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ASX 200 cruised to another 59-point gain up around 0.7% as once again, banks and industrials took their cue from US records. Slight sell-off on the close. CBA pushed up another 0.8%, with NAB up 1.0% and the Big Bank Basket hitting new record highs of $229.72 (+0.9%). MQG had a better day with the US Investment Houses showing the way and rose 2.5%, with insurers also in demand. Financials generally are doing well on rate cut expectations. Healthcare again good, CSL up only 0.1%, with SHL and RHC better. REITs firmed yet again. GMG up 1.2%, and industrials from TLS to WES did well. WOW and COL up around 1%, and ALL bouncing back 0.9%. Utilities were slightly better, and tech stocks in demand, with WTC up 3.3%. Resources were once again mixed. BHP production report failed to move the dial much, down 0.9%, with RIO and FMG easing 0.3% to 1%, respectively. Gold miners in demand, NST up 3.4% and EVN up 1.5%. Lithium stocks showing some signs of life perhaps, LTM 4.6% better on Citi’s suggestion that RIO should take it out. Uranium stocks weakened, PDN down 1.1% and DYL off 3.5% on its quarterly. In corporate news, ZIP launched a large placement and SPP at 152c, SGR switched the pokies back on, CTT fell 4.0% on a update, and STP one pulled itself up 23.3% on a better-than-expected quarterly in ‘innerware’. Nothing significant on the economic front. Total dwelling commencements rose 0.5% to 39,715 dwellings. Asian markets treading water, with 10Y yields up 5bps 4.24%. Dow Futures down 3 points. NASDAQ Futures down 88 points. 

HIGHLIGHTS

  • Winners: PNV, JHX, ASK, CCP, RWC, ADT, NEU
  • Losers:  MGX, DRO, LOT, VUL, MSB, CEN, BCI
  • Positive sectors: Banks. Financials. REITS. Industrials.
  • Negative sectors: Iron ore. Base metals. Uranium.
  • ASX 200 Hi 8018 Lo 7997
  • Big Bank Basket: Higher at $229.72 (+0.9%)
  • All-Tech Index: Up 0.8%.
  • Gold: Records at $3661
  • Bitcoin: Rallies to US$65860 on Trump card.
  • 10-year yields fall to 4.23%
  • AUD: steady at 67.37c.
  • Asian markets mixed again, Japan down 0.4%, HK down 0.2% and China unchanged.
  • Dow futures down 3 NASDAQ Futures down 88 and both continuing to fall..

MAJOR MOVERS

  • PNV +9.3% following AVH higher.
  • NEU +5.5% Biotechs in demand.
  • LTM +4.6% few bottom pickers in lithium space.
  • ADT +5.6% bounces after big sell-off yesterday.
  • STP +23.3% trading update on its ‘innerwear’.
  • JHX +6.3% US leverage.
  • CCP +5.8% Double Buy on Ausbiz.
  • TTT +25.0% continuation rally.
  • CXO unchanged – quarterly activities report.
  • RHC +1.7% French hospital results
  • DRO -9.4% sell-off continues.
  • CTT -4.0% turns lower after update.
  • MGX -10.5% quarterly report.
  • PPS -9.6% Q4 Results presentation.
  • A1M -12.1% quarterly yesterday.
  • DYL -3.5% Noosa Mining Conference presentation.
  • MSB -4.7% slips lower.
  • Speculative Stock of the Day:  LRL +200% following announcement of acquisition.

COMPANIES

ECONOMIC AND OTHER HEADLINES

  • Locally Total dwelling commencements rose 0.5% to 39,715 dwellings.
  • HSBC has appointed George Elhedery as its group chief executive.
  • TSMC shares fall after Trump questions Taiwan commitment. Hitting US futures.
  • Two Chinese copper smelters have laid out plans to reduce production next year as an imbalance between mine supply and smelting capacity continues to drive down processing margins.
  • Musk says he will move SpaceX and X headquarters to Texas from California.
  • Klarna lines up banks for long-planned US listing.
  • ASML Profit report beats estimates at EUR6.24bn revenue – earnings will come from Mulberry Group and Handelsbanken. Data releases will include the U.K.’s latest inflation figures for June.
  • UK June Core CPI +3.5% Y/Y. Services CPI +5.7% Y/Y. June CPI up 2% above 1.9% estimate.
  • European markets heading for a slightly firmer open.

And finally…..

Apparently, when Gareth Southgate passed his resignation to the FA, they passed it back, he then passed it sideways to Bellingham, who fed Kane, who then passed it to the keeper.

Clarence

XXXX