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ASX 200 falls 103 points to 7861 (-1.3%) on US tech falls and quarterly disappointments. Banks held up relatively well as the Big Bank Basket fell to $227.50 (-0.4%). NAB down 0.9% and MQG falling 3.4% on its AGM update showing weakness on deal flow still. MFG bucked some weakness in the sector, insurers eased slightly. REITs got sold down, GMG down 3.1%, leading losses, GPT up 0.9% and VCX unchanged. Industrials fell across the board, WES dropped 2.9%, with TCL off 1.9% as tech stocks fell hard, WTC down 3.2%, and XRO off 3.5%, with the All–Tech Index down 1.8%. Utilities also under a little pressure, ORG off 1.5% and AGL down 1.0%. Resources stuck to the playbook and fell despite a cut to some rates again in China. BHP down 0.9%, and FMG cratering 5.5% on its quarterly and a potential jump in unit costs. Gold miners slid as bullion dipped, EVN down 3.4% and GMD off 2.3%. Lithium stocks weaker again, PLS slid 0.7% and LTM off 2.2%. Oil and gas back in the red, WDS down 1.4% and STO off 3.2%, with uranium stocks easier too. PDN down 3.7%, and DYL off 4.6%. In corporate news, the ANZ bond trading scandal is getting more serious, NST down 0.4% on its quarterly. SEK wrote down its Chinese investment in Zhaopin by $141m. In Asia, Japan clobbered down 3.0%, with HK off 1.7% and China off 0.5%. Nothing locally on the economic front. 10Y yields steady around 4.31%. US GDP tonight.

HIGHLIGHTS

  • Winners:  RDX, CRN, PAC, PGC, PGF, BCI
  • Losers: RRL, C79, MSB. WA1, SQ2, WAF
  • Positive sectors: None.
  • Negative sectors: Everything really. Iron ore one of the biggest.
  • ASX 200 Hi 7953 Lo 7864
  • Big Bank Basket: Steady at $227.50 (-0.4%)
  • All-Tech Index: Falls 1.8%
  • Gold: Big jump as AUD falls, $3624
  • Bitcoin: Slips to US$64,234
  • 10-year yields steady at 4.31%
  • AUD: slips to 65.47c.
  • Asian markets lower again, Japan clobbered down 3.2% with HK off 1.7% and China off 0.8%.
  • European results in focus. Broad losses expected on US move.

MAJOR MOVERS

  • CRN +5.2% quarterly report.
  • TLX +2.0% bouncing back.
  • NEM +1.3% good quarterly.
  • MFG +0.9% defies gravity.
  • RRL -9.7% quarterly report.
  • C79 -9.1% quarterly update.
  • MSB -8.4% profit taking.
  • WA1 -7.7% gives back some gains.
  • SQ2 -6.7% tech sell off in US.
  • FMG -5.5% quarterly disappoints.
  • BTH -12.0% tech wrecked.
  • ARU -13.2% $20m placement.
  • TTT -7.9% slips lower after recent rises.
  • Speculative Stock of the Day: Tissue Repair (TRP) +95.5%% Reasonable volumes as TGA approval granted for Tissue Repair TR Pro.

COMPANIES

ECONOMIC AND OTHER HEADLINES

  • US GDP tonight. Initial jobless claims, durable goods,
  • Biden says time for younger voice.
  • The People’s Bank of China unexpectedly lowered the cost of its one-year policy loans by the most since April 2020.
  • The PBoC decreased the rate of the medium-term lending facility by 20 basis points to 2.3%.
  • Netanyahu urges US to stand with Israel in face of Gaza war protests.
  • Kering Q2 sales down 11%.
  • Scholz says he will seek second term as German chancellor.
  • Von der Leyen and Starmer plan meeting to drive UK-EU ‘reset’.
  • European results in focus. Roche and Nestle.

And finally….

My wife just found out I replaced our bed with a trampoline. She hit the ceiling!

It’s my wife’s birthday next week and she’s been leaving jewelry catalogs all over our house.
So I got her a magazine rack.

Clarence

XXXX