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ASX 200 falls hard by 140 points to 7613 (-1.8%) on Middle East tensions, US sell-off and Chinese data. Banks got sliced and diced, with CBA down 2.1% and the Big Bank Basket down to $199.47 (2.1%). MQG off 1.2%, and Insurers falling despite yields rising. REITs came under renewed pressure, with GMG down 2.0% and MGR off 3.6%. Healthcare fell too in defensives. CSL down 1.4% and COH off 1.1%. Industrials sold off across the board with tech hit hard, WTC down 0.4% and XRO off 1.6%, with the All–Tech Index off 1.6%. Supermarkets enjoyed a day in the red with a senate grilling on the menu with WOW off 1.2% with the CEO unable to say what ROE was. WES down 2.3% with TCL falling 1.4% and retailers finding willing sellers. PMV down 1.8%, APE off 1.5%, and JBH falling 2.9%. In resources, despite a falling AUD and rising commodity prices, iron ore stocks were under pressure BHP down 1.8% and RIO giving back all its gains from yesterday down 2.9%. FMG off 2.8%. S32 fell 4.7%, and MIN off 2.7%. Even gold miners enjoying a record bullion price fell again, NST down 0.6% and EVN down 1.5%. Lithium stocks eased, uranium fell too, PDN down 6.3%. Despite oil heading higher on Israel concerns, WDS fell yet again down 1.3%. In corporate news, DCG got a 30c bid from MAH. MAQ is in a trading halt pending a placement and strategic land acquisition. ZIP fell 11.0% on 3Q numbers. In economic news, Chinese data was the focus as GDP rose more than expected, but will it last. Asian market smacked, Japan off 2.0%, HK down 1.7%, and China falling 0.7%.10Y yields marching higher to 4.31% on safe-haven allure perhaps. Dow Futures 47 points. NASDAQ Futures down 19 points. 

HIGHLIGHTS

  • Winners: SPR, WA1, CU6, IDZ.
  • Losers: SGR, RSG, VUL, ZIP, BMN, IMU, DYL, LOT
  • Positive sectors: None
  • Negative sectors: Everything.
  • ASX 200 Hi 7746  Lo 7586
  • Big Bank Basket: Down to $199.47 Down 2.1%
  • All-Tech Index:  Down 1.6%
  • Gold: Falls to $3714
  • Bitcoin: Falls to US$63,033
  • 10-year yields steady around 4.31%.
  • AUD: falls to 64.14c
  • Asian markets: Japan off 2.0%, HK down 1.7% and China falling 0.7%.
  • Dow Futures down 47  Nasdaq futures down 19

MAJOR MOVERS

  • SPR +8.7% high grade discovery at Pepper Prospect.
  • WA1 +3.3% good quarterly yesterday.
  • VUK +0.7% against trend. Takeover helps.
  • RCE +11.1% completes 5000 R327 doses per week under GMP.
  • SXE +5.8% data centre contracts.
  • SGR -14.4% more regulatory issues.
  • ZIP -10.9% results fail to inspire.
  • VUL -11.4% profit taking continues.
  • IMU -8.8% big volume always volatile sells US facility to Kincell.
  • DYL -8.3% BMN -9.3% uranium falls.
  • CHN -6.1% poisoned again.
  • PLL -22.8% reverses yesterday’s gain.
  • INR -10.9% back in the kennel.
  • APX -10.3% fading.
  • Speculative Stock of the Day: HIO +26.5% Not great volume. Hawsons Iron Project Update.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Local short-term visitor arrivals: 857,950 – an annual increase of 257,240 trips.
  • Chinese GDP grew 5.3% in the first quarter from year earlier. Beats forecasts.
  • Economists at DBS Group Holdings Ltd raised their forecast for China’s annual growth from 4.5% to 5% after the data.
  • Chinese home price declines deepened from a year earlier for both new and used homes, even as they eased slightly on a month-on-month basis.
  • Retail sales climbed 3.1% in March, missing an expected 4.8% gain
  • Microsoft to invest $1.5bn in Abu Dhabi AI group G42.
  • Baidu said Tuesday the company’s ChatGPT-like Ernie bot has exceeded 200m users.
  • German watchdog finds EY’s Wirecard audits grossly negligent.
  • Europe restarts magnesium mining to counter reliance on China.
  • European markets expected to open sharply down.
  • Tensions rise on expected Israeli attacks on Iran.

And finally…..

A Melbourne solicitor representing a wealthy art collector from Toorak called his client and said to him, “Barry, I have some good news and I have some bad news.”

“I’ve had an awful day” said Barry; “let’s hear the good news first.”

His Solicitor said, “Well, I met with your wife Barbie today, and she informed me that she invested $5,000 in two pictures that she thinks will bring a minimum of $15-20 million. I think she could be right.”

Baz replied enthusiastically, “Well done! Barbie’s a brilliant businesswoman! You’ve just made my day.

Now I know I can handle the bad news. What is it?”

His Solicitor replied, “The pictures are of you with your secretary.” 

Clarence

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