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ASX 200 limped to a 34-point rise to 7750 (+0.4%), following the US higher without great enthusiasm. Jobs numbers this morning point to no reason for the RBA to cut rates. Meeting next week. Once again, it was a tale of two sectors. Banks up, and resources down. The Big Bank Basket continued to trundle higher, up to $216.44 (+0.8%) led by CBA up 1.1%. NAB is at a nine-year high, up 0.8%. MQG slipped 0.6%, and ASX fell 8.0% on a blowout in Capex. REITs once again better on lower 10-year yields. GMG up 2.3%, and VCX up 0.8%. Industrials were also firm, WES recovered another 1.2%, TCL rose 0.7% on lower rates, ‘old skool’ platforms did well, REA up 3.2%, and CAR rallied 1.1%. Tech also in demand, with WTC up 2.0% and XRO pushing 2.3% higher. The All–Tech Index up 1.9%. Healthcare better too, with CSL up 2.0% and SHL up 1.0%. A different story in iron ore with BHP and RIO both easing. Lithium and base metal stocks failed to launch following better LME pricing. Gold miners were mixed with NST down 0.2% and EVN off 0.5%. Oil and gas stocks fell, WDS down 0.9%, but uranium stocks saw a modest bounce, BOE up 1.0%, and PDN falling 0.8%. In corporate news, SIG fell 3.7% as the ACCC has some concerns about the Chemist Warehouse deal. CSR shareholders voted to accept the French takeover, ending a 62-year run as an ASX-listed company. QAN fell 0.5% after it bought out the remaining TripADeal shareholders. TLX is in a trading halt as it finalises its Nasdaq IPO. On the economic front, unemployment fell slightly to 4%. Asian markets lower, China down 0.2%, HK up 0.5% and Japan off 0.9%. 10Y yields back to 4.21%. Dow Futures -0.1%, and NASDAQ Futures +0.7%. 

HIGHLIGHTS

  • Winners: OBM, SPT, CDA, DRO, IDX, ASK, TPW
  • Losers: ASX, JMS, PNR, LTR, SXG, LYC, LTM, SIG
  • Positive sectors: Banks. Healthcare. Industrials. Old ‘Skool’ Platforms. Techs.
  • Negative sectors: Iron ore. Lithium. Rare Earths. Base metals. Oil and gas.
  • ASX 200 Hi 7778 Lo 7714
  • Big Bank Basket: Rises to $216.14 (+ 0.8%)
  • All-Tech Index: Up 1.9%
  • Gold: Lower at $3477
  • Bitcoin: Rises to US$67563
  • 10-year yields fall to 4.20%
  • AUD: Rises to 66.45c.
  • Asian markets lower, China down 0.3%, HK up 0.5% and Japan off 0.2%
  • Dow futures down 53 NASDAQ Futures up 127

MAJOR MOVERS

  • OBM +10.5% kicks late.
  • SPR +9.0% rally continues.
  • CDA +6.7% bullion bouts.
  • DRO +6.2% rally sets off again.
  • NSR +3.1% Self Storage Ventures Fund.
  • PNV +4.0% breaking up.
  • BUB +16.7% trading update.
  • PYC +5.0% bargain hunters.
  • PEN +4.2% uranium heads higher.
  • ARL +6.7% tax rebate.
  • ARR +2.2% Halleck project creek update.
  • ASX -8.0% Capex increases.
  • SIG -3.7% Chemist Warehouse issues.
  • LTR -4.8% LRS -2.3% lithium depressed.
  • BRE -11.0% capital raise.
  • SBM -6.1% renewable opportunity at Touquoy Mine.
  • NTU -8.1% falls continue.
  • PBH -5.1% guidance fall-out.
  • Speculative Stock of the Day: MRQ +166.7% announced a binding JV to develop HMS Project.

COMPANIES

ECONOMIC AND OTHER HEADLINES

Australian Jobs numbers

  • unemployment rate increased to 4.0%.
  • participation rate remained at 66.7%.
  • employment increased to 14,355,100

.

  • Concern the Bank of Japan will cut back on bond purchases at its two-day policy meeting.
  • Chinese EV stocks gained as analysts said the European Union’s preliminary announcement of tariff increases was in line with market expectations and manageable for companies.
  • Tesla has asked the EU to subject its electric vehicles to a lower tariff rate than other manufacturers shipping cars into the bloc from China, arguing that it’s benefitted from less substantial state support.
  • A giant Chinese commodities trader is nursing losses after a shipment of copper from Russia worth nearly US$20m went missing. This is the latest blow to international metals trading and its reputation.
  • Elon Musk said late Wednesday in the US that two key proposals to re-ratify his pay package and move Tesla’s legal home to Texas from Delaware are currently passing by “wide margins.” Meeting in today in the US. US$56bn. Seems a little excessive!
  • French conservative leader deposed by party for backing Marine Le Pen.
  • G7 Leaders meeting in Bari, Italy.
  • European markets expected to open a little lower.

And finally…off on leave so nothing from Clarence until July 11th. Greece is the word. Laters

Clarence

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