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ASX 200 falls 30 points to 7615 (0.4%) as a CSL drug trial fails. A Phase III trial for CSL saw the stock down 4.8% with RMD off 1.4%. Industrials solid with good results from JBH lifting the retail sector, JBH up 7.1% APE up 2.2% and LOV up 4.8%. WES and supermarkets fail to fire, Tech slightly firmer, XRO up 1.5% and WTC rallying 0.5% with the All–Tech Index up 1.1%. Banks solid on ANZ Basel update, the Big Bank Basket up to $200.92 (0.1%). CBA down 0.4% ahead of numbers Wednesday, ANZ star up 1.3%. MQG slid 1.4% with GQG down 1.9%. Resources weaker again despite Lunar New Year, BHP down 0.5% and RIO off 0.7% with lithium off again, PLS down 2.5% and S32 falling 1.6%. Gold miners slightly easier, WDS dropped 2.2% and BPT up 3.3% on results. In corporate news, AZJ reported better than expected numbers, SM1 fell 15.1% on a profit warning, APX rose 16.1% as it moved to cut US costs. AD8 shot the lights out up 20.6% on great results.  Nothing on the economic front today. 10-year yields up to 4.15%. Japan barely changed.

HIGHLIGHTS

  • Winners: AD8, JBH, BFL, A4N, IFM, IMU, LOV
  • Losers: WC8, LTR, FBU, CSL, IMD, WBT
  • Positive sectors: Tech. Utilities. Retail
  • Negative sectors: Healthcare. Iron ore. Lithium. Oil and gas.
  • ASX 200 Hi 7644 Lo 7609
  • Big Bank Basket: Slightly higher at $200.92
  • All-Tech Index:  Up 1.1%
  • Gold: Slips to $3103
  • Bitcoin: Rallying hard to US$48122
  • 10-year rises to 4.16%
  • AUD: Lower at 65.19c
  • Asian markets:  Japan unchanged.
  • Dow Futures unchanged Nasdaq unchanged

MAJOR MOVERS

  • AD8 +20.6% great results             
  • JBH +7.1% retail is alive and kicking still,
  • LOV +4.8% Valentine’s Day!
  • IFM +4.9% results details.
  • EOS +11.6% defence spending bump.
  • BRN +15.6% chip stock rally.
  • ZIP -0.6% so close to target.
  • FBU -6.1% trading halt ahead of profit downgrade and CEO news.
  • NIC -2.3% nickel price falls.
  • WC8 -13.0% reverses some recent gains.
  • LTR -8.1% slips back.
  • CSL -4.8% drug trial failure.
  • WBT -4.0% small volume sell off.
  • SM1 -15.1% profit guidance.
  • DRO -6.4% profit taking.
  • Speculative Stock of the Day:  ARR +50.0% Answers an ASX Please Explain with the classic Scholz defence. We know nothing. The resource estimate increase from last week, the only reason it offered.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Chiefs win Super Bowl.Thriller. Who is Usher?
  • BHP’s train drivers in the Pilbara iron ore operations in Western Australia have voted to strike on Friday for 24 hours.
  • Bond traders are finally heeding one of the market’s oldest lessons: Don’t fight the Fed. They’ve started pricing in that the Fed will carry out just four, or five cuts at the most.
  • New Zealand’s RBNZ chief said on Monday said the inflation challenge was still not over and cited broad financial pressure for retaining a “restrictive monetary policy” position.
  • Tech companies axe 34,000 jobs since start of year in pivot to AI.
  • Diamondback Energy close to buying Endeavor in $25bn US oil deal.
  • Trump has an 11% lead against Biden on economic issues.

And finally…watching Travis Kelce, I was reminded on one of George Best’s famous quotes….

“If you’d given me the choice of going out and beating four men and smashing a goal in from 30 yards against Liverpool or going to bed with Miss World, it would have been a difficult choice. Luckily, I had both.”

Clarence

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