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ASX 200 finished the week steady up 9 points to 8212 (0.1%) to a new record,  as banks fell and resources rallied hard. ASX 200 unchanged on the week. The Big Bank Basket fell to $233.34 (-0.7%) with NAB down 1.8% and WBC off 1.7%. Insurers eased, REITS eased back too with GMG down 1.1% and SCG off 1.1%. Industrials mixed, WES slipped 0.4%, WOW and COL flat, BXB fell 1.0% and TLS falling 0.8%. Healthcare remained in ICU, CSL down 2.1% and RMD off 0.8%. Resources in demand as shorts continue to cover. MIN up 13.9%, BHP up 3.2% and the Three Amigos now trading at $192.29. Lithium stocks also in demand as shorts raced to pare back risk. PLS up 5.7% and IGO up 4.2%. Gold miners saw profit taking off a tad, NEM down 0.6% and WGX dropping 3.2%. DEG up 3.4% as media speculation on a takeover were quashed by the company. Oil and gas down on crude prices, WDS down 1.4% and uranium stocks picked up slightly, PDN up 2.5% with coal stocks doing well. In corporate news, SGR came back to trade and regretted it instantly, down 44.4% and EDV lost the CEO. NAM fell 0.7% as the ACCC said it still had issues with Olam Agri. In economic news, China cut its repo rate. Asian markets pushed up again despite negative Chinese data, Japan up 0.7%, China up 2.5% and HK up 2.8% for its best week since 1998. China was the best since 2008. 10-year yields dull and boring at 3.96%.

HIGHLIGHTS

  • Winners:  MIN, A2M, LTR, TWE, SDR, SXG, CIA, TAH
  • Losers: SGR, SKC, OBM, FBU, PDI, KAR
  • Positive sectors: Iron ore. Base Metals. Lithium. Coal.
  • Negative sectors: Banks. REITs. Industrials.
  • ASX 200 Hi 8208 Lo 8129 ASX 200 unchanged for the week.
  • Big Bank Basket: Lower again at $233.04 down 0.7%
  • All-Tech Index: Up 0.4%
  • Gold: steady at $3,877
  • Bitcoin: pushes to US$65385
  • 10-year yields steady at 3.95%
  • AUD: steady at 68.75c
  • Asian markets: Japan up 1.6%, China up 3.6% and HK up 2.3% for its best week since 1998.
  • Dow Futures down 8 NASDAQ Futures down 69

MAJOR MOVERS

  • MIN +13.9% shorts being punished.
  • TWE +8.2% China stimulus.
  • A2M +8.9% potential acquisition.
  • CIA+7.4% iron ore rise.
  • SDR +8.0% letter to shareholders.
  • SXG +7.7% kicking higher on drill results.
  • PLS +5.7% shorts scrambling.
  • 4DX +41.6% Philips deal.
  • SYA +6.9% ceasing to be a substantial shareholder.
  • FMG +3.6% iron ore rally.
  • SGR -44.4% falling.
  • OBM -6.5% extension of repayment of loan agreement.
  • Speculative Stock of the Day: Nothing on any volume. 4DX should get a mention.

ECONOMIC AND OTHER NEWS

  • China’s industrial profits plunged by 17.8% in August from a year ago in their largest decline in more than a year. Now you know why the Authorities got the Bazooka out!
  • For the first eight months of the year, profits at large industrial firms grew by 0.5% to 4.65 trillion yuan ($663.47bn), compared with a 3.6% increase in the first seven months.
  • China’s central bank says it will cut the amount of cash that banks must hold as reserves by 50 basis points.
  • Pan had said such a move would free up about 1 trillion yuan ($US142.44 billion) for new lending and left the door open to another reduction later this year.
  • Netanyahu insists Israel will continue to hit Hezbollah targets.
  • China’s most advanced nuclear submarine sank in shipyard, says US.
  • Japan’s ruling party heads to runoff in election to decide country’s next prime minister.
  • Argentina’s poverty rate soars above 50% under Javier Milei.
  • Morgan Stanley raises its price target for a Chinese tech giant it calls a ‘safe haven’.
  • Chinese Golden Week holiday starts Monday.

And finally…..

Clarence

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