ASX 200 fell 5 points to 7173 (-0.1%) in a day of consolidation closing near highs for the day. Plenty of corporate news around, from Chemist Warehouse’s reverse takeover to MFG FUM and MGF deal. Plus, we saw a bid for PPT up 6.7%. Banks eased back very slightly, with NAB down 0.4% and MQG down 1.4%, with the Big Bank Basket steady at $181.97. Insurers fell heavily as yields rose to 4.34% in the 10s. QBE down 2.8%, and SUN down 1.8%. REITS mostly firmed though GMG fell 0.7%. Healthcare eased back, with CSL down 0.4% and RMD off 0.6%. Industrials were lower, BXB down 1.0%, ALL off 1.2%, and TLS fell 0.3%. Tech mixed, All Tech Index up 0.4%. Resources were mixed again, iron ore miners better, RIO up 1.0% and FMG up 1.6%, with BHP lagging on some C-Suite changes. Lithium stocks pushed higher as PLS continued its rally up 5%. MIN up 1.7%, and IGO rallying 2.7%. Gold stocks struggling to gain traction, EVN trying to stabilise up 1.4%. Uranium stocks remained under pressure after BOE acquisition and placement. Oil and gas are remarkably stable, WDS up 0.4% and STO rising 0.7%. In more corporate news, 4DX readies $30m placement, rumours that WDS and STO have been exploring a merger. SWM announced its CEO was stepping down and GQG partners revealed FUM grew US$9bn. In economics, our trade surplus widened in October on exports driven by metal ores and minerals and a decline in imports. Asian markets eased again, with Japan down 1.2%, China off 0.2% and HK off 1.3%. Dow Futures down 26 points. NASDAQ Futures down one point. 

HIGHLIGHTS

• Highs: IFM, PPT, FCL, JDO, PLS. MFG
• Lows: BOE, MRM, PDN, THL, CXO, LOT
• Positive sectors: Iron ore. Big lithium. Oil and gas. Fund managers.
• Negative sectors: Healthcare.
• ASX 200 Hi 7179 Lo 7150
• Big Bank Basket: Steady at $181.97
• All-Tech Index: Up 1.7%
• Gold: Higher to $3102
• Bitcoin: Hitting highs at US$44077
• AUD: Lower at 65.32c
• Asian markets slipped, Japan down 1.7%, China off 0.4% and HK off 1.5%.
• US futures: Dow futures down 24 Nasdaq down 1.

MAJOR MOVERS

• PPT +6.7% SOL NBIO approach.
• PLS +5.0% short squeeze continues.
• CHN +3.0% basking in permitting glory.
• TPW +3.7% Buyback update
• SQ2 +4.2% BNPL back.
• ZIP +25.0% going well. Advent Calendar pick.
• MFG +4.7% FUM and MGF update.
• MGFO +300.00% Nick Bolton cleans up.
• A11 +9.3% lithium bounce.
• C79 -3.9% low volume sell off.
• BOE -8.0% acquisition and capital riase.
• PDN -6.0% losing lustre.
• CXO -5.6% sell off resumes.
• RDN -10.3% sell-off continues.
• Speculative Stock of the Day: Invictus Energy (IVZ) +28.1% gas discovery at Mukuyu -2.

COMPANY ANNOUNCEMENTS

ECONOMIC AND OTHER HEADLINES

• Dr Sarah Hunter has been appointed to the RBA board as chief economist.

International Trade

• The seasonally adjusted balance on goods increased $945m in October.
• Goods credits (exports) rose $182m (0.4%) driven by Metal Ores and minerals.
• Goods debits (imports) fell $763m (1.9%) driven by Industrial transport equipment n.e.s.

• China’s exports expanded in November from one year ago while imports surprisingly shrank. Overseas shipments in dollar terms rose 0.5% from a year ago.
• Imports declined 0.6%, compared with the consensus expectation of a 3.9% gain. The resulting trade surplus was $68.39bn.

• Moody’s Investors Service cut its outlook for eight Chinese banks to negative from stable.
• Musk’s SpaceX is discussing a tender offer that could range from $500m to $750m implying a premium to the US$150bn valuation just a few months ago.
• President Biden moved to forgive $4.8bn in student loans providing relief to more than 80,000 borrowers. Some 3.6 million borrowers have received $132bn in total loan forgiveness under Biden.
• US Senate Republicans sink Ukraine aid bill in dispute over immigration.
• Kevin McCarthy says he will leave Congress at the end of December.
• Italy formally pulls out of China’s Belt and Road Initiative.Not a Versace belt. Cheap knock off. Understandable.

And finally…..

Clarence

XXXX