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ASX 200 finished the week down 11 points at 7771 (-0.2%). No real damage, more apathy and quiet trading. The index rose 1.3% for the week. Weakness in banks after a stunning day yesterday, CBA down 0.4% and WBC off 0.8%. The Big Bank Basket slipped to $207.75 (-0.3%). MQG dropped 0.3%. Insurers rose slightly with QBE up 1.1% and SUN up 0.9%. REITS better, GMG screaming ahead up 3.4%. SCG up 1.2%, and MGR rising 1.4%. Industrials mixed, TLS slipped 0.8% and WOW up 0.7%, with the tech sector slightly higher, WTC up 0.8% and the All –Tech Index up 0.02%. Healthcare better, CSL up 1.7% and RMD doing well up 1.2%, on a FPH upgrade. In resources, it was a sloppy day, BHP fell 0.8%, with FMG easing 2.1%. Lithium stocks down too, PLS off 1.0% as lithium fell 2% plus in Asian trade. Gold miners took a break, with EVN falling 2.0% and GMD revealing a 5-year plan and fell 6.3%. Oil and gas stocks under pressure as were coal stocks. In corporate news, pretty quiet. The RBA released its Financial Stability Report, and Japanese inflation came out a little higher. Asian markets are a little mixed, with HK down 3%, China down 1.4% with Japan +0.6%. 10Y yields fell hard to 4.056%. Dow Futures up 25 points. NASDAQ Futures up 12 points. 

HIGHLIGHTS

  • Winners: FPH, BMN, TUA, VUK, PTM, LNW, 360
  • Losers: GMD, CTT, BRN, WA1, BGL, LRS, TLX
  • Positive sectors: Healthcare. REITs.
  • Negative sectors: Iron ore. Gold miners. Lithium. Oil and gas.
  • ASX 200 Hi 7787 Lo 7739 – Quiet. Long week.
  • Big Bank Basket: Down to $207.75
  • All-Tech Index:  Up 0.1%
  • Gold: Drops to $3329. Uranium up a little in Asian trade.
  • Bitcoin: Falls to US$65834.
  • 10-year Falls hard to 4.03%
  • AUD: Falls to 65.25c. USD strength as US economy stays strong.
  • Asian markets:  HK down 3%, China down 1.5% with Japan unchanged.
  • Dow Futures up 25 Nasdaq futures up 12

MAJOR MOVERS

  • FPH +7.7% earnings upgrade.
  • BMN +4.6% uranium better.
  • VUK +4.1% broker upgrade.
  • TUA +4.2% kicks again.
  • CNB +8.9% MT write-up this morning.
  • GMG +3.4% data centre attractions and yields help.
  • PNR +12.1% on a roll.
  • BLX -3.2% substantial shareholder notice.
  • LRS -5.1% slight drop.
  • CTT -6.2% consumer slow down?
  • BRN -5.7% brain fade.
  • GMD -6.3% five-year plan.
  • Speculative Stock of the Day: Nothing on any volume.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • The Reserve Bank said global financial stability risks were elevated even as the economic outlook “improved”, according to its semi-annual review.
  • EU Summit today in Brussels.
  • Turkey raises rates 5%.
  • Japan’s consumer inflation accelerated to the quickest pace in four months. Consumer prices excluding fresh food rose 2.8% in February from a year ago, with the pace speeding up from 2% in January.
  • Vanguard doesn’t expect the Federal Reserve to cut interest rates this year, defying the view from Fed officials that rates will be reduced three times in 2024. Sycamore Tree Capital said last week that there’s a “good chance” the U.S. central bank doesn’t cut in 2024.
  • Elizabeth Warren calls on SEC to investigate Tesla, Elon Musk over governance issues once again.
  • From just before the start of the Covid-19 pandemic in November 2019 to October 2023, about 270,000 people died of an overdose of Fentanyl in the US. Big election issue.

And finally…..

I’ve just finished reading a book about the world’s greatest basement . . .  it was a best cellar.

It’s my first week working at the bicycle factory and they already made me a spokesperson.

My laptop caught pneumonia, apparently because I left Windows open.

I thought swimming with Dolphins was expensive until I went swimming with sharks . . . it cost me an arm and a leg.

The main function of your little toe is to make sure all the furniture in the house is in the right place.

Horses have lower divorce rates. It’s because they are in stable relationships.

It’s pretty obvious that if I run in front of a car, I will get tired but if I run behind a car will I get exhausted.

My teachers told me I’d never amount to much because I procrastinate so much, I told them all you just wait.

90% of bald people still own a comb; they just can’t part with it.

Every morning I get hit by the same bicycle . . .  it’s a vicious cycle.

Clarence.

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