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ASX 200 finishes down 33 points to 8132 (-0.4%). Quiet trade on Cup day with the RBA leaving rates on hold as expected. Banks eased back slightly, CBA down 0.4% with WBC seeing some modest downgrades falling 1.5%. The Big Bank Basket dropped to $245.521 (-0.5%). MQG still seeing selling off 1.8%. REITs mixed, GMG down 0.6% and CHC up 0.7%. Healthcare too coming under a little pressure, with CSL off 0.8%, RMD down 0.2%. Industrials and tech eased back, TLS down 0.3% and REA down 1.3%. In resources, BHP and other iron ore stocks flat on better-than-expected Chinese data and hopes for more stimulus. PLS rose 1.7% with MIN up 4.1% bouncing after the drubbing yesterday. Gold miners slid, VAU down 2.6% and WGX down 2.5% ahead of election. Oil and gas stocks down despite a rise in crude with uranium stocks finding little support. In corporate news, DMP updated the market with disappointing Japanese and French pizza sales, CEO Don Meij also set to retire, down 6.3%. LIC rose 7.7% as HMC took a stake. HVN will have to wait until May to see what its fine is for misleading customers. On the economic front, Judo Bank Services PMI rose to 51.0 in October. Asian markets all positive, with Japan up 0.8%, China up 1.8% and HK up 1.2%. 10Y yields 4.56%. Dow Futures up 16 points. NASDAQ Futures up 2 points. 

HIGHLIGHTS

  • Winners: LIC, SGR, CHN, MIN, JLG, WA1, LTR
  • Losers: DMP, SRV, STX, BVS
  • Positive Sectors: None          
  • Negative sectors: Banks. Healthcare. Gold Miners.
  • ASX 200 Hi 8165 Lo 8113
  • Big Bank Basket: Down to $$245.51-0.5%)
  • All-Tech Index:  Down 0.4%
  • Gold: Falls to $4146
  • Bitcoin: Slips to US$68376
  • 10-year yields steady at 4.56%.
  • AUD: Steady at 65.93c
  • Asian markets: Japan up 1.3%, China up 2% and HK up 1.2%
  • Dow Futures up 16 points. NASDAQ Futures up 2 points. 

MARKET MOVERS 

  • LIC +7.7% HMC goes substantial.
  • MIN +4.1% good bounce. 
  • SGR +7.1% good bounce after line yesterday. 
  • JLG +3.0% nice rise. 
  • RPL +2.0% low volume. 
  • AVH +10.1% US move higher. 
  • RDN +9.4% Arrow gold project drilling begins. 
  • DMP –6.3% trading update and CEO retires. 
  • GYG –3.0% low volume fall. 
  • STX –4.4% Triangle awards rig contract for Becos-1 well. 
  • SBM –26.1% capital raise. 
  • XAM –10.9% capital raise. 
  • MEI –8.3% profit taking. 
  • Speculative Stock of the Day: Nothing on any volume. 

COMPANIES

ECONOMIC AND OTHER NEWS

  • Judo Bank Services PMI rose to 51.0 in October, the highest in three months, marking ongoing growth driven by domestic demand. Meanwhile, the Composite PMI rose to 50.2, indicating slight overall private sector growth as service gains offset manufacturing declines.
  • RBA Leaves rates unchanged as expected. Labour market conditions remain tight, and while conditions have been easing gradually, some indicators have recently stabilised.
  • Wage pressures have eased somewhat but labour productivity is still only at 2016 levels.
  • Sustainably returning inflation to target within a reasonable timeframe remains the Board’s highest priority. The board need to remain vigilant to upside risks to inflation and the Board is not ruling anything in or out.
  • The Caixin China services purchasing managers’ index rose to 52 in October from 50.3 the previous month, according to a statement released by Caixin and S&P Global on Tuesday. The expansion exceeded a median forecast of 50.5 by economists in a Bloomberg survey.
  • The National People’s Congress’s Standing Committee reviewed a proposal on Monday to transfer some off-balance-sheet debt of local governments to ease their financial burden in a move foreshadowed by officials.
  • Palantir’s shares jump as ‘unwavering demand’ for AI lifts earnings.
  • Meta’s nuclear power plants thwarted by rare bees!
  • German vice-chancellor extends olive branch to avert coalition collapse.

And finally…

Clarence

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