ASX 200 fell 29 points to 8266 (-0.4%). Big iron ore miners were the target today as ore prices fell in Asia on stimulus disappointment. BHP off 4.1% and FMG down 7.3% with the ‘Three Amigos’ trading at $179.22. Base metals and lithium stock on the nose too, S32 down 2.6% and PLS slipped 0.7%. MIN down 4.0% as pressure continues to build on the board. Gold miners steadied, NST up 1.3% and NEM up 0.1%. GMD rose 4.0% on new drilling results. Oil and gas slipped slightly, STO down 0.9% and WDS off 0.2%. Coal eased and uranium stocks saw small losses. In the industrials, Tech did well, WTC up 2.2% and XRO rallying 1.7% as the All –Tech Index rose 0.8%. Healthcare too in the green as CSL rose 0.7% and RMD up 1.9%. WOW, COL followed EDV lower on a trading update, down 4.9%. Banks mixed, WBC lost 0.4% with NAB slightly firmer. The Big Bank Basket up to $253.92 (0.3%). Financials were slightly higher as were REITs bouncing back from last week’s sell off. In corporate news, RSG confirmed some of its executives had been detained in Mali. The stock lost 32.8%. HMC up 4.1% on plans to launch a $4bn IPO for data centres. SGP upgraded its outlook and moved 2.2% higher. Nothing on the economic front today. Asian markets lost ground, Japan unchanged, HK down 1.9% and China flat. 10-year yields pushed slightly higher to 4.59%.

MARKET MOVERS

• IPX +9.8% broker upgrade continues rally.
• VUL +5.3% one lithium stock going up.
• HMC +4.1% Data IPO plan.
• GMD +4.0% drilling and presentation.
• ATC +21.5% momentum building.
• NVX +12.5% binding offtake agreement with Stellantis.
• PBH +10.2% media reports takeover interest. Company denies.
• RSG -32.8% executives detained in Mali.
• CIA -9.8% ex dividend and some.
• IFM -11.3% revised revenue guidance range.
• FMG -7.3% iron ore falls.
• A2M -6.8% China exposure.
• KCN -10% country risk perhaps.
• Speculative Stock of the Day:  SLH +40.8% enters a scheme of arrangement with DP World. 214c in cash

ECONOMIC AND OTHER NEWS

• Bitcoin hits record. YTD up 92%
• COP 29 kicks off. Who knew? Baku the venue with 40k people attending! But no Biden!
• Investors disappointment with Chinese stimulus see losses on Asian markets. Not huge as Ministry of Finance says there is still more stimulus coming.

• Singles Day in China. Tech stocks down, Chip stocks up.
• Taiwan considers big US defence purchases as overture to Trump.
• Trump rules out jobs for Mike Pompeo and Nikki Haley in administration.
• HMRC to hand back £700m to top UK companies after EU tax ruling.

And finally….

Lest we Forget

Clarence

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