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ASX 200 drifted around to close up 1 point ahead of the Fed. Banks were firm, again, the Big Bank Basket up to $247.05 (+0.4%). MQG rallied another 0.6% to a record close. Financials were a little mixed, REITs generally better, GMG up 0.1% and SCG up 0.5%. Industrials firmed, WOW up 0.3% and COL up 0.4% with WES flat and ORG up 2.2%. Tech drifted around, WTC up 0.4% and the All Tech Index lost 0.2%. In resources, Iron ore resumed trade after a holiday and fell away again, BHP, RIO and FMG all suffered, dragging sentiment down. BHP off 0.9% with S32 down 0.9% too. Gold miners were mixed, NEM up 0.8% and GMD down 0.5%. Lithium stocks depressed again, PLS off 1.0% and MIN down 2.0%. Oil and gas stocks slightly better, WDS announced a ten-year sales deal with the Japanese adding 0.8%. Coal stocks better, NHC up 4.6% with uranium slightly firmer too. In corporate news, HVN fell on a class action, APM shareholders approved its takeover, IMU gets FDA approval for bile tract cancer drug. Nothing on the economic front, Asian markets higher, Japan up 0.4%, and China back from a holiday up 0.5%. 10-year yields drift higher to 3.86%.

HIGHLIGHTS

  • Winners: SHV, ASB, OPT, NHC, OBM, NCK, VUL
  • Losers: BOT, BVS, TLX, HMC, DBI, MAD, RMD
  • Positive sectors: Banks. Supermarkets. Utilities.
  • Negative sectors: Iron ore. Lithium.
  • ASX 200 Hi 8154 Lo 8114
  • Big Bank Basket: higher at $247.05 up 0.4%
  • All-Tech Index: Down 0.2%
  • Gold: steady at $3,798
  • Bitcoin: higher at US$60311
  • 10-year yields steady at 3.86%
  • AUD: steady at 67.59c
  • Asian markets: Japan up 0.5%, China back from a holiday up 0.5%.
  • Dow Futures up 70 NASDAQ Futures up 23
  • UK Inflation numbers in line. European futures in wait and see mode.

MAJOR MOVERS

  • SHV +7.9% going nuts.
  • OPT +4.8% rally continues.
  • NHC +4.6% broker upgrades following results.
  • ASB +4.8% broker upgrades. There is a bid still too!
  • LOV +2.2% finding friends.
  • HM1 +3.6% SOHN conference coming soon.
  • APM +0.7% shareholders vote in favour of takeover.
  • CHN +14.6% the brew that is true. Shorts cover still.
  • LRV +1.4% ceasing to be a substantial shareholder.
  • SYA +8.3% investor presentation.
  • SVM +6.7% spiral plant successfully installed.
  • TLX -3.5% resumes profit taking.
  • NEU -2.0% drifting lower.
  • WR1 -3.9% AGM report.
  • PMT -5.0% AGM presentation.
  • DXB -6.2% continuing to drift lower.
  • Speculative Stock of the Day: BPM Minerals (BPM) +72% High-grade gold discovery at Claw Gold project WA, good volume too.

COMPANIES

ECONOMIC AND OTHER NEWS

  • UK Inflation out today. 2.2% Y/Y in line with forecast. BoE tomorrow.
  • Bridgewater Associates founder Ray Dalio said the overall picture of the US economy probably warrants a smaller interest-rate cut by the Federal Reserve this week. Jamie Dimon said whether the central bank cuts rates by 25 or 50 basis points, the move is “not going to be earth-shattering.”
  • Dalio names top five themes driving the global economy – Debt and the economic cycle – Internal Order and Disorder – Great Power Conflicts – Acts of Nature – Technology.
  • Chinese chip-related stocks jumped after the nation claimed a breakthrough in the development of homegrown semiconductor-making equipment.
  • Tupperware filed for bankruptcy following a years-long struggle with sales declines and growing competition.
  • Japan’s population aged 65 and over had risen to an all–time high of 36.25m, 29.3% of the population. This is the highest share of any country.
  • Meta faces hefty EU antitrust fine over classified ads practices.
  • US delays decision on Nippon Steel’s $15bn takeover of US Steel.
  • Donald Trump said Tuesday that he will meet Indian Prime Minister Narendra Modi next week.
  • Vice President Kamala Harris is viewed as more likely than former President Donald Trump to win the U.S. presidential election, according to a CNBC Fed Survey released recently.

And finally…..

Clarence

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