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ASX 200 charges 111 points ahead to 7793 (+1.4%). Banks leading the charge higher as ANZ reports and announces a $2bn buyback and NAB goes ex-dividend by 84c. The Big Bank Basket up 1.3% to $209.82. MQG jumped 2.5% as the Equities Conference kicks off with no bad news so far. Early days. Insurers and other financials picked up too, QBE up 0.9% and SUN up 0.6%. REITs also back in demand across the sector with GMG up 1.2% and SCG up 1.6%. Industrials firmed too, WOW up 1.4% and WES continuing to push higher after investor day up 2.2%. Green across screens with Tech doing ok, WTC up 2.3% and the All–Tech Index up 1.6%. Utilities doing well after an upgrade from AGL. Resources better with BHP up 1.6% and FMG kicking 1.8%. Lithium in selected stocks was better, LRS doing well up 8.5%. Uranium stocks back in favour, PDN kicking goals up 8.4%. Even oil and gas doing better, WDS up 1.9% and STO rallying 0.9%. Gold miners pushing higher with NST up 1.2%. In corporate news, ANZ results, AGL upgrade, SGM downgraded and fell 6.4%, HMC upgraded guidance putting on 6.8%. On the economic front, retail sales dropped again, the RBA kept rates on hold as expected ruling nothing in or out. Asian markets, Japan rose 0.7%, with China up 0.3% and HK off 0.4%. 10-year yields fell to 4.32%. Dow Futures down 10 points. NASDAQ Futures down 11 points. 

HIGHLIGHTS

  • Winners: LRS, PDN, LOT, AGL, OML, SGR, HMC
  • Losers: SGM, IMD, CEN, BAP, CU6, GNC
  • Positive sectors: Banks. Healthcare. Iron ore. Industrials. REITs
  • Negative sectors: Telcos.
  • ASX 200 Hi 7793 Lo 7685. RBA leaves rates unchanged.
  • Big Bank Basket:  Up to $209.82(+1.3%)
  • All-Tech Index:  Up 1.6%
  • Gold: Rises to $3511
  • Bitcoin: Falls to US$63388
  • 10-year yields fall to 4.31%.
  • AUD: Steady at 66.13c after RBA.
  • Asian markets:  Japan rose 1.4% with China down 0.2% and HK off 0.9%.
  • Dow Futures down 10 Nasdaq futures down 11

MAJOR MOVERS

  • LRS +8.5% sprinting ahead.
  • PDN +8.4% DYL +3.7% uranium highs.
  • AGL +7.4% upgrade.
  • HMC +6.8% guidance update.
  • SQ2 +5.8% volatility continues.
  • LNW +3.5% starting to push up.
  • ILU +5.3% MD and chairman’s address.
  • PMT +11.4% drilling results from Corvette.
  • THL +6.4% small bounce.
  • EL8 +6.9% uranium play.
  • SGM -6.4% profit warning.
  • BAP -3.5% broker research.
  • GNC -3.1% broker downgrades following guidance yesterday.
  • DVP -2.1% Pioneer Dome scoping study.
  • LAU -5.8% guidance downgrade.
  • Speculative Stock of the Day: Titomic (TTT) +22.6% TKF system sold to Triton System for $1.2m.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • RBA Meeting left rates unchanged. Here is a link to the blurb. ‘Bumpy ride’ ahead apparently.
  • The European Union is prepared to deploy all the tools available to defend its economies if China fails to offer fair access to its markets.
  • UBS on Tuesday reported a net profit of US$1.8bn for the first quarter of the year, smashing analyst expectations.
  • Israel rejects ceasefire proposal accepted by Hamas.
  • Amazon Web Services (AWS) on Tuesday said it will pump another $9bn into Singapore over the next five years to grow its cloud infrastructure and services in the country.
  • Boeing calls off Starliner spacecraft launch after problem with valve.
  • Global trade growth set to more than double this year.
  • Banco Sabadell rejects €12bn takeover bid by BBVA.
  • Disney results before the bell. Earnings of 110c expected. Revenue $22.11 in focus.
  • BP results missed expectations.

And finally…

Clarence

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