ASX 200 slipped 16 points to 7714 (-0.2%) as banks came under pressure finally. The index bounced off the 7705, around the level of the sell-off on Monday. Banks saw big sellers as Macquarie downgraded, WBC down 3.8%, CBA off 1.1%, and ANZ falling 3.8%. The Big Bank Basket down to $204.87 (-2.1%). MQG also fell 1.1% as financials sold off. Insurers mixed, REITs better as GMG rose 0.4%. Industrials were slightly weaker, WES off 0.3%, REA down 4.2%, and tech slipping. XRO off 1.5%. WOW gained 0.9% as buyers took advantage of a sale. Resources were a highlight. BHP and RIO rallying hard on copper dreams, FMG solid but uninspiring. Lithium stocks mixed, PLS down 0.2% after a fresh auction, S32 bouncing hard up 5.2%, and gold miners better. NST up 1.9%, and NEM moving 1.2% higher. In corporate news, ARU soared 76.3% as a new funding deal was announced with government backing. ABB crashed 18.0% on news it had lost a contract to SLC. Interesting, given ABB is trying to buy SLC. Will need a far better offer now. News that Singtel is in discussion to sell Optus to Brookfield in a $12bn deal. LNW denied that it had stolen ALL technology and Olivia Wirth has found a new home as the CEO of MYR. Up 7.6% on the news.  Nothing on the economic front today, Asian markets little changed. HK down 0.6%. 10Y yields at 4.07%. US PPI and retail numbers tonight. Dow Futures up 36 points. NASDAQ Futures up 56 points. 

HIGHLIGHTS

• Winners: SLC, VUL, CUV, A4N, MYR, SFR, LRS, DVP
• Losers: ABB, SLX, PNV, APE, ING, SHV, DYL, NEU
• Positive sectors: Copper stocks. Gold miners. Oil and gas. Supermarkets. Healthcare.
• Negative sectors: Banks. Tech. Gaming.
• ASX 200 Hi 7744 Lo 7700
• Big Bank Basket: Falls to $204.87 (2.1%)
• All-Tech Index:  Down 0.8%
• Gold: Slightly lower at $3284.
• UP PPI and retail numbers tonight.
• China cuts smelter production. Copper at two year high.
• Bitcoin: Rally continues US$72947
• 10-year Steady at 4.05%
• AUD: Steady at 66.13c
• Asian markets:  Japan up 0.14%, HK down 0.6% and China flat.

MAJOR MOVERS

• SLC +24.8% wins ORG business from ABB.
• MYR +7.8% gets new CEO.
• CUV +10.7% initiates share buy-back.
• VUL +14.8% enjoying a lithium bounce.
• SFR +7.2% copper back in fashion as it hits 11-month highs.
• ARU +76.3% funding package secured.
• AIS +21.7% 29M +18.3% copper plays.
• BUB +7.4% interest stirring.
• DGL +6.7% CFO resignation and business update.
• ABB -18.0% loses white label contract with ORG.
• APE -6.8% ex-dividend.
• DYL -5.3% uranium stocks tank.
• ZIP -4.2% comes undone.
• APX -17.1% US bidder pulls out after leak.
• IVZ -11.2% cleansing notice.
• QIP -6.1% Rouse drops out and DD exclusive to Adamantem.
• DXB -5.8% profit taking.
• BMN -7.9% uranium stocks sold down.
• Speculative Stock of the Day: Nothing apart from ARU.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

• US PPI and retail numbers tonight.
• China cuts smelter production. Copper at two year high.
• China’s top diplomat, Foreign Minister Wang Yi, will visit Australia next week, Prime Minister Anthony Albanese said on Thursday.
• Sydney’s housing crisis deepens as New South Wales’ plan to build apartments near train stations faces local opposition, fuelled by immigration growth and inadequate housing supply.
• US House passes bill to force TikTok sale or ban. The clock is ticking. Not good news for Apple or Tesla if China moves against these two in retaliation.
• Russia ‘prepared’ for nuclear war, warns Putin.
• 1-year ago yesterday the S&P 500 bottomed on the SVB fallout. Now up 34% since then.
• Jamie Dimon backs Disney’s Bob Iger in proxy fight with Nelson Peltz.
• US solar manufacturers in ‘dire situation’ as imports soar.

And finally….

Clarence

XXX