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ASX 200 rallies off lows to close down 36 points at 7953 (-0.5%) as banks steadied after early falls. CBA up 0.8%, and the Big Bank Basket rising to $231.70 (+0.4%) as ANZ copped a broker downgrade. Financials were generally steady, with REITS under some pressure, GMG off 0.5% and SGP down 0.7%. MPL rose 1.3%, bucking the negativity. Industrials were slightly weaker, no real harm done, tech eased back but off lows. WTC down 2.1%, and REA off 0.4%. Once again, it was resources that stumbled. FMG fell 10.2% under serious pressure as a $2bn block trade was being priced. Iron ore weakness was headwind too, BHP down 1.3% and RIO off 1.0%. Lithium was weaker again, PLS down 4.5% and MIN dropping 3.7%, with gold miners also under pressure. EVN down 1.3% and PRU off 4.3%. Oil and gas slipped too, as Brent fell below $80. Uranium stocks also easing back. In corporate news, CCP rose 14.0% on its better-than-expected results, and APX was Lazarus-like in a business update, rising 55.8%. BHP joined with Lundin to make a Canadian copper asset, IGO fell 4.8% after reporting higher underlying earnings. Nothing on the economic front as the BoJ meeting kicks off today. Asian markets lower, Japan down 0.2% and HK down 1.3% with China off 0.7%. Dow Futures up one point and NASDAQ Futures down 16 points. 

HIGHLIGHTS

  • Winners:  CCP, SLC, AAC, VGL, IEL, GDG
  • Losers: FMG, OPT, LTM, MSB, AD8, DRO
  • Positive sectors: Banks.
  • Negative sectors: Iron ore. Gold miners. REITs.
  • ASX 200 Hi 7971 Lo 7894
  • Big Bank Basket: Slightly higher at $231.70 (+0.4%)
  • All-Tech Index: Down 0.5%
  • Gold: Eases to $3644
  • Bitcoin: Trump’s moonshot slips US$66458
  • 10-year yields lower at 4.28%
  • AUD: steady to 65.56c.
  • Asian markets lower, Japan up 0.2% and HK down 1.5% with China off 0.7%
  • European markets opening slightly lower.
  • Dow futures unchanged NASDAQ Futures down 15.

MAJOR MOVERS

  • CCP +14.0% results cheer.
  • SLC +4.7% FY results date announced.
  • IEL +3.5% Livewire article.
  • HFR +14.6% corporate presentation.
  • M7T +7.6% quarterly report.
  • STK +9.1% significant high-grade intercepts.
  • ART -7.6% quarterly report.
  • FMG -10.2% $2bn block trade for the chop.
  • DRO -5.4% results downtrend.
  • LTM -6.3% lithium depressed.
  • AD8 -5.8% slips lower again.
  • BGL -5.0% under pressure.
  • Speculative Stock of the Day: APX +55.8% positive update- new CEO looks to be turning things around.

ECONOMIC AND OTHER HEADLINES

  • Building approvals. Total dwellings approved fell 6.5% to 13,237.
  • BoJ kicks off Day 1 of its meeting. Economists polled by Reuters expect the BOJ to increase its benchmark interest rate to 0.1% from the current range of 0% to 0.1%. Other experts expect much higher hikes from the BOJ.
  • Chinese brands captured 11% of the European EV market in June.
  • Protests break out in Venezuela after Maduro’s disputed election win.
  • StanChart announces largest-ever share buyback as profits rise.
  • BP results out this morning.
  • Amazon Prime Video undercuts rival Netflix on advertising prices.
  • McDonald’s hit by first global sales drop since 2020.
  • Warren Buffett has sold more Bank of America shares. Berkshire Hathaway sold US$767 million of the stock from July 25 to July 29.
  • European guidance cuts picked up “sharply” this reporting season to be well above the pace for the preceding four quarters say BoA.

And finally…

Clarence

XXX