ASX 200 closed down 23 points at 7727 (0.3%). Sloppy quiet markets across the board with banks down modestly. The Big Bank Basket unchanged at $207.93. ANZ fell 0.7% with MQG falling 0.1% and insurers down on lower yields, QBE off 1.3% and SUN off 1.3%. REITs dropped led by GMG down 0.8 % with SCG off 1.0% with VCX falling 0.8%. Industrials weaker but no real damage, TCL down 1.8% with COL off 1.2% and SVW down 3.1% as it increased its BLD shareholding to close to 92%. ALX saw IFM lift its holding to 26%. Tech stocks eased with the All–Tech Index down 0.5%. Resources slipped with BHP off 0.2% as Anglo knocked back the latest approach, FMG down 0.9% with gold miners weaker, NST off 1.2%. Oil and gas stocks lower and uranium shares easing back. In corporate news, GUD rose 12.2% on a late trading update yesterday. HLS up 4.7% on refinancing news and a lower debt facility. On the economic front, not much here ahead of the well-leaked budget. Asian markets slightly lower with Japan up 0.1%, HK and China pretty much unchanged.

HIGHLIGHTS

• Winners: GUD, AWC, CHN, NEU, HLS, MAH, STX, SLX
• Losers: MYX, QAL, FBU, HDN, URW, FPR
• Positive sectors: Retailers. Healthcare.
• Negative sectors: Insurers. REITs. Oil and gas.
• ASX 200 Hi 7746 Lo 7715
• Big Bank Basket: Unchanged at $207.93
• All-Tech Index:  Down 0.5%
• Gold: Steady at $3551
• Bitcoin: Rises to US$62467
• 10-year yields steady at 4.33%.
• AUD: Steady at 65.99c.
• Asian markets benign, Japan up 0.2%, China down 0.3% and HK down 0.1%.
• Dow futures up 3 NASDAQ Futures down 15. PPI tonight.
• European markets opening slightly lower.

MAJOR MOVERS

• GUD +12.2% trading update.
• NEU +6.0% broker upgrade.
• CHN +6.6% the brew that is true!
• OBM +3.2% presentation in London.
• AWC +6.9% follows Alcoa higher.
• BCB +14.6% blast from the past.
• A1M +10.5% copper stock.
• SYA +12.2% good volume bounce.
• AVH +9.0% earnings slides.
• MYX -5.8% trading update.
• FBU -4.2% broker downgrades.
• BMN -2.7% uranium slips.
• SVW -3.1% moves to 92% of BLD.
• M4M -18.6% reversal from gains yesterday.
• FWD -11.1% RV issues.
• PPS -3.2% Buyback notice.
• MEI -4.8% 150% increase in Soberbo Mining Licence resource.
• Speculative Stock of the Day: Nothing on any volume.

COMPANIES

ECONOMIC AND OTHER HEADLINES

• Short-term visitor arrivals: 761,050 – an increase of 24.1% on one year earlier. Total arrivals: 1,614,830 – an increase of 20.1% on one year earlier.

• Japan’s 20-year government bond yield rose to its highest level since 2013.
• Iron ore fell after a major Chinese developer defaulted, the latest sign the debt crisis facing the nation’s steel-intensive property sector is far from over.
• Chinese car executive calls West’s claim of overcapacity a ‘fake concept’.
• Stellantis in talks with Vale to invest in Indonesian nickel smelter.
• OpenAI rolls out AI updates to GPT-4 as it seeks to get ahead of Google.
• UK jobless numbers in line. Average wage earnings above expectations.
• US PPI tonight.

And finally…..

Clarence

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