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ASX 200 fell hard 139 points to 8206 (-1.7%) as selling hit all sectors. Closed near lows. 10-year bond yields rose again to 4.43%, with interest rate-sensitive stocks suffering the most. The Big Bank Basket fell to $242.99 (-2.0). CBA off 2.2% and NAB down 2.1%. REITS under pressure, GMG down 2.7% and SCG off 2.5%. Healthcare is suffering, CSL is down 2.9% and PME is dropping by 4.0%. Industrials were weaker across the board; retail fell despite better-than-expected consumer confidence numbers. JBH down 2.7% and SUL off 2.2%. ALL down 2.1% and LNW slipping again, off 2.0%. WES fell 2.3%. QAN remained in flight up 1.2% and tech stocks were mixed, WTC rose 2.8% as CEO issues subsided. Resources were a mixed bag of lollies. Iron ore stocks eased, BHP off 1.2% with FMG down 1.6% but some winners in the gold space, WGX up 0.9% and BGL rising 0.6%. MIN remain in the seller’s sights down 4.3% with energy stocks easier, PDN down 1.9% and WDS off 1.4%. In corporate news, AD8 disappointed with its trading update, falling 6.1%, VEA warned of softer retail conditions and TCL fell 1.6% despite guidance reaffirmed. On the economic front, consumer confidence rose. Asian markets were a little mixed, HK up 0.4%, China up 0.5% and Japan down 1.0%. 10Y yields rose again, up to 4.43%.

HIGHLIGHTS

  • Winners: INR, SMR, CU6, CTD, YAL, GEM, IRE
  • Losers: OPT, PNV, IPX, SXG, VEA, MTS, AD8
  • Positive sectors: Nothing.
  • Negative sectors: Everything.
  • ASX 200 Hi 8336 Lo 8202
  • Iron ore futures in Singapore lost 0.3% to $US103.00
  • Big Bank Basket: Down to $242.99 (-2.0%)
  • All-Tech Index: Down 1.1%
  • Gold: Higher at $4087
  • Bitcoin: Rises to US$67547
  • 10-year yields rise to 4.43%
  • AUD: Steady at 66.86c
  • Asian markets: HK up 0.5%, China up 0.5% and Japan down 1.3%.
  • Europe expected to open lower. Dow Futures Down 71 Nasdaq down 73.

MARKET MOVERS

  • WTC +2.8% CEO settles court action.
  • SMR +3.4% quarterly report.
  • GEM +3.0% buyback notice.
  • INR +5.5% still rallying after environmental permits.
  • ARX +11.5% Investor presentation.
  • PLT +23.1% Men at Work 2Q25 update.
  • MTS -6.2% broker downgrade.
  • WBC -1.8% in late news after market NPAT off $124m on hedging.
  • OPT -11.0% profit taking.
  • SXG -6.8% profit taking.
  • AD8 -6.1% trading update.
  • SFX -10.3% quarterly report.
  • Speculative Stock of the Day: Nanoveu (NVU) +37.5% Breakthrough in benchmark SoaS testing.

COMPANIES

ECONOMIC AND OTHER NEWS

  • Australian consumer confidence is at the highest level since January 2023, bolstered by strong employment growth and expectations of easing inflation.
  • The ANZ-Roy Morgan Australian Consumer Confidence jumped 4.1 points last week to 87.5 points.
  • Pharmacy lobby says Chemist Warehouse concessions are ‘tokenistic’.
  • Money markets have pushed back the likely timing of the first rate cut by the RBA well into next year. They are fully priced for a move in May, from April on Monday.
  • Hyundai Motor India’s IPO raised $3.3bn in the listing. First day of trading down 4%.
  • GM set to report before opening in US.
  • HSBC said it would merge two of its largest businesses, outside UK and Hong Kong, and restructure regionally as Chief Executive Officer Georges Elhedery looks to rein in costs.
  • Harris raises nearly $1bn to surge past Trump in election money race.
  • Defence groups bet big on drone-destroying laser weapons.
  • Iranian markets slide and flights are cancelled as Israeli attack looms.

And finally…..

Clarence