ASX 200 fell 63 points to close at 7062 (0.9%) on weaker international leads and falling commodity prices. RBA left rates unchanged again, but limited ASX reaction.  Resources hit hard with iron ore miners under pressure, BHP down 1.3% and FMG off 0.9%, Lithium stocks remain depressed with IGO falling 6.7%, PLS down 8.5% and MIN copping a 4.3% fall. Gold miners retreated from the heady times of yesterday with NST down 4.0% and NEM slipping 2.7%.  EVN raising $525m for an acquisition. Oil and gas stocks also fell hard as crude failed to launch, WDS down 2.7%, STO off 0.9% and coal stocks also down. Industrials held up in places, WOW and COL showed modest gains, WES fell only 0.6% despite its lithium exposure, tech saw profit taking, WTC down 1.0% and XRO off 1.0% with the All–Tech Index down 0.8%. Healthcare better with RMD up 1.8% as the recovery continues. Banks eased back slightly with the Big Bank Basket down to $179.29c (). MQG fell 0.7% and insurers eased back again. In corporate news, ORG returned after the cunning Plan A was rejected by Aussie Super and rallied 2.2%, CMM dropped 8.4% on some director selling, same with 360 falling % and MSB returned from its 150th capital raise and dropped 18.0%. MPL up 0.3% on an agreement to increase stake in My Health. On the economic front, the much-anticipated Xmas present from Michele was delivered with a pause in rate rise. Not much movement on this AUD slid around 0.5% and 10-year yields at 4.41%. Asian markets weaker with Japan down 1.1%, China off 0.8% and HK down 1.8%.

HIGHLIGHTS

  • Highs: URW, IFM, RFF, CRN, ORG, NAN
  • Lows: CXO, LTR, PLS, CMM, CTT, IGO
  • Positive sectors: Healthcare. Utilities.
  • Negative sectors: Iron ore. Gold. Lithium. Oil and gas. Financials. Tech.
  • Big Bank Basket: Slightly lower at $179.29
  • All-Tech Index: Fell 0.8%
  • Gold: Eases back to $3088
  • Bitcoin: Off highs at US$41,784
  • AUD: Lower at 65.84c post RBA decision.
  • Asian markets: Japan down 1.1%, China off 0.8% and HK down 1.8%
  • US futures: Dow Futures Down points Nasdaq down 40.

MAJOR MOVERS

  • SMR +1.9% bounced back from yesterday’s loss.
  • ORG +2.2% Plan A fails. Broker upgrades.
  • COH +1.7% investors listening.
  • EEG +17.7% gas plant acquisition yesterday.
  • EXP unchanged- broker upgrade.
  • CHN -4.5% poisoned again.
  • RSG -3.3% golds suffer.
  • CXO -9.8% broker downgrades.
  • LTR -9.2% searching for lows.
  • CMM -8.4% director sales.
  • PLS -8.5% shorts winning.
  • IGO -6.7% the sell-off continues.
  • MIN -4.3% hitting year lows.
  • MSB -18.0% another capital raise sinks shares.
  • RDN -16.3% multiple lithium soil anomalies at Mt Sholl.
  • SBM -9.3% gold losses.
  • Speculative Stock of the Day: Alterity Therapeutics (ATH) +75.0% ahead of webinar.


COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

RBA leaves rates unchanged.

  • Sees High Level of Uncertainty Around Outlook for China
  • Decision to Hold Rates Steady Will Allow Time to Assess Impact of Prior Hikes
  • Job Market Conditions Continue to Ease Gradually
  • Wages Growth Not Expected to Increase Much Further
  • Measures of Inflation Expectations Consistent With Targets
  • Recent Data in Line With Central Bank’s Expectations
  • Whether Further Rate Hikes Are Needed Will Depend on Data
  • RBA Cash Rate Target Unchanged at 4.35%

Click here for the full announcement.

  • The current account balance, seasonally adjusted, fell $7,940m to a deficit of $158m.
  • “The current account deficit reflected a reduced trade surplus, driven by falls key export commodities prices, while the net primary income deficit narrowed slightly.”
  • The capital and financial account surplus was $3,124m, a turnaround of $20,261m on the June quarter 2023 deficit.
  • The net international investment liability position was $814,685m at 30 September 2023.
  • Fortescue (FMG) has shipped its first batch of African iron ore from the Belinga iron ore project in Gabon.
  • The Caixin China services purchasing managers’ index for November climbed to its highest in three months, diverging from China’s official PMI reading that showed a contraction.
  • This private survey reading came in at 51.5 in November rising from 50.4 in October and 50.2 in September.

HEADLINES

  • Japan’s business activity contracted for the first time this year, according to the au Jibun Bank.
  • The inflation rate for Japan’s capital, Tokyo, came in at 2.6%, down from the 3.3% in October.
  • South Korean inflation fell to 3.3% for November, coming in below expectations and marking its first decline in three months of acceleration.
  • US funding for Ukraine set to run out by end of the year, White House warns.
  • US Supreme Court grapples with Sackler liability releases in Purdue bankruptcy.
  • Roche to buy Carmot for up to $3.1bn as race for obesity drugs intensifies.
  • Nvidia will build a network of semiconductor plants in Japan in partnership with the country’s companies to meet demand for artificial intelligence-powering graphics chip.
  • This week’s GOP presidential primary debate will have the smallest stage yet, with just four candidates facing off Wednesday night.
  • The Premier League sold four years of UK broadcast rights for £6.7bn(US$8.4bn), mostly to its biggest existing partners Sky Sports and TNT Sports.
  • Qatar sells down Barclays stake.
  • And finally…..
  • Clarence
  • XXXX