  • Bitcoin: Higher at $35169
  • Aussie Dollar:  Down to 64.14c
  • 10-Year Yield: Lower at 4.52%
  • In Asian markets, Japan up 1%, China flat and HK down 0.3%.
  • US Futures: Dow futures up 2 Nasdaq down 13.

MAJOR MOVERS

  • IMU +35.8% rally continues on recent trial results.
  • S32 +2.9% some relief.
  • SYA unchanged – strategic review and update.
  • ORI +2.8% results cheer.
  • RPL +6.8% gets a wriggle on.
  • XRO -12.4% slips below $100 on profit results. Global growth stock no more.
  • MEI -7.7% falls to Earth.
  • HLS -6.6% gives back some gains.
  • DYL -5.1% heading down still.
  • Speculative Stock of the Day: Krakatoa Resources (KTA) +65.38% thick pegmatites intersected at King Tamba. Raiden Resources (RDN) +28.2% Promising drill results from Andover.

ECONOMIC HEADLINES

Monthly Business Turnover

In seasonally adjusted terms, the September 2023 monthly business turnover indicator showed:

  • Rises in 10 of the 13 published industries
  • The largest rise was in Information media and telecommunications (3.2%)
  • The largest fall was in Manufacturing (-1.3%)
  • Year-on-year, rises were seen in 10 of 13 published industry

HEADLINES

  • Jerome Powell speaks tonight. Waiting….waiting…
  • OECD says Australian inflation-adjusted disposable incomes have hit their lowest level since June 2019 after falling for seven consecutive quarters.
  • EY follows PwC with 232 job cuts.
  • Tritium closes Brisbane factory. Hundreds of jobs to go.
  • Chinese Consumer prices fell 0.2% year-on-year in October. Slump in Pork prices to blame it seems. Producer prices extend declines to a 13th consecutive month.

And finally….

Clarence

XXX