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ASX 200 finished down 57 points to 8153 (-0.7%) despite hopes for Chinese stimulus and better US and European futures markets. Banks eased back led by CBA down 1.5% and the Big Bank Basket down 0.9%. Other financials mixed, ASX up 0.4% and CGF gaining 0.6%. REITs fell across the board, GMG down 1.5% and SCG off 1.9%. Industrials fell after the ACCC announced it would be looking into WOW, down 3.4%, and COL, off 3.3%, for their pricing policies. WES caught up in the same inquiry falling 1.7%. Retail slipped slightly, PMV down 1.3% and SUL off 2.2% with JBH falling 2.0%. WEB fell 10.7% as it went ex-entitlement. FLT off 2.0% and DMP dropped 1.3%. Telcos eased, tech mixed with the All–Tech Index flat. Resources were mixed, iron ore down again as Singapore futures fell, BHP down 1.3% and RIO off 0.6%. Gold miners better on the bullion price, NST up 0.2% and NEM up 1.6% with oil and gas stocks slightly better outdone by uranium stocks that saw short covering again on Microsoft’s embrace of Three Mile Island. In corporate news, ASB rose 2.4% after yet another contract from the US Navy. TLX rose 1.9% on a large US acquisition, HLS rose 7.5% on its sale of Lumus Imaging. FBU in a trading halt on a large capital raising. REA made another offer for Rightmove in the UK.  Nothing on the economic front. Asian markets better on hoped-for Chinese stimulus, with HK up 0.2% and China up 0.4%. Japan closed for a holiday. 10Y yields rising to 3.97%. AUD heading towards 2024 high. Dow Futures up 54 points. NASDAQ Futures up 70 points. 

HIGHLIGHTS

  • Winners:  OBM, BOE, HLS, PYC, IDX, DYL, PDN
  • Losers: SHV, STX, WEB, CHN, DRO, CTT, PNR
  • Positive sectors: Uranium. Gold.
  • Negative sectors: Supermarkets. REITs. Banks.
  • ASX 200 Hi 8193 Lo 8132
  • Big Bank Basket: higher at $247.40 down 0.9%
  • All-Tech Index: Flat.
  • Gold: rises to $3,848
  • Bitcoin: higher at US$63780
  • 10-year yields higher at 3.95%
  • AUD: better at 68.32c
  • Asian markets: Japan closed, HK up 0.4% and China up 0.7%.
  • Dow Futures up 54 NASDAQ Futures up 70

MAJOR MOVERS

  • BOE +8.2% PDN +4.7% Microsoft move on Three Mile Island.
  • HLS +7.5% sells Lumus Imaging.
  • INR +11.4% rethink on update last week.
  • EOS +8.6% short covering.
  • APX +18.8% just keeps on going.
  • RDN +15.4% mapping conforms new high-priority targets at Andover.
  • SHV -17.6% capital raising.
  • WEB -10.7% ex entitlement..
  • CHN -6.1% poisoned again.
  • SPK -3.3% capital change notice.
  • Speculative Stock of the Day: MTH +78.4% kicks again on NED. Great results last week and good volume too.

COMPANIES

ECONOMIC AND OTHER NEWS

  • Interestingly, the Chinese have cut some rates today. The People’s Bank of China lowered the 14-day reverse repurchase rate, catching up with reductions initiated in July. It has also announced that it will hold a press conference tomorrow on financial support for economic growth.
  • China’s youth unemployment hit a fresh high since the new record-keeping process was implemented in December. The jobless rate for people in China ages 16 to 24, and not in school, rose to 18.8% last month.
  • European markets expected to open firmer.
  • US warns Israel against full-scale war with Hezbollah.
  • World’s biggest banks pledge support for nuclear power.
  • Looming US ports strike threatens fresh supply chain crisis.
  • Labour party conference in UK.

And finally…..

My mate bet me 50 quid that I couldn’t do a Butterfly impression

I thought, that’s got to be worth a little flutter!!

Clarence

XXXX