ASX 200 roars 106 points ahead to 7971 (1,.3%) up 2.5% for the week, to finish 30 points above where we were two Fridays ago. Results and reactions the focal point with US strength helping all sectors. NAB with 3Q trading update helped the sector, CBA up 2.,4% and the Big Bank Basket up to $233.86 (2.0%). Insurers also in demand with QBE and SUN up 1%. ASX unchanged on its results, MQG rose 0.6%. REITs were mixed, GMG seeing some profit taking down 1.1% and SGP up 2.0%. Industrials firm. TLS rose slightly on broker comments, AMC slipped 2.8% on its numbers, BXB up 1.5% and REH doing ok. Tech slightly better, WTC up 0.7% and REA adding another 2.5%. In resources, we saw a bounce back despite Iron ore slipping in Singapore again. BHP up 2.0%, and RIO bouncing 1.6%, with FMG seeing some Friday book squaring up 3.1%. Lithium plays were better on hope more than anything, PLS up 5.8% and LTR up 1.3%. Gold miners slightly firmer, DEG up 1.7% and EVN up 3.3%. Energy stocks firmed, WDS up 2.4% and uranium stocks glowing, BOE up 5.5% and DYL up 5.5%. On the corporate scene, results from GQG and DHG saw small losses. On the economic front, RBA chief Bullock was in Canberra talking tough on interest rates. Two-speed economy. Borrowers are struggling debt-free spending. Asian markets firmed, Japan up 8% this week! Up 3.0% today alone. HK up 2.1%, and China unchanged. 10-year yields 3.94%. Dow Futures up 89 points. NASDAQ Futures up 79 points. 

HIGHLIGHTS

  • Winners:  ZIP, OPT, ADT, CSC, JHX, SFR, PLS
  • Losers: PWH, CU6, GQG, AMC, STX, PPM, BOT
  • Positive sectors: Banks. Iron ore. Lithium. Gold miners.
  • Negative sectors: Nothing.
  • ASX 200 Hi 76977 Lo 7888 Up 2.5% this week.
  • Big Bank Basket: Continues higher to $233.86(+2.0%)
  • All-Tech Index: Up 1.6%
  • Gold: Eases to $3701.
  • Bitcoin: Lower at US$58277
  • 10-year yields higher at 3.93%
  • AUD: Higher at 66.31c
  • Asian markets: Japan up 2.9% , HK up 1.6% and China unchanged.
  • Dow futures up 81 NASDAQ Futures up 74

MAJOR MOVERS

  • ADT +8.4% volatility continues.
  • ZIP +13.5% rushes higher on US retail numbers.
  • AD8 +5.2% good solid bounce.
  • OPT +8.9% clear line of sight higher.
  • GYG +9.2% tiny volume as usual.
  • JHX +6.2% Livewire article.
  • BOE +5.5% uranium back?
  • APX +21.0% rerating continues.
  • WC8 +9.6% nine lives.
  • DMP +1.2% Sister Act
  • ASX +0.1% results and legal proceedings.
  • PWH -15.7% overheats.
  • AMC -2.8% boxed in.
  • GQG -2.8% results underwhelm.
  • SVL -41.9% Bowdens appeal outcome.
  • LTP -8.4% profit taking.
  • JLG -1.6% fails to launch.
  • Speculative Stock of the Day: LRV +44% Antimony play. See newsletter this morning. Good volume too.

ECONOMIC AND OTHER NEWS

  • RBA Chief teller, Michele Bullock, hosed down interest rate cut expectations at a Senate committee hearing.  
  • Let them eat cake moment? Michele Bullock says the increase in business failures is a natural economic process that will ultimately make the economy more productive.
  • National Australia Bank’s economics team took it as a hawkish performance, although stuck to its view that the RBA won’t move to ease borrowing rates until May next year.
  • Victoria is underperforming compared to other states and boasts a higher jobless rate, Reserve Bank of Australia assistant governor Sarah Hunter says.
  • Nikkei 225 is up 8% this week!
  • China’s new bank loans fell to a 15-year low in July. China’s financial risks have dropped, including from local government debt PBoC Governor Pan Gongsheng said today.
  • Alibaba missed expectations for the June quarter of 2024 as it continues to face headwinds in its core e-commerce business. Still up 4.8%.
  • North Korea is to reopen to tourists. Book me in!
  • Trump’s economic plans would hurt US business, report claims.
  • Amazon’s global AI policy chief has admitted current protections against deepfake content have limited effects.
  • Premier League Football kicks off tonight.
  • Jackson Hole next week.

And finally….

Just finished painting my garden fence never sweated so much
Instructions said must use two coats

Clarence

XXXX