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ASX 200 rises 39 points to 7671 (+0.5%). Banks and industrials lead the market back from Monday’s loss. CBA up 1.1%, NAB up 1.2% and the Big Bank Basket up to $228.53 (+1.1%) Insurers and other financials also doing well. QBE up 0.5%, and SOL up 0.9%. REITS a little mixed, GMG down 1.0% but others firm. Healthcare stocks also in demand, CSL up 1.0% COH up 2.9% and RMD up 1.7%. Supermarkets saw sellers, WES up 1.9% and TCL up 1.3% on Brisbane news. Tech stocks ran, the All-Tech Index up 1.4% with WTC and XRO up around 2%. Resources were once again the drag, iron ore stocks fell, FMG down 1.4% with RIO off 0.6% and the gold sector under some pressure as risk wanes. NST down 1.4%, with EVN off 1.9%. Lithium stocks remain out of favour as do rare earths, new entrant AXL collapsed 37.5%  on listing.,Oil and gas under pressure as WDS lost 3.7% after a disappointing quarterly followed by broker reviews on its acquisition of Tellurian’s LNG. Uranium continues to lose its gloss. In corporate news, LYC quarterly fails to impress, PNV up 7.9% on quarterly revenue jump. SPR jumped 23.6% on a reserve upgrade, and ARU locks in debt funding. Nothing on the economic front today. Asian markets a little weaker, with Japan up 0.2%, HK off 0.6% and China down 0.8%. Australian yields muted, 10Y and 2Y up a touch. Dow and NASDAQ Futures down 0.1% and 0.4%, respectively.

HIGHLIGHTS

  • Winners: SPT, MSB, SLC, NXL, PNV, OFL, PNV
  • Losers: DRO, OBM, WDS, WA1, DVP, PNR, EMR
  • Positive sectors: Banks. Financials. Healthcare. Tech. Industrials.
  • Negative sectors: Iron ore. Gold miners. Uranium. Rare Earths.
  • ASX 200 Hi 7993 Lo 7942
  • Big Bank Basket: Higher at $228.53 (+1.1%)
  • All-Tech Index: Up to 1.4%
  • Gold: Unchanged at $3611
  • Bitcoin: Slips to US$66,811
  • 10-year yields rise to 4.34%
  • AUD: slips to 66.30c.
  • Asian markets mixed again, Japan unchanged, HK unchanged and China down 1%.
  • European markets set for a slightly negative start.
  • Dow futures down 80 NASDAQ Futures down 90

MAJOR MOVERS

  • SPR +23.6% resource upgrade.
  • MSB +13.0% kicks on FDA news.
  • ZIP +6.2% confidence returns.
  • IFL +6.8% broker upgrade.
  • PNV +7.9% quarterly update.
  • NXL +8.3% tech rally.
  • ASN +4.2% rally continues.
  • SXE +9.2% broker upgrades.
  • DRO -8.4% sell off continues.
  • OBM -5.9% quarterly reporting.
  • WDS -3.7% broker downgrades on acquisition and quarterly.
  • EZZ -11.4% quarterly report.
  • HFR-7.1% retraction statement
  • PCL -5.6% Response to ASX query.
  • DXB -8.2% quarterly report.
  • STP -4.5% profit taking continues.
  • Speculative Stock of the Day: DeLorean Corp (DEL) +72.3% – Business update. The Flux Capacitor is working.

COMPANY NEWS

ECONOMIC AND OTHER HEADLINES

  • Mixed opening from Europe. Earnings from Givaudan, Thales, Alstom, Norsk Hydro, AkzoNobel, Banco de Sabadell, Randstad, Enagas and LVMH on Tuesday.
  • Hungary will announce its latest interest rate decision and data releases include Dutch and Irish consumer confidence figures.
  • Indian budget in focus.
  • Car dealers beef up incentives as US inflation takes bite out of demand.
  • Google parent and Wiz end talks on $23bn deal.
  • US Secret Service chief says Trump shooting worst ‘failure’ in decades.
  • Ocean floor metals produce ‘dark oxygen’, research finds.
  • Vodafone sells further €1.3bn stake in European phone masts business.
  • Focus on Alphabet and Tesla tonight.
  • General Motors is set to report its second-quarter earnings before the bell Tuesday.  Analysts expect adjusted earnings per share of US$2.75 and revenue of $45.46bn

And finally….

Clarence

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