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ASX 200 jumped 61 points to 8344 (+0.7%) as resources back in vogue. China cut rates today, iron ore futures rallied slightly. BHP up 1.4% on Samarco update, RIO up 1.9% and FMG rallying 1.5%. Gold miners in demand again, NST up 1.9% and EVN shooting higher, up 5.2%. Lithium stocks also seeing short covering, PLS up 3.4% and MIN suffering badly on CEO and tax issue news, down 13.8%. Oil and gas stocks better with WDS up 1.3% and STO rallying 1.5% with uranium stocks glowing, BOE up 6.2% and PDN up 4.2%. Industrials firmed, WES up 1.4% and ALL up 1.5% with retail under some pressure, LOV down 6.4% and SUL off 1.5%. A slight recovery in Travel stocks, FLT up 0.6% and WEB rallying 2.1%. Banks were solid again with the Big Bank Basket up to $247.89 (0.8%). Insurers better, QBE up 1.2% and MQG doing well today. Healthcare and REITs also doing well. In corporate news, WTC dominated as the CEO issues spread from the front page to the business pages. It fell hard by 14.6%. NCK warned on freight costs dropping 4.1%. Quarterlies continue to drop with S32 down 0.3% on manganese shortfall. Nothing locally on the economic front, China saw some rate cuts to prime lending rates. Asian markets mixed, HK down 0.6%, China up 0.9% and Japan up 0.3%. 10-year yields 4.28% easing slightly.

HIGHLIGHTS

  • Winners: CHN, AOV, LOT, PDI, GMD, WAF, BOE, OBM
  • Losers: WTC, MIN, LOV, HPI, MAH, CTT, NCK
  • Positive sectors: Banks. Financials. Healthcare. REITs. Gold. Uranium.
  • Negative sectors: Telcos. WTC
  • ASX 200 Hi 8356 Lo 8299
  • Iron ore futures in Singapore rose 1.5% to $US103 a tonne on the November contract.
  • Big Bank Basket: Up to $247.89(+0.8%)
  • All-Tech Index: Up 0.2%
  • Gold: Higher at $4071
  • Bitcoin: Rises to US$69147
  • 10-year yields lower at 4.27%
  • AUD: Steady at 67.00c
  • Asian markets: HK down 0.6%, China up 0.9% and Japan up 0.3%.
  • Europe expected to open slightly mixed.

MARKET MOVERS

  • CHN +16.5% shorts covering on higher metal pries.
  • LOT +8.6% BOE +6.2% uranium gets a boost.
  • GDG +5.3% September quarterly results.
  • LRV +23.8% antimony going well.
  • 29M +15.6% Chins boost to metal prices.
  • SVL +8.3% silver jump.
  • BHP +1.4% Olympic dam out for two weeks.
  • WTC -14.6% CEO issues.
  • MIN -13.8% tax issues with CEO.
  • LOV -6.4% higher volume.
  • NCK -4.1% freight costs more.
  • CTT -5.0% founder led?
  • RIM -11.3% low volumes.
  • EIQ -9.3% profit taking.
  • Speculative Stock of the Day: YRL +115%  RC Drilling across New Englan granite 78m averaging 1.2g/t from 96m.

COMPANIES

ECONOMIC AND OTHER NEWS

  • European markets are heading toward a mixed start to the new trading week
  • Oil prices climbed in Asia
  • China cut its benchmark lending rates after the central bank lowered interest rates at the end of September. The 1-year loan prime rate was lowered to 3.10% from 3.35%, while the five-year LPR was reduced to 3.60% from 3.85%.
  • Boeing workers to vote on ending strike in critical week for plane maker.
  • French state takes stake in Sanofi unit to smooth €15.5bn US deal.

And finally….

Clarence

XXX