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The ASX 200 fell 105 points to 7776 (1.3%) as worries about rate cuts and post-Easter blues weighed on banks, tech and industrials. The Big Bank Basket got the wobbles down to $207.01 (-1.6%) with CBA off 1.9% and ANZ falling 1.5%. MQG also in the doghouse falling 1.5%, with insurers holding up with 10-year yields rising to 4.15%. Financials are on the nose with REITs in trouble, too, GMG down 2.6% and SCG off 3.6%. With many now ex-distribution, maybe the reason to be there is less compelling. Industrials suffered, TCL down 0.5%, WES off 1.8% and REA dropping 3.9%. Tech in trouble as WTC fell 5.0% and XRO slid 5.7%. The All–Tech Index dropped 2.8%. In resources, BHP and RIO mixed, RIO rallied 0.6%, BHP down 0.6%, FMG dropped 0.9% with lithium stocks following Tesla down, PLS off 2.1% and MIN off 0.9%. Gold miners were mixed but generally weaker after WGX downgraded production on weather issues and halts to production, falling 14.8%. Oil and gas going nowhere, coal stocks better. Not much in corporate news today, HMC Capital sold down some SIG ahead of the Chemist Warehouse deal. Nothing on the economic front locally. Asian markets weaker, Japan down 0.6%, HK off 0.7% and China down 0.3%. Taiwan was hit with its biggest earthquake in 25 years.

HIGHLIGHTS

  • Winners: IDX, RMS, WAF, BRN, WA1, LOT, CUV
  • Losers: WGX, MSB, SIG, CCP, CCP, SMR, XRO
  • Positive sectors: Insurers. Gold miners (just)
  • Negative sectors: Banks. Tech. Consumer stocks.
  • ASX 200 Hi 7896 Lo 7771
  • Big Bank Basket: Drops to $207.01 (-1.6%)
  • All-Tech Index:  Down hard 2.8%.
  • Gold: Record high of $3504
  • Bitcoin: Falls to US$66236
  • 10-year yields rise to 4.15%.
  • AUD: Better at 65.21c
  • Asian markets weaker, Japan down 0.6%, HK off 0.7% and China down 0.3%.
  • Dow Futures down 61 Nasdaq futures down 38

MAJOR MOVERS

  • RMS +5.3% gold bugs bite.
  • WAF +5.1% 2023 sustainability report.
  • LOT +3.8% uranium stocks holding firm.
  • 88E +16.7% oil flows.
  • XAM +14.1% copper and gold exposure in Mongolia.
  • 29M +8.3% finding way back from wilderness.
  • WGX -14.8% production downgrade.
  • MSB -6.8% been a good run.
  • SIG -6.5% HMC Capital sells down.
  • WTC -5.0% board retirement.
  • PAA -7.1% profit taking on good volume.
  • FFM -6.5% run finishes.
  • Speculative Stock of the Day: Acrux (ACR) +36.2% launch of Dapsone 5% gel in US. Used on the skin to treat acne vulgaris. Decent volume too.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Australia’s population in 2022 (26m) is projected to reach between 34.3 and 45.9m people by 2071 according to an ABS report. The median age (38.5 years) is projected to increase to between 43.8 and 47.6 years.
  • 533,971 defendants finalised in Criminal Courts in 2022–23, up 9%. Traffic and vehicle offences accounted for 35%.
  • Strongest earthquake in 25 years hits Taiwan.
  • Yellen heads to China this week.
  • Tesla and BYD sales fall as concerns mount over electric shift.
  • European airlines cut back Asia routes as Gulf carriers offer cheaper flights.
  • Trump Media sues its co-founders, accuses them of ‘severe mismanagement’.

And finally…..

Clarence

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