Tags

, , , ,

ASX 200 closed off highs after jobs number but still up 71 points to a new record close 8356. Banks and industrials leading us higher again. The Big Bank Basket up to $245.49  (+1.7%) as results (and dividends) beckon. CBA up 1.6% and MQG up 0.7%. Insurers did well on higher bond yields following robust job growth and unemployment at 4.1%. REITs also in demand. GMG up 1.7% and SCG firing 1.9% better., Industrials rose, WES up 1.6% with retail and travel up, FLT up 1.4% with JBH up 1.6% and DMP rising 2.1%. Tech was flat as WTC came in for some selling down 3.0% and XRO up 0.6% with the All–Tech Index flat. Resources were spotty. Iron ore stocks slid as Asian trade saw futures down 2% on latest Chinese moves to prop up housing, BHP fell 1.3% after a solid production report, RIO fell 1.8% and FMG off 2.7% . MIN dropped 3.8% with lithium going nowhere. Gold miners better with NST up 1.3% and GMD better by 5.9% on quarterly. Uranium stocks were glowing following Amazon’s move into nuclear power and Eric Sprott buying more DYL and BOE. Off highs as short covering waned. PDN rose 11.0% and DYL up 7.3%. Coal eased, and oil and gas flared. In corporate news, AMP had a great update and rose 17.1% with SGR rising 13.7% on a small fine and allowed to keep their licence, for now. OFX fell 35.8% on a sub-optimal update. On the economic front, good jobs numbers snuffed out any hope of a rate cut for Xmas. Asian markets mixed with Japan flat, HK up 0.8% and China +0.1%. 10Y yields jumped to 4.24%, and the AUD firmed to 66.9c on data. Dow Futures -0.2%, and NASDAQ Futures off 0.3%. 

HIGHLIGHTS

  • Winners: AMP, CTT, SGR, SLX, OBM, PDN, WGX
  • Losers: OFX, APX, COE, HLS, CGF, MIN
  • Positive sectors: Banks. REITs. Industrials. Gold miners. Uranium.
  • Negative sectors: Iron ore. Lithium.
  • ASX 200 Hi 8385 Lo 8292
  • Iron ore falls 2.7% in Singapore.
  • Big Bank Basket: Up to $245.49(+1.7%)
  • All-Tech Index: Flat.
  • Gold: Higher at $4003
  • Bitcoin: Rises to US$67300
  • 10-year yields higher at 4.25%
  • AUD: Steady at 66.91c
  • Asian markets: Japan off 0.6% HK up 0.9% and China unchanged

MARKET MOVERS

  • AMP +17.7% very positive update.
  • OBM +13.4% September quarterly report.
  • CTT +13.9% China stimulus maybe?
  • SGR +13.7% NICC fine and licence news.
  • SLX +13.6% uranium optimism.
  • BOE +6.7% DYL +7.3% Sprott buying helps.
  • ADT +4.9% new CEO
  • GMD +5.9% quarterly report.
  • SBM +12.8% kicks higher on latest drill results.
  • OFX -35.8% disappointing update.
  • APX -35.8% more profit taking.
  • HLS -4.5% sharp downturn.
  • CGF -4.0% broker downgrades.
  • DEG -1.8% disappointing quarterly.
  • LGL -6.2% annual report.
  • ATR -9.3% placement and presentation.
  • Speculative Stock of the Day: OVT +250% new CEO from ZIP (US).

COMPANIES

ECONOMIC AND OTHER NEWS

Jobs data: In trend terms, in September 2024:

  • unemployment rate remained at 4.1%.
  • participation rate increased to 67.2%.
  • employment increased to 14,514,300.
  • ECB decision tonight. Rate cut ahead.
  • China boosts support for unfinished properties to $562bn Iron ore futures down by more than 2.7% in Singapore.
  • The two highlights of the briefing are: 1) increased bank credit support for unfinished housing projects, and 2) an expanded program for local governments to redevelop urban villages.
  • Chinese data on Friday is set to show the economy expanded 4.5% in the third quarter from a year ago.
  • Uber explored possible bid for Expedia in ‘super app’ growth push.
  • Iron ore futures down by more than 2.6% in Singapore.
  • Harris pledges break from Biden in feisty Fox News interview.
  • Klarna sells loans to hedge fund Elliott to free up £30bn for growth.
  • US Retail numbers tonight.

And finally……

Clarence

XXXXX