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ASX 200 drops 75 points to 7568 (-1.0%). Anyone would think there was a war on. Down 2.8% for the week, News filtered through during the morning of an Israeli strike in Iran, US futures plummeted, gold shot higher to $2415 at one stage and oil was catapulted above $90 again. Down around 150pts at it nadir. Some bargain hunters returned with news that it was a limited strike and buyers found courage, banks were hit but well off lows with CBA down 0.8% and ANZ off 1.1% with the Big Bank Basket down to $198.67 (0.9%)% as MQG tumbled 1.6%. Financials were generally weaker as insurers fell hard, with bond yields falling as bond buyers back on safety trades. REITS also under pressure GMG down 1.6% and SGP off 2.7%. Defensive healthcare stocks held up slightly, with CSL off 0.7% and RMD bouncing a little up 1.1%. Industrials slightly squished across the board, WOW down 1.1% and WES off 0.8%, travel stocks also under pressure, FLT down 5.0% and CTD hit 4.6%. In resources, gold miners are obviously finding some friends, NST up 1.3%, with modest gains only with iron ore miners falling, BHP down 1.0%, and FMG hitting 2.0%. Lithium stocks depressed, PLS down 2.3% after quarterly report, in line but no one cared, MIN down 3.5% and oil and gas stocks surprisingly weak considering. In corporate news, WDS saw revenue collapse 31% and fell 0.2%, Richard Goyder announced he would be handing over the Captain’s hot seat early at QAN. WHC unchanged after coal sales slipped 17% On the economic front, Japanese inflation came in better than expected at 2.7%. Asian markets tugged lower by events in Iran, Japan down 1.9%, HK off 1.5%, China off 0.5%. 10-year yields down to 4.26%. Dow and NASDAQ Futures sharply lower. Rallying though. European markets down around 1%

HIGHLIGHTS

  • Losers: IMU, CUV, PNV, KAR, PNI, FLT
  • Positive sectors: Gold miners.
  • Negative sectors: Everything else.
  • ASX 200 Hi 7632 Lo 7493. Down 2.8% for the week.
  • Big Bank Basket: Down to $198.67 (-0.9%)
  • All-Tech Index:  Down 1.1%
  • Gold: Blips higher to $3726 on Israeli action.
  • Bitcoin: Steady at US$61963– Halving event tomorrow.
  • 10-year yields fall to 4.25%.
  • AUD: Drops to 63.95c
  • Asian markets:  Japan down 2.6%, HK off 1.1%, China off 0.7%.
  • Dow Futures down 200 Nasdaq futures down 140 European futures pointing to a positive start.

MAJOR MOVERS

  • MAQ +2.2% kicking goals again.
  • COE +2.4% guidance update.
  • GMD +2.7% gold push.
  • DEG +1.1% bullion squirt.
  • EXR +13.0% Daydream 2 Stimulation program underway.
  • BET +13.0% change in substantial shareholding.
  • CYL +8.2% change in substantial shareholding.
  • WBT -4.6% Israel exposure.
  • KAR -5.4% quarterly disappoints.
  • PAA -10.9% cleansing notice.
  • RNU -7.6% proposed issue of securities.
  • Speculative Stock of the Day:  Not the day for it.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Israel struck at targets in western Iran. Commercial flights diverted.
  • Iran says no explosions on the ground, only air defences.Looks limited strike for now.
  • Nuclear site is safe. Phew!
  • Gold and oil spike, but well off highs now. Dow futures well off lows.
  • India begins 44 days of democracy.
  • Apple removed social media services including WhatsApp and Threads from its Chinese app store, responding to orders from Beijing.
  • US votes against move to give Palestinians UN membership.
  • Netflix profits surge after password-sharing crackdown.
  • Sony and Apollo discuss teaming up to bid for Paramount Global.
  • 6th June seems certain for ECB rate cut. 80th Anniversary of D-Day
  • European market expected to open weaker by around 1-1.5%.

And finally…..

Have a great weekend …see you Monday…hopefully….

Clarence

XXX