ASX 200 slips 18 points to 7682 (-0.2%) as banks rally and resources slip. BHP testing $40, down 2.0%, with RIO and FMG under pressure too. Lithium stocks fell as MIN down 2.2%, and IGO off 2.5% on nickel plans. Gold miners fell hard as bullion slipped, NST down 2.5% and PRU off 4.9%, with changes in Burkina pushing WAF down 10.8%. Uranium stocks fallout continues with BOE off 4.0% and DYL down 5.6%. Oil and gas mixed, WDS falling away again, down 1.9%, and STO holding steady. Banks held up well on defensive qualities and comments from the RBA governor, perhaps on rates. CBA up 1.4% and ANZ up 1.1% on capital position news, The Big Bank Basket up to $219.92 (+1.3%). Financials firm ASX up 2.2%, and NWL rallying 1.0%. REITs under pressure as MGR disappointed, GMG down 2.2% and GPT down 2.8%. Industrials mixed, COL and WOW up around 0.5% -1.1% with ALL firming 1.3%. Elsewhere, TLS slipped 0.5% and TCL reported today, falling 0.8%. Tech mixed. In corporate news, AMP rallied 13.3% on better-than-expected news, and MYR dropped 7.1% on a trading update. QAN ex-CEO Joyce will forfeit $9m of his pay in review. Nothing on the economic front. Asian markets mixed, Japan down 0.3% and HK up 0.3% with China up 0.2%.

HIGHLIGHTS

  • Winners:  AMP, AD8, HSN, DRO, PNR, WA1, SPR
  • Losers: WAF, ADT, IPOX, MGR, BOT, CSC, RSG
  • Positive sectors: Banks. Financials. Supermarkets.
  • Negative sectors: Iron ore. Gold miners. REITs.
  • ASX 200 Hi 7703 Lo 7644
  • Big Bank Basket: Bounces to $219.92 (+1.3%)
  • All-Tech Index: Down 0.2%.
  • Gold: Falls to $3655 as AUD rallies.
  • Bitcoin: Crypto bounces to US$57183
  • 10-year yields steady at 4.07%
  • AUD: Higher at 65.51c
  • European markets expected to open around
  • Dow futures up 18 NASDAQ Futures up 59.

MAJOR MOVERS

  • AMP +13.3% results cheer.
  • AD8 +5.7% bargain hunting on Macquarie upgrade,
  • RED +3.0% line of stock placed.
  • SPR +3.2% Diggers and Dealers presentation.
  • DRO +4.1% signs of life.
  • C79 +1.9% change of interest.
  • TTT +14.3% good rally.
  • KKO +5.3% Core hole 270-11c logged and completed.
  • WAF -10.8% Burkina Faso new mining code.
  • ADT -10.7% big sell off.
  • PSQ -7.4% results of scheme meeting. Knocks back bid.
  • BOT -8.7% profit taking.
  • MGR -9.0% disappoints on earnings and distribution.
  • MYR -7.1% trading update.
  • WEB -2.8% demerger.
  • GQG -3.7% Adani perhaps?
  • Speculative Stock of the Day: Nothing on any volume.

COMPANIES

ECONOMIC AND OTHER NEWS

  • Buffett saw about ¥980bn(US$6.7bn) wiped off the value of his Japanese holdings in the recent market rout through Monday, but the losses narrowed to about ¥550bn as of market close Wednesday as Japanese stocks recovered.
  • Berkshire holds on average 8.2% each in Marubeni Corp., Itochu Corp., Sumitomo Corp., Mitsui & Co. and Mitsubishi Corp.
  • Three-quarters of the global carry trade has now been removed, with a recent selloff erasing this year’s gains, according to JPMorgan Chase & Co. Mmm. Not sure about that. Decades of the carry trade and all over in a few days!
  • A week is a long time in Politics.
  • Taylor Swift concerts in Austria cancelled after terror plot uncovered.
  • US consumer spending slowdown weighs on travel and leisure groups.
  • India’s Nifty 50 is beating the S&P 500 so far this year and analysts say it could run even higher. The index has surged 11.8% so far this year, outpacing the S&P 500′s 9% gain.
  • Siemens beats expectations. Reaffirms guidance.
  • Record half for Allianz.
  • European markets opening around 0.3% lower.
  • US jobs number tonight.

And finally……

Clarence

XXXX