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ASX 200 closed down 9 points on the day at 8215. Banks were mixed, ANZ up 0.2% with the Big Bank Basket flat at $234.17. Insurers and MQG rose slightly, REITs under some pressure on the higher bond yields. GMG is off 0.7% and GPT down 0.2%. Tech under pressure as WTC finally slipped 1.3% as CEO sold down again. Industrials drifted lower, retail off with JBH off 1.0%, SUL down 1.4%, and LNW slipping 2.4%. Healthcare better as CSL rose 0.6% with COH up 0.6%. Resources were again under some pressure ahead of the next Chinese stimulus announcement, BHP down 1.1%, FMG off 1.3% with lithium mixed. Gold miners were better led by EVN up 1.8% and GMD rising 2.0%. Oil and gas stocks better, WDS up 0.5% and STO up 0.6% with coal picking up slightly., In corporate news, quiet again, Tesla show left more questions than answers. DUB announced a cap raise and APX joined in with a $50m placement. Nothing on the economic front. Asian markets saw China down 1.8% ahead of MoF briefing tomorrow. Japan down 0.2%. Money flowing back to Japan. HK closed for a holiday. 10Y yields 4.23%. Dow Futures down 10 points. NASDAQ Futures up one point. 

HIGHLIGHTS

  • Winners: PYC, CTT, ASB, VAU, ADT, PDI
  • Losers: PNR, BOT, SXG, DRO, ZIP, LNW, CNI
  • Positive sectors: Healthcare. Oil and gas. Gold miners.
  • Negative sectors: Iron ore. REITs. Retail.
  • ASX 200 Hi 8228 Lo 8200 US bank results tonight.
  • European expecting to open higher.
  • Iron ore rises 1.5% in Singapore.
  • Big Bank Basket: Down to $234.17 (-0.2%)
  • All-Tech Index: Up 0.2%
  • Gold: higher at $3,922
  • Bitcoin: Falls to US$60605
  • 10-year yields steady at 4.22%
  • AUD: Higher at 67.45c
  • Asian markets: China down 1.9% ahead of MoF Japan up 0.6%. HK closed for holiday.
  • European markets expected to open higher

MAJOR MOVERS

  • CTT +9.7% notice of AGM.
  • VAU +7.8% good volume and gold bounce.
  • ADT +7.5% silver play.
  • IPX +2.0% broker upgrade.
  • SDR +5.3% broker upgrade.
  • SBM +10.0% charges higher.
  • SVL +6.4% silver exposure.
  • SXG -3.7% profit taking.
  • DRO -2.8% recent broker downgrade.
  • LNW -2.4% profit taking.
  • SIG -1.3% continues to fall.
  • Speculative Stock of the Day: IR1 +102.8% Downstream Li Conversion and production of battery grade LCE.

COMPANIES

ECONOMIC AND OTHER NEWS

  • European expecting to open higher.
  • US bank results kick off reporting season.
  • Biden says relief going to cost ‘several billion dollars’. More than 3m customers are without power across the state of Florida.
  • Berkshire Hathaway has reduced its stake in BoA to below 10% amid a selling spree that started in mid-July.
  • South Korea’s central bank on Friday cut its benchmark interest rate by 25 basis points to 3.25%.
  • Private equity groups’ assets struggling under hefty debt loads, Moody’s says.
  • Iran warns of potential change in nuclear doctrine if Israel targets facilities.
  • Elon Musk unveiled long-awaited prototypes of a Tesla Inc. robotaxi called Cybercab, saying production may start in 2026 and that the vehicle could cost less than $30,000.
  • The presentation lacked any technical detail of how Tesla will advance the suite of driver-assistance features it markets as Full Self-Driving.
  • Stellantis said Chief Financial Officer Natalie Knight will leave the company and be replaced by Doug Ostermann.