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ASX fell 12 points at 7724 (-0.2%). Some weakness in a few sectors weighed. Banks eased back with the Big Bank Basket down to $206.08 (-0.8%). CBA leading the loss, off 1.0%. MQG slipped 0.3%, and GQG fell 1.8%, with REITs down a tad. Industrials weaker across the board, looking a little tired after reporting season. ‘Old Skool Platform’ stocks dropped, with REA off 2.0% and CAR down 1.8%. Tech eased, with the All–Tech Index off 0.3% and supermarkets down. WES off 1.8%, and COL and WOW falling too. Ex-dividends weighing.  In resource stocks, iron ore miners perked up on Chinese stimulus hopes (again), BHP up 0.9% and FMG bouncing 1.9%. Lithium stocks pummelled as the rally ended abruptly. PLS dropped 7.0%, and MIN off 3.6%. Lithium in China fell, and Tesla ran into sellers in US. Gold miners in demand as bullion hit records. NST up 3.0%, and NEM up 5.5%, playing some catch-up.  Oil and gas stocks slipped, with WDS down 0.8%. In corporate news, MPL and NHF rose on premium increase news, HLS was a star performer as the CEO stepped down up 14.7%, and in economic news, the current account returned to a surplus, beating forecasts. GDP tomorrow. Asian markets sank on Chinese GDP news, HK off 2.2% and China up 0.2%, with Japan still at all-time highs up 0.6%. 10Y yields falling to 4.1%. Dow Futures down 68 points. NASDAQ Futures down 61 points. 

HIGHLIGHTS

  • Winners:  PGC, HLS, IRE, WGX, CU6, TYR, GMD, ASB.
  • Losers:  LRS, WC8, PLS, CXO, BRN, STX, IGO.
  • Positive sectors: Iron ore.  Gold miners.
  • Negative sectors: Lithium. Rare earths. Oil and gas. Banks.
  • ASX 200 Hi 7752  Lo 7712
  • Big Bank Basket: Falls to $206.08 (0.8%).
  • All-Tech Index:  Down 0.3%
  • Gold: Higher to $3254
  • Bitcoin: Higher at US$67363
  • 10-year Eases to 4.10%.
  • AUD: Eases to 65.01c
  • Asian markets:  HK off 2.2% and China up 0.3% with Japan still at all-time highs up 0.6%.
  • Dow Futures down 67 Nasdaq down 57

MAJOR MOVERS

  • HLS +14.7% CEO resigns.
  • IRE +12.5% takeover speculation from Thomas Bravo.
  • WGX +11.3% GMD +7.4% bullion price rise.
  • TYR +8.2% bouncing higher.
  • ASB +6.7% Austral USA delivers USS Kingsville to Navy.
  • NHF +3.4% MPL +1.6% health insurance price rises.
  • SPZ +15.7% UK acquisition.
  • PGC +41.5% CH2 takeover details.
  • IVZ +10.0% email update.
  • SBM +12.5% drilling report.
  • LRS -8.7% LTR -4.1% PLS -7.0% lithium stocks tumble with Tesla.
  • MAD -4.4% falls on thin volume.
  • LYC -4.5% rare earths see profit taking.
  • KSL -6.6% ex-dividend.
  • WHK -7.6% down
  • Speculative Stock of the Day DYM (+28%) JV deal with MIN.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

Balance of Payments

  • The current account balance, seasonally adjusted, rose $10,524m to a surplus of $11,800m.
  • The capital and financial account deficit was $9,730m, a turnaround of $13,214m on the September quarter 2023 surplus.
  • The net international investment liability position was $836,635m at 31 December 2023.

Chinese Congress news – Nothing very new or exciting to see here.

  • NPC starts with 2024 GDP growth target of around 5%.
  • Sees 3% CPI pace, 2024 budget deficit at 3% of GDP.
  • China’s defence spending to rise 7.2% in 2024.
  • Plans $542 billion of special local government bonds.
  • The central government will raise R&D spending by about 10%.
  • Republican ‘Super Tuesday’. Goodbye Nikki.
  • Bitcoin and other cryptos hitting all-time highs.
  • Elon Musk is no longer the richest man on the planet. Jeff Bezos has inched ahead.
  • Former Twitter executives sue Musk in $128mn severance dispute.
  • US Supreme Court rules Trump can remain on Colorado ballot.
  • Global miners call on LME to introduce a green premium for nickel.

And finally….

Lord Nelson was 5ft 6in.

His statue is 17ft 4in.

That’s Horatio of 3:1.

I found stir fry all over my bed this morning… I must have been sleep wokking again.

My wife said, “I don’t quite understand the science behind human cloning.”

Me: “That makes two of us…”

Clarence

XXX