ASX 200 rises another 38 points to 7515 (+0.5%) as banks and iron ore miners lead the market higher. The Big Bank Basket continued higher, $197.85 (+0.75%). MQG doing well on the market rally, up 1.6%. Insurers firm as QBE rises 0.6% and IAG up 1.5%. REITS steady, not going too far. Industrials firm, staples doing OK, WOW up 0.8% and COL up 0.6%, ‘old skool’ stocks up too, CAR up 1.1% and REA up 1.7%. Tech mixed, XRO down 1.2% and WTC up 2.7%. All-Tech Index up 0.7%. Resources picking up a little, iron ore stocks better on China stimulus moves, BHP up 1.0% and FMG up 0.8% with base metals finding some friends, S32 up 4.1% and IGO up 2.7%. Lithium stocks a little mixed, nothing in the oil and gas stocks. Coal similar. In corporate news, KAR issued a production update highlighting some technical issues with Bauna, down 4.0%. JDO had a great day with far better results than expected, up 16.6%, IEL dropped 5.9% on moves by Canada to limit student numbers. VEA lost 0.3% on gross refiner margins. Nothing on the economic front locally, BoJ kept rates unchanged, and China threatening to throw big money at the market. Asian markets mixed, with Japan at 34-year high. China flat but good bounce from HK up 2.7%. 10Y yields down to 4.13%. Dow Futures down 15 points. NASDAQ Futures up 21 points. 

HIGHLIGHTS

• Winners: JDO, CTT, PNV, LTM, MP1, S32, GQG
• Losers: APM, SMR, IEL, STX, GMD, BGL
• Positive sectors: Banks. Insurers. Healthcare. Iron ore.
• Negative sectors: REITs. Oil and Gas. Coal. Gold miners.
• ASX 200 Hi 7530 Lo 7477
• Big Bank Basket: Higher up 0.75%, $197.85.
• All-Tech Index: Up 0.7%
• Gold: Steady at $3074
• Bitcoin: Settles higher at US$40005.
• 10-year slips back to 4.19%
• AUD: Better at 65.91c
• Asian markets: Japan leaves rates unchanged. China stimulus hopes. Japan unchanged, China flat, HK up 2.5%
• Dow Futures down 15 Nasdaq up 21

MAJOR MOVERS

• JDO +16.6% positive update.
• PNV +6.3% good results yesterday and broker upgrades.
• LTM +4.7% broker upgrade.
• ILU +2.2% quarterly review.
• IGO +2.7% bottom fishing.
• S32 +4.1% broker upgrades.
• FDV +14.6% kicking higher.
• COE +13.6% bargain hunting.
• ARX +4.4% following PNV and AVH.
• QIP +14.7% upgrade to FY24 earnings.
• IEL -5.9% Canada moves to limit student numbers.
• ZIP -4.1% Profit taking after rise.
• GMD -4.7% gold miners seeing sellers.
• PIQ -12.1% raising $6.5m in placement.
• Speculative Stock of the Day: Cobre (CBE) +78.1% good volume as company announced 2024 Xplor agreement with BHP. BHP will provide Cobre with US$500,000 in non-dilutive funding to support and accelerate its exploration plans during the Xplor Program period.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

• Stage Three Tax cuts due to begin on July 1, will add around 0.4% to GDP in the following 12 months and are equivalent to about two quarter-point interest-rate reductions, according to ANZ Bank.
• Shaw and Partners is urging investors to gain exposure to uranium stocks before “panic buying” sets in. The broker now expects prices to reach $US150 a pound next calendar year.
• Scott Morrison to quit parliament.
• Bank of Japan keeps rates unchanged as expected. For the umpteenth time.

• Chinese authorities are considering a package of measures to stabilize the slumping stock market backed by US$278bn. More than US$6 trillion has been wiped out from the market value of Chinese and Hong Kong stocks since a peak reached in 2021.
• US and UK launch more strikes against the Houthis.
• India’s stock market has overtaken Hong Kong’s for the first time becoming the fourth largest stock market.
• Haley hits out at Trump’s ‘lies’ in last-gasp bid to win primary.
• ECB staff say Lagarde doing poor job as president, union survey finds.

And finally….

Evidently the police want to interview me.
That’s strange because I didn’t even apply for the job.

I rang the Scam Victims’ Helpline. Now all I’ve got to do is send them their £500 administration fee and they’ll start work on my case.

Clarence

XXXX