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ASX 200 retreated significantly as bank weakness, retail woes and commodity issues pushed us down 83 points to 7722 (-1.1%). CBA fell 2.2% on quarterly update, WBC crashed on ex-dividend down 5.6%, with the Big Bank Basket down to $205.72 (-2.4%). MQG was a patch of green with REITs off too, GMG falling 1.67%, MGR falling 1.0%. Insurers steady QBE up 0.6% and SUN better as yields rallied to 4.35%. Flight to safety. Healthcare under pressure, CSL down 1.0% with RMD falling 2.3% and tech off as WTC fell 1.1% and XRO down 1.4%. The All–Tech Index fell 0.6%. Industrials swooned on some retail updates at Macquarie Conference, JBH down 2.5%, SUL off 5.5%, and WES down 3.5%. QAN still finding some friends up 1.5%. In resources, BHP and FMG down around 0.8%, with lithium stocks a little weaker, PLS down 0.2%. Gold miners under pressure, DEG pulling $600m from gold investors not helping. NST down 0.8%, and RED off 1.1%. Oil and gas better, WDS up 0.8% and STO up 0.9% on new government commitment to gas. On the corporate front, BBN spat the dummy dropping 23.4% on an up (down) date. SUL down 5.5% on its sales update, and TPW gave up some serious ground on its latest sales numbers, falling 17.9%. JDO fell 0.4% on an update, and ORI exploded 0.6% higher on its update. On the economic front, better Chinese export numbers. Locally weekly payroll jobs down 0.6% in the month since March 16th. Asian better, with Japan up 0.3% and HK up 1.1% with China up 0.8%. Yields higher at 4.35% in 10Y notes. Dow and NASDAQ Futures down 42 and 41 points, respectively. 

HIGHLIGHTS

  • Winners: COE, CHN, STX, LTR, PSI, VUL, FCL
  • Losers: TPW, NXG, BRN, PPM, IMU, SIQ, WBC
  • Positive sectors: Oil and gas.
  • Negative sectors: Banks. Healthcare. Retail. Gold miners. Tech.
  • ASX 200 Hi 7802 Lo 7715
  • Big Bank Basket:  Down to $205.72(2.4%)
  • All-Tech Index:  Down 0.6%
  • Gold: Unchanged at $3526
  • Bitcoin: Falls to US$61650
  • 10-year yields rise to 4.34%.
  • AUD: Steady at 65.76c.
  • Asian better with Japan up 0.1% and HK up 1.1% with China up 0.9%.
  • Dow and NASDAQ Futures down 42 and 41 points, respectively. 
  • European markets opening flat BoE to come.

MAJOR MOVERS

  • CHN +9.5% gaining traction following quarterly.
  • PSI +4.9% scheme in place for 619c in cash.
  • VUL +4.5% running into sellers.
  • GL1 +7.8% conference presentation.
  • INR +9.8% lithium juniors picking up.
  • AGI -17.6% trading update.
  • BBN -23.4% dummy spit on update.
  • TRJ -19.3% presentation.
  • AVH -8.5% continuing to fall.
  • TPW -17.9% trading update. Giving it all away.
  • NXG -9.9% buys spot uranium with US$250m debenture.
  • SIQ -6.1% broker downgrades.
  • WBC -5.6% ex-dividend and some.
  • SUL -5.5% retail woes,
  • NEU -3.9% Daybue numbers.
  • Speculative Stock of the Day: Alliance Nickel (AXN) +80.0% Niwest Nickel project granted major project status by the Australian Government.
  • Winners: COE, CHN, STX, LTR, PSI, VUL, FCL
  • Losers: TPW, NXG, BRN, PPM, IMU, SIQ, WBC

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Chinese trade data – Exports increased 1.5% in dollar terms from a year earlier, reversing a drop in March, while imports climbed 8.4%, the customs administration said
  • Country Garden said it cannot meet initial deadlines for interest payments on two local bonds and that a state guarantor would step in.
  • Chinese electric car company Nio said Thursday it will launch its lower-priced brand called Onvo on May 15.
  • Elon Musk’s artificial intelligence startup X.AI Corp. is set to close its funding round at a valuation of about $18bn.
  • Bridgewater’s chief says he has ‘rewired’ world’s largest hedge fund.
  • Mike Johnson survives attempt to oust him as US House Speaker.
  • Bank of England decision tonight. Swedes cut will the Old Lady of Threadneedle Street?
  • European markets opening flat BoE to come.

And finally….

Clarence

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