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ASX 200 rose 11 points to 8187 as an early rally was snuffed out by weak Chinese markets. Banks good. Resources bad. The Big Bank Basket rose to $234.34 (+0.5%). CBA up 0.5% as a defensive play, Insurers better too, ASX rose 1.4% and SQ2 did well on a BNPL sector upgrade, up 4.4%. REITs mixed, GMG down 1.4% and SCG up 0.3%. Industrials firmed, TLS up 1.3% with REA up after AGM comments. Tech better, WTC up 1.5% and XRO pushing 1.5% ahead. The All–Tech Index up 1.8%. Retail and travel stocks better. FLT up 1.4% and PMV up 1.3% with ALL up 2.0%. WES, WOW and COL better by over 1%. Resources were in a world of pain. BHP dropped 1.1% with RIO down 2.3% and FMG off 1.6%. Lithium stocks suffered as the bears were back having a picnic in PLS off 5.0% and MIN having a double whammy hit, down 6.4%. Oil and gas fell hard, WDS down 3.0% and uranium stocks under a little pressure. In corporate news, RIO -2.3% to acquire LTM for US$5.85/share cash, APA rose 2.6% on pipeline relief from the regulator, MAC raised $140m to repay debt and on the economic front, our Kiwi brothers saw a 50bps rate cut. Asian markets were mixed, Japan up 0.3%, China falling hard down 5.0% and HK down 0.6%. Stimulus? What stimulus!. Dow Futures down 25 points. NASDAQ Futures down 50 points. 

HIGHLIGHTS

  • Winners: CTT, TEA, ZIP, IFM, SXG, STX
  • Losers: MIN, LTR, WA1, SIG, MSB, PLS, LRS
  • Positive sectors: Banks. Industrials. Healthcare. Retail. Travel. Tech.
  • Negative sectors: Iron ore. Lithium. Oil and Gas.
  • ASX 200 Hi 8227 Lo 8174
  • Iron ore rises 3.1%
  • Big Bank Basket: Up to $234.34 (+0.5%)
  • All-Tech Index: Up 1.8%
  • Gold: lower at $3,889
  • Bitcoin: Steady at US$62338
  • 10-year yields steady at 4.19%
  • AUD: Lower at 67.25c
  • Asian markets: HK off 1.4%, China down 5.4% and Japan up 0.9%.
  • European markets expected to open lower.
  • Dow Futures down 25 NASDAQ Futures down 50

MAJOR MOVERS

  • LTM – Breaking news, RIO bids US5.85 in cash
  • ZIP +6.3% US Broker upgrades sector.
  • SXG +4.5% commences geophysical survey over 6km strike.
  • CTT +6.4% China boost.
  • NVX +11.6% Cathode collaboration agreement.
  • LIN +9.9% Kangankunde project update.
  • TTT +8.3% augmented reality enhancement.
  • MIN -6.4% ambushed by lithium and iron ore weakness.
  • MSB -5.1% profit taking.
  • LTR -5.4% shorts back.
  • PLS -5.0% quarterly activities advisory.
  • SIG -5.3% profit taking as insto sells down.
  • PMT -6.5% lithium on the nose again.
  • SYR -6.9% slipping again.
  • SVM -9.6% change of director’s interest.
  • Speculative Stock of the Day: EIQ +29.2% US CEO appointed and FDA clearance for EchoSolv AS.

COMPANIES

ECONOMIC AND OTHER NEWS

  • Benchmark CSI 300 Index heads for first decline in 11 sessions.
  • Christopher (Clark) Kent gave a speech today on the Funding Facility Review. The total cost to the RBA is estimated to have been $9bn. ‘Most importantly, the Board has agreed to strengthen the way it considers risks, including by examining a wide range of economic scenarios when making policy decisions involving unconventional tools.’
  • RBNZ cuts rates by 50bps to 4.75% – Still higher than here.
  • RBI keeps rates on hold – Core CPI appears to have bottomed out.
  • The US DoJ told a federal judge it’s considering recommending that Google be forced to sell off parts of its operations to alleviate the harm caused by its monopolisation of the online search market.
  • Futures on the Nasdaq 100 Index, which counts Alphabet among its largest constituents, extended declines to about 0.3% after the filing.
  • Ukraine weighs lifting arms export ban in bid to scale up drone industry.
  • Hurricane Milton strengthens again as Florida residents urged to leave.
  • Seven & i shares jump after Couche-Tard signals willingness to pay 20% more.
  • Boeing said it withdrew its contract offer after talks with the machinist union broke down.

And finally…

Clarence

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