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ASX 200 rose 35 points to 7817 (0.5%) in quiet trade. Banks and industrials are making gains after the drubbing yesterday, The Big Bank Basket up to $207.93 (0.4%). MQG did ok, and insurers mixed, with SUN up 0.2% and QBE slipping slightly. REITs are back in demand, led as always by GMG, up 0.5% and SCG rebounding 0.6%. Tech had a good bounce as WTC rose 2.5% and XRO slightly better with the All–Tech Index up 1.0%. Industrials uninspiring with a mixed showing in healthcare, COH up 1.1% and RMD down 0.4%. Resources were better with the exception of iron ore stocks. FMG down 1.0% the worst, Lithium stocks rebounded hard, PLS up 1.3% and S32 doing very well up 4.6% with AWC continuing to climb as Alcoa in the US climbs higher. Gold miners also doing nicely, NST up 0.8% and EVN rising 1.1%. DEG having a nice time of it up 2.8%. Oil stock generally better as were coal and uranium. On the corporate front, not much to write home about. Economic data was confined to disappointing building approvals, lowest since3 2013 and household spending which rose. Asian market subdued as China and HK closed. Japan continuing its run up 1.7%. 10-year yields up to 4.17%.

HIGHLIGHTS

  • Winners: WA1, LTM, LTR, PMT, S32, OML, AWC
  • Losers: RIC, IDX, CTT, URW, ASB, WC8, A2M
  • Positive sectors: Banks. Lithium. Uranium. Coal. Tech. Industrials.
  • Negative sectors: Insurers. Iron ore.
  • ASX 200 Hi 7834 Lo 7786
  • Big Bank Basket: Rises to $207.93(0.4%)
  • All-Tech Index:  Recovers 1.0%.
  • Gold: Eases off high to $3493
  • Bitcoin: Falls to US$65669
  • 10-year yields rise to 4.18%.
  • AUD: Better at 65.81c
  • Asian markets weaker, Japan up 1.3%, HK and China closed for a holiday.
  • Dow Futures up 56 Nasdaq futures up 63

MAJOR MOVERS

  • WA1 +14.1% resource rally.
  • LTR +5.2% LTM +6.3% lithium bounce.
  • OML +4.5% Livewire write- up.
  • KAR +3.7% drilling approved yesterday.
  • AWC +4.4% rally continues.
  • 29M +16.5% back on track.
  • IVZ +12.5% starting to wake.
  • APX +12.2% finding buyers.
  • S32 +4.6% fighting back on higher commodity prices.
  • 88E -14.3% rethink.
  • ALA -8.0% Section 708A notice.
  • CTT -2.7% admits to Texas tax.
  • Speculative Stock of the Day: Nothing on any volume.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

Building Approvals – Total dwellings approved fell 1.9%, to 12,520. Lowest pace in a decade.

  • Household spending increased 3.6% through the year on a current price, calendar adjusted basis.
  • Throughout the year, household spending increased for both services (+5.1%) and goods (+1.9%).
  • China and HK Closed today.
  • Economic losses in the Asia Pacific region due to natural disasters soared to $65bn in 2023, according to an Aon report. Of the total losses, only 9%, or $6bn, were covered by insurance
  • KKR says China’s real estate correction may only be halfway done.
  • Google considers charging for AI-powered search in big change to business model.
  • Skydance in exclusive merger talks with Paramount.
  • Apple is exploring the development of personal home robots, engineers are looking at a robot that can follow you around your home.

And finally…..

Clarence

xxxxx