ASX 200 limped into the ‘Jerome show’ losing 3 points to 8024. Kamala Harris in ‘da house’ too. Up 0.8% for the week. Resources gave back some of the week’s gains, BHP down 0.7%, FMG off 2.0%, with lithium and rare earths under pressure again although modest by recent moves. Gold miners slipped as bullion fell, NST down 0.3%, and EVN off 0.7%. Oil and gas eased yet again, WDS down 0.5% and STO off 0.9%. Coal stocks also down, with WHC reversing some of the gains of yesterday, crashing 7.2%. Nothing good happening in uranium either. PDN down 2.9%. Banks were a little rattled by the APRA announcement on ANZ with the bank falling 2.2%. CBA steady, and the Big Bank Basket fell to $233.06 (0.1%). Insurers better, SUN up 1.0%, MPL up 2.9% and MQG pushing 0.8% higher. REITs mixed, GMG up 0.9% and VCX off 3.2%. Healthcare better, COH saw investors listening up 0.8% and FPH on a guidance update rising 11.9%. Industrials a little mixed, but results the focus. Tech saw some losses, WTC gave some back and the All–Tech Index fell 0.1%. Retail remains a good place to be despite AX1 falling 15.3% on disappointing results. In results today, we had some serious shockers, ING dropped % on the outlook statement. JIN down 16.1% on some weaker guidance, AX1 fell 15.3%, and IPH resumed trade after a placement and acquisition rising 6.6%. On the economic front, Japanese CPI came is as expected. Nothing really to see here. BoJ governor out and about. Jackson Hole tonight. Data dependent. Plenty of Fed heads already spoke anyway. Asian markets showing modest moves, Japan up 0.5%, HK down 0.4% and China down 0.1%. 10Y yields 3.92%. Dow Futures up 97 points. NASDAQ Futures up 108 points. 

HIGHLIGHTS

  • Winners: FPH, BLX, IPH, JDO, BRG, WA1, DRO, SGP
  • Losers: ING, JIN, AX1, PYC, WHC, IFL
  • Positive sectors: Healthcare. Retail. Insurers.
  • Negative sectors: Iron ore. Gold. Lithium. Coal. Uranium. Oil.
  • ASX 200 Hi 8027Lo 7990 Narrow range again. Up from 0.8% for the week.
  • Big Bank Basket: Unchanged at $233.06.
  • All-Tech Index: Down 0.1%
  • Gold: Drifts higher to $3,710.
  • Bitcoin: Higher at US$60,914
  • 10-year yields rise to 3.92%
  • AUD: Higher at 67.21c
  • Asian markets: Japan up 0.4% HK down 0.4% and China up 0.3%
  • Dow futures up 83 NASDAQ Futures up 107

MAJOR MOVERS

  • GYG +3.5% record high. No volume as usual
  • FPH +11.9% Profit guidance
  • IPH +6.6% completes placement.
  • DRO +4.7% kicks slightly higher.
  • JDO +6.2% off the mat again.
  • BRG +5.0% broker research.
  • LTP +16.1% continues to firm.
  • GLB +18.2% no volume rally.
  • FND +13.0% Indian focus.
  • APX +6.1% yet again.
  • ING -20.2% cries fowl.
  • AX1 -15.3% wrong size results.
  • WHC -7.2% broker research.
  • JIN -16.2% no result jackpot.
  • PLY -9.2% results. Interesting presentation.
  • GRR -8.3% half yearly report.
  • MP1 -4.1% becoming ‘Nanoport’
  • ASB -3.5% starting to look interesting.
  • APE -2.6% broker downgrades.
  • EQT -7.8% low volume.
  • Speculative Stock of the Day: EXR +24.1% Taroom Trough coals flowed for first time.

ECONOMIC AND OTHER NEWS

  • Harris vows to ‘strengthen, not abdicate’ US global leadership. Accepts nomination. Game on officially!
  • Jerome Powell speaks tonight. Data dependent. Investment research firm BCA Research sees that the economy is on the cusp of a recession, and the predicted upcoming U.S. Federal Reserve rate cuts will not be sufficient to steer markets out of it.
  • Summer surge in US of Covid. FDA approves new vaccines.
  • Nestle CEO resigns.
  • Japanese CPI,excluding fresh food, climbed 2.7% from a year earlier, accelerating from 2.6% in June, according to the Ministry of Internal Affairs on Friday. The result matched the consensus estimate.
  • The BoJ has also highlighted the importance of service prices as it examines the inflation trend. They rose 1.4% from a year earlier, slowing from 1.7% in June, according to the report.
  • Alibaba to add Hong Kong primary listing by end of August.
  • Investors’ expectations for European inflation fall to lowest since 2022.
  • World’s second-largest diamond found in Botswana.
  • Whale freed in Sydney harbour.

And finally…..

Clarence

XXXX