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ASX rose a modest 10 points to 7663 (+0.1%). Off early lows. Results the focal point again. Once again, the banks doing the heavy lifting with the Big Bank Basket up to $205.96 (+0.8%). CBA leading the charge up 1.0%. MQG up 0.8% and GQG up 1.4%. While NAB, WBC and ANZ hit 52-week highs. Insurers slid, with QBE up 0.4% and SUN down 1.9%. REITs falling, GMG down 0.6% and SGP off 1.1%, with MGR down 1.8%. Industrials going well, WES up 0.7% and WOW up 0.9% with COL shooting the lights out on results, up 5.5%. Telcos down led by TPG on broker reaction falling 4.3%. In resources, iron ore stocks shrugged off weaker prices, BHP up 0.2% and RIO up 0.5%. Lithium stocks mixed, IGO up 1.2% and MIN up 0.9%. Uranium pushed ahead with PDN getting some positive broker comments. Gold miners fell, with NST down 0.9% and NEM off 3.8%. Oil and gas mixed, WDS up 0.9% on results. In corporate news, CSR announced a binding agreement with the French up 5.0%, good results from REH, GEM and HLI, but the market didn’t like JLG crashing 13.2% and TYR giving back recent gains despite better results, falling 10.0%. ZIP had a volatile day spurting ahead before a rethink, closing down 14.4%. PNV swung to a profit though falling 1.7%, and ABC announced the nod to CRH’s bid. Nothing on the economic front. Japanese CPI only thing of note. Asian markets mixed, Japan flat. China up 0.5%, and HK down 0.4%. 10Y yields slightly higher at 4.15%. Dow Futures down 19 points. NASDAQ Futures down 25 points. 

HIGHLIGHTS

  • Winners: REH, GEM, HLI, CU6, WTC, TLX, MYX
  • Losers: BRN, ZIP, JLG, WBT, TYR, HLS, IDX, ACL
  • Positive sectors: Banks. Staples.
  • Negative sectors: Healthcare. REITs. Gold miners. Base metals.
  • ASX 200 Hi 7665 Lo 7611
  • Big Bank Basket: Rises to $205.96 (+0.8%).
  • All-Tech Index:  Up 0.4%.
  • Gold: Eases to $3108
  • Bitcoin: Higher at US$55587
  • 10-year Slightly higher at 4.13%.
  • AUD: Lower at 65.41c
  • Asian markets:  Japan flat. China up 0.4% and HK down 0.5%.
  • Dow Futures down 18 Nasdaq down 24

MAJOR MOVERS

  • REH +18.3% results cheer.
  • GEM +11.6% price rises coming and results.
  • HLI +7.8% investor presentation.
  • COL +5.5% sees off detractors.
  • WTC +7.0% broker upgrades.
  • QIP +17.0% takeover
  • AQZ +7.9% planes arrive early from Qantas.
  • STP +13.6% undies in demand.
  • NAN +4.2% brokers remain positive.
  • PDN +4.0% broker comments.
  • BRN -34.7% chips get fried on late results.
  • JLG -13.2% results underwhelm.
  • WBT -11.9% results fall out.
  • ZIP -14.4% volatile session but slips away.
  • DGL -40.8% car crash result.
  • ATG -31.3% results and presentation.
  • TRJ -21.5% results.
  • Speculative Stock of the Day: Nothing on any volume. 5EA +28.6% creeps in with limited volume. Operational update yesterday.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Japan’s core consumer inflation slowed for a third straight month in January but beat forecasts and held at the central bank’s 2%, keeping alive expectations it will end negative interest rates by April.
  • Core CPI rose 2% in January from a year earlier. Japan’s core consumer price index includes oil products but excludes fresh food prices.
  • Chinese passenger airlines will be allowed to boost their weekly round-trip U.S. flights to 50 starting on March 31, up from the current 35.
  • Bitcoin halving expected in April. The ‘Quickening’.
  • Jamie Dimon had this to say on AI, “This is not hype. This is real. When we had the internet bubble the first time around … that was hype. This is not hype. It’s real.”
  • The combined value of digital assets now stands at roughly $2.2 trillion. A net $5.6bn has poured into a batch of landmark Bitcoin ETFs that began trading in the US on Jan. 11.
  • Macron says sending western troops to Ukraine cannot be ruled out.
  • BYD rejects EU claims subsidies help reduce price of China-made cars.
  • Biden suggests a cease fire is near in Gaza.
  • European Investment Bank shifts on nuclear power under new leadership.
  • European markets expected to open slightly weaker.
  • Barcelona Mobile Conference begins.

And finally…..

One of the biggest lies I tell myself: I don’t need to write that down, I’ll remember it.

Clarence

XXX