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ASX 200 cratered 143 points to 7704 (-1.8%) as banks gave up frothy gains from Friday and iron ore weakened in Asian trade dragging down the big miners. BHP fell 2.6% with RIO off 3.6% and FMG down 3.5%. Base metal stocks also slid with MIN off 2.4% and S32 down 2.3%. Lithium stocks were mixed, LTR down 3.1% and PLS holding up as lithium firmed in Asian trade. Rare earth leader LYC dropped 3.5% with IGO in trouble too. Uranium stocks sub-optimal, PDN fell 0.4%, BOE off 2.9% and DYL returning from a capital raising off 4.7%. Gold miners also suffered despite bullion prices heading higher, NST fell 4.0%, EVN down 3.3% and GOR off 3.7%. Oil and gas stocks also smacked down, WDS down 2.6% and STO off 1.8%. Banks were a source of serious weakness. Having led the market up to records, it was all about locking in profits. CBA fell 2.7%, ANZ down 1.9% and the Big Bank Basket falling to $208.22(-2.7%). MQG dipped 0.9% and GQG fell 2.7% on rumours of the founder selling down. Insurers also slipped, IAG down 1.1% and SUN off 0.3%. REITs also falling hard, GMG down 2.1% and SGP off 0.85%. Healthcare saw losses as CSL went ex-divided and fell 1.5%, RMD off 3.7%. Industrials down across the board. Tech escaped a little, down only 0.8% on the Index. WES fell 1.5% and REA, CAR and SEK all under serious pressure. SQ2 was the only one of three stocks in the top 100 to finish in the green. Up 3.7%. In corporate news, TSK rose 90.0% on a takeover deal. REX moved 4.4% on a code share with Etihad and WOR won a Shell contract. Nothing on the economic front. Asian markets were mixed on Japanese GDP numbers, with the Nikkei dropping 2.9% and China and HK both positive.

HIGHLIGHTS

  • Winners: APM, JDO, SQ2, LFG, CTD, IRE, EBO, BCI
  • Losers: NXG, STX, WA1, NGL, CRN, CIA, CHN, WAF
  • Positive sectors: Nothing.
  • Negative sectors: Banks. Iron ore. Gold miners.
  • ASX 200 Hi 7830 Lo 7697
  • Big Bank Basket: Falls to $208.22(2.7%).
  • All-Tech Index:  Down 0.8%
  • Gold: Rises to $3297. Seems no one cares.
  • Bitcoin: Volatility continues US$68662
  • 10-year Dips to 3.95%
  • AUD: Falls to 66.11c
  • Asian markets:  Japan tumbles 2.5%, avoids recession, China up 09.8% and HK up 1.3%.
  • Dow Futures down 74, Nasdaq down 60

MAJOR MOVERS

  • JDO +3.7% goes against the trend.
  • SQ2 +3.7% bitcoin exposure.
  • CTD +3.0% finding support.
  • BCI +2.2% gets a mention on The Call.
  • PAA +17.9% solid volume.
  • BOC +4.4% senior company appointments.
  • NXG -9.0% uranium on the nose. Thin volume.
  • WA1 -6.6% proft taking.
  • CHN -5.0% poisoned today.
  • EMV -9.6% thin volume.
  • CKA -21.0% infrastructure development MOU.
  • CIA -5.9% iron ore weakness.
  • LRS -4.8% LTM -4.6% lithium weakness.
  • RMD -3.7% hit hard.
  • CRN -5.9% ex-dividend.
  • Speculative Stock of the Day: Nothing apart from takeover target TSK up 90.0% on a 81c bid from US group PAR.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • BlackRock global chief strategist Wei Li says that the greater volatility that drives these record highs is part of a shift to a new and much more difficult environment for the global economy and financial markets.
  • The S&P500 Index has climbed in 16 of the last 19 weeks. The S&P 500 has fallen on just four CPI reporting days in the past 12 months, though volatility is picking up in those sessions this year. Fed officials in a blackout period ahead of their meeting on March 19 and 20th.
  • Tuesday’s CPI report is forecast to show a 0.4% rise in prices from January to February, with the main headline inflation figure expected to be unchanged from the prior month.
  • S&P 500 has average 0.8% move on CPI days over past six months
  • Fed officials in a blackout period ahead of their meeting on March 19th and 20th.
  • The Nikkei 225 Stock Average fell the most since October 2022 as growing speculation the Bank of Japan will raise interest rates boosted the yen and hurt exporter shares.
  • Japan’s economy avoided falling into a recession at the end of last year. Gross domestic product expanded at an annualized pace of 0.4% in the final three months of last year, the Cabinet Office said Monday.
  • Japanese consumer spending, on the other hand, was revised to show a slightly deeper decline at 0.3%.
  • Portugal’s centre-right wins tight election as far-right surges.
  • India will lift most tariffs on several sectors with Switzerland, Iceland, Norway and Liechtenstein in a free trade agreement.
  • China’s review of tariffs on Australian wine is progressing well, Chinese Ambassador Xiao Qian said on Monday.
  • Oppenheimer wins Best Picture. Cillian Murphy best actor. Emma Stone wins Best Actress. Best supporting actor went to Robert Downey Jr. for his role as Lewis Strauss in the same film. Barbie misses out.
  • Royal photo of Kate denounced as ‘doctored’.
  • European markets expected to open lower.

And finally……

I once tried to make a living as a fortune teller but the only thing I was good at was predicting bad winters.
Turns out the shop I bought the crystal ball from had sold me a snow globe.

Clarence

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