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ASX 200 finished down 44 points to 7773 (-0.6%) to close out a miserable week down around 1.5%. Broad-based losses following the dip in the US last night. Jobs number tonight shaping up as a crucial data point. Banks eased back slightly, the Big Bank Basket off to $207.53 (-0.2%). MQG fell 0.9% with insurers off too. GQG bucked the trend up 4.1% with good increase in flows and FUM. REITS fell slightly, GMG down 1.0%, and healthcare eased back as CSL dropped another 0.7%. Industrials were weak, but no real damage done, tech slid with the All–Tech Index down 1.4% as WTC fell 1.7% and XRO dropped 1.7%. Resources were again weaker iron ore stocks under pressure despite no trade in China today for iron ore. BHP fell 0.9%, with RIO off 1.0%. Lithium stocks slipped after some gains yesterday, with PLS down 1.3% and LTR off 1.7%. Gold miners mixed as bullion consolidated. SBM had a good day on a production guidance report, up 7.9%. Oil and gas were better as expected, coal stocks and uranium fell. In corporate news, MFG fell 3.7% on its FUM news, and WAF confirmed guidance falling 0.8%. On the economic front, BoP and retail sales did nothing for market sentiment. Asian markets are muted given China is still closed for a holiday. Japan eased back. 10-year yields fell back to 4.1%. Dow Futures up 35 points. NASDAQ Futures up 44 points. 

HIGHLIGHTS

  • Winners: MGX, COE, GQG, OBM, RRL, SSM
  • Losers: CIA, WGX, CMM, PXA. LTM, NXG, IPX
  • Positive sectors: Oil and gas.
  • Negative sectors: Everything else.
  • ASX 200 Hi 7801 Lo 7742.
  • ASX 200 down 1.5% for the week.
  • Big Bank Basket: Down to $207.53(0.2%)
  • All-Tech Index:  Down 1.4%.
  • Gold: Eases off high to $3466
  • Bitcoin: Rises to US$67872
  • 10-year yields fall to 4.11%.
  • AUD: Eases to 65.68c
  • Asian markets weaker, Japan down 2.3%, China closed for a holiday, HK down 0.7%
  • Dow Futures up 35 Nasdaq futures up 44 ahead of jobs number.

MAJOR MOVERS

  • MGX +5.8% on track for shipping guidance.
  • COE +4.6% broker upgrade.
  • KAR +0.4% oil price.
  • GQG +4.1% the boys just wanna have more FUM.
  • WBT +1.3% finding support.
  • S32 +1.6% media reports of coal deal.
  • WR1 +13.0% broker upgrade.
  • SBM +7.9% Q3 Production up 33%.
  • CIA -7.4% downgrades on iron ore pricing.
  • WGX -6.9% downgrades on rain.
  • DYL -3.8% NXG -4.9% uranium wanes.
  • VUL -6.6% lithium on the nose.
  • IVZ -5.6% reverses recent gains.
  • CXL -4.8% sinking feeling.
  • Speculative Stock of the Day: Elixir Energy (EXR) +26.8% – Good volume too on impressive initial flow test results.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

Balance of Trade Numbers:

  • Goods credits (exports) fell $1,041m (2.2%) driven by Metal ores and minerals.
  • Goods debits (imports) rose $1,736m (4.8%) driven by Processed industrial supplies.

Retail Sales numbers:

  • Rose 0.3% month-on-month.
  • Rose 1.6% compared with February 2023.
  • Janet Yellen has started her China tour. Warns on factory overcapacity.
  • Yen hits two-week high on speculation of rate hike.
  • Samsung signals end to chip downturn with forecast 10-fold jump in profit.
  • Chinese electric car company Nio has been expanding its battery swap partnerships in a bid to gain an edge on the infrastructure side of the EV ecosystem.
  • Biden says “America has the best economy in the world.”
  • Trump says “We are a nation whose economy is collapsing into a cesspool of ruin, whose supply chain is broken, whose stores are not stocked, whose deliveries are not coming.”
  • European markets set to open down around 1% after US fall.

And finally….

I tried to sneak into a Star Trek convention disguised as a Doctor.

The Security Guard suspected I wasn’t the Real McCoy.

Clarence

XXX