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ASX 200 has risen 34 points to 7684 (+0.5%) as the market waits for US earnings. Banks leading the charge higher with the Big Bank Basket up to $202.84 (+1.3%). CBA up 1.5%, WBC up 0.9% and MQG gaining 1.2% with insurers slightly higher. REITs better with GMG up 0.8%, SCG up 1.9%. Healthcare better again, with CSL up 1.3% and RHC up 2.9%, bid rumours from WES. Industrials firmed and tech better, with the All–Tech Index up 1.2%. Some slippage in spots as TLS down 0.3%, and BXB falling 6.3% on a 3Q trading update. Resources eased with iron ore stocks holding, but gold miners fell as bullion cracked. NST down 3.5%, NEM off 4.6% and EVN off 1.5%. Lithium slid a little, PLS down 1.3%. Oil and gas holding just, WDS off 0.7%. In corporate news, SVW up 2.0% as it moved to 82.4% of BLD, LIC announced lower settlements falling 13.5%. SHV off 9.5% on wet weather and soft conditions. PLT up 4.8% on revenue numbers and WBC gained 0.9% despite a $136m charge due to reporting changes. In economic news, Australia’s Services PMI dips to a 2-month low of 54.2 in April. Asian markets mixed again, Japan up 0.1%, China down 0.6% and HK up 1.5%. 10-year yield easing to 4.27%. European markets opening up around 0.5%.

HIGHLIGHTS

  • Winners: CWY, MSB, HCW, WA1, KGN, ILU
  • Losers: LIC, OBM, EMR, BXB, SPR, CMM, GMD
  • Positive sectors: Banks. Financials REITS. Tech. Healthcare.
  • Negative sectors: Gold miners. Lithium. Oil and gas.
  • ASX 200 Hi 7695 Lo 7649
  • Big Bank Basket: Up to $202.86 (+1.3%)
  • All-Tech Index:  Up 1.2%
  • Gold: Falls to $3581 as tensions ease.
  • Bitcoin: Kicks to US$66302.
  • 10-year yields fall to 4.27%.
  • AUD: Rallies to 64.52c
  • Asian markets:  Japan up 0.4%, China down 0.7% and HK up 1.5%.
  • Dow Futures down 7 Nasdaq futures down 27.

MAJOR MOVERS

  • CWY +15.8% good volume too.
  • MSB +13.2% good bounce again.
  • ILU +5.3% still enjoying the quarterly bounce.
  • HCW +8.0% buyback announcement.
  • CTT +5.2% change in substantial holding.
  • WA1 +6.6% technical breakout.
  • ORN +5.6% quarterly cashflow.
  • SVM +7.2% graphite expert appointed to Kasiya development team.
  • IVZ +8.5% gas sales agreement to deliver power to Eureka Gold Mine.
  • LIC -13.5% Lifestyle Communities trading update.
  • GMD -4.9% gold miners down.
  • BXB -6.3% 3Q trading update.
  • PAA -18.9% resignation of Dr Michael Thurn.
  • SHV -9.5% business update.
  • XAM -4.2% coarse ire flotation test results.
  • Speculative Stock of the Day:  Osteopore (OSX) +139.4% good news with an in-human trial.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Australia’s Services PMI dips to a 2-month low of 54.2 in April, signalling continued expansion but at a slower pace. Manufacturing PMI rises to a 3-month high of 49.9 in April, indicating near stabilisation despite remaining in contraction territory.
  • Australia’s Composite Output Index climbs to 53.6 in April, marking a 2-year high, with the private sector expanding for a third consecutive month.
  • Japan’s Manufacturing PMI rises to 49.9 in April from 48.2 in the previous month, marking the softest contraction in eleven months.
  • Rio Tinto, Eramet and LG Energy are among 30 companies that have submitted proposals to develop lithium extraction technology for a Chilean salt flat in the early stages of exploration, state-run mining body ENAMI says.
  • Chinese tea bubble maker Sichaun Baicha plunged more than 38% in its trading debut in Hong Kong.
  • FTC sues to block $8.5bn deal between the makers of Michael Kors and Coach.
  • Biden tells Zelenskyy US weapons will arrive ‘quickly’.
  • Former President Donald Trump is poised to receive up to 36m additional shares of Trump Media after trading closes Tuesday. This is worth more than $1.25bn at current prices.
  • Rising food prices around the world may finally be seeing a bottom this year. According to Oxford Economics, global food prices are expected to decline in 2024, offering some relief for shoppers.
  • Electric vehicles could account for one in five cars sold this year, the International Energy Agency says. Almost half of car sales in China are likely to be EVs this year, and one-quarter in Europe.
  • General Motors is set to report its first-quarter earnings before the bell Tuesday. adjusted earnings per share of $2.15 and revenue of $41.92bn.
  • Happy Birthday to William Shakespeare.

And finally….

Clarence

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