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ASX 200 finished up 19 points to 8141 just shy again of a record close. Relatively quiet and steady ahead of crucial Fed move on Wednesday. Banks were slightly firmer, the Big Bank Basket up to $246.14 (+0.2%). Financials a little mixed, SUN down 0.3% and ASX off 0.2%. REITs firmed, GMG up 0.8% and SCG up 0.5%. Healthcare eased back a little, FPH down 0.2% and COH down 1.1%. Industrials firm but idle. BXB is continuing to power ahead, up 2.5%, QAN is up 1.9%, and ALL is moving 1.4% better. Tech slightly better as XRO rose 2.6% after an acquisition. In resources, the iron ore miners pushed a little higher. BHP unchanged, FMG up 1.8%. Gold miners mixed despite bullion rising, EVN down 2.0% and NEM off 1.8% with PRU up 2.0%. Lithium remains depressed, PLS off 1.0% and IGO down 1.7% with rare earths under some pressure again, LYC down 1.2%. Oil and gas stocks firmed ever so slightly, coal mixed and uranium stocks pretty much unchanged. In corporate news, RPL has made an approach to PTM seeing the target stock rise 12.6%. Another bid for PSQ, and BTH attracting attention too from a predator. Nothing on the economic front as we wait for the Fed. In Asian markets, a stronger yen put the Nikkei under pressure losing 0.6% and HK up 1.5%. 10Y yields steady around 3.83%.

HIGHLIGHTS

  • Winners: PTM, PYC, PNV, WA1, PNR, TLX
  • Losers: SPR, DVP, CYL, MAD, CTT, IMM
  • Positive sectors: Banks. REITs. Tech. Utilities.
  • Negative sectors: Lithium. Rare earths.
  • ASX 200 Hi 8151 Lo 8129
  • Big Bank Basket: higher at $246.14
  • All-Tech Index: Up 0.8%
  • Gold: steady at $3,826
  • Bitcoin: steady at US$58031
  • 10-year yields steady at 3.83%
  • AUD: firms to 67.55c
  • Asian markets: Nikkei under pressure losing 1.5% with HK up 1.4% and China off 0.4%.
  • Dow Futures down 14 NASDAQ Futures up 21

MAJOR MOVERS

  • PTM +12.6% Regal makes tentative approach.
  • PNV +6.5% bouncing back.
  • TLX +3.8% same bounce back.
  • PNR +4.2% growth program drilling underway.
  • PSQ+6.3% Genesis makes tempting offer.
  • JMS +3.2% oversold.
  • ADH +2.3% new CEO appointed.
  • WEB +1.7% demerger happening.
  • SPR -9.2% profit taking.
  • CTT -4.6% US tax changes.
  • LTR -3.0% lithium still depressed.
  • CXL -9.3% falling back to earth.
  • LTV -5.1% OCT takes up the antimony crown.
  • FPR -2.0% buyback update.
  • Speculative Stock of the Day: Octava (OCT) +89.6% good volume on the announcement of high-grade antimony at Yallalong discovery project.

COMPANIES

ECONOMIC AND OTHER NEWS

  • Shares of Chinese appliance maker Midea Group rose in their Hong Kong debut.
  • Yen steady today, after strengthening beyond 140/USD for the first time since July 2023.
  • The Hong Kong government is preparing to issue its maiden policy statement on the use of artificial intelligence in finance. Guidelines to touch on the ethical use of AI and general principles for applying the technology.
  • US and Japan near deal to curb chip technology exports to China.
  • Amazon orders staff back to the office five days a week.
  • TikTok warns of ‘staggering’ consequences from US divest-or-ban law.
  • There is consensus among the 32 analysts polled by CNBC that there would be no change at this week’s BOJ meeting, which concludes Friday.

And finally…..

Clarence

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