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ASX 200 recovered to close down only 62 points at 8193 (-0.8%). Banks were under pressure, with ANZ ex-dividend down 4.0%, CBA down 0.4%, and NAB off 1.3%. MQG dropped 1.4%, with other financials also easier. SWF jumped on news BFG has made a 22c non-binding offer. Insurers mixed, REITs saw sellers back, with SGP down 0.8% and SCG off 0.9%. Industrials eased back, WOW down 0.9% and WES falling 1.0%. TCL dropped 2.9% as ALL rose 2.6% on better earnings. Retail gave back some of yesterday’s gains, with JBH down 0.1% and HVN off 0.7%. Healthcare eased back, RMD off 1.4% and SHL down 0.9%. Resources continued to be battered by the rampant USD. BHP down 0.9% and RIO off 3.3%. FMG managed a small bounce, up 0.8%. Lithium stocks down again, MIN shutting Bald Hill and a class action launched, fell 7.2%, LYC down 1.9% with gold miners slipping but no huge sell-off. DEG up 0.7% and EVN off 1.3%. Uranium stocks bounced. PDN up 8.6% after yesterday’s sharp drop, BOE up 2.0% and oil and gas slid. WDS off 0.7%. In corporate news, JHX jumped 6.2% on earnings beating expectations. NXL dropped 22.2% on an underwhelming update, 360 dropped 7.4% due to expectations, and SGRsaw short sellers covering after the sale of a PPT stake. In economic news, public sector wages increased faster than private sector pay for the first time in four years in September. Asian markets slightly weaker, Japan down 1.2%, China down 0.1% and HK down 0.7%. 10Y yields up to 4.67%.

HIGHLIGHTS

  • Winners: PDN, NXG, JHX, PDI, OBM, VUL, CTD, FSF
  • Losers: NXL, MAH, OPT, 360, MIN, APX
  • Positive Sectors: Uranium.  
  • Negative sectors: Everything else.
  • ASX 200 Hi 8228 Lo 8139
  • Big Bank Basket: Lower at $251.20(-1.0%)
  • All-Tech Index: Down 0.9%
  • Gold: Steady at $3989
  • Bitcoin: Lower at US$86413
  • 10-year yields higher at 4.67%.
  • AUD: Lower at 65.35c
  • Asian markets: China up 0.4%, HK down 1.7% and Japan down 0.9%. Rumours of some changes to Chinese property fees.
  • Dow Futures down 70 Nasdaq down 60.

MARKET MOVERS

  • JHX +6.2% positive update.
  • PDN +8.6% solid bounce from big sell off.
  • NXG +7.2% Uranium stocks lift.
  • VUL +4.4% German funding lifts price.
  • SQ2 +2.7% broker research.
  • JLG +1.5% AGM update.
  • ALL +2.6% solid earnings update.
  • OFX +6.1% small bounce.
  • FCL +28.3% investor presentation.
  • TCG +13.0% drilling success.
  • NXL -22.2% guidance update.
  • 360 –7.4% earnings disappoint.
  • MIN -7.2% class action and closes Bald Hill.
  • EGL -14.1% PFAS separation plant draft EPA licence.
  • MYX -7.7% unwinding recent blip.
  • Speculative Stock of the Day: FFG +30.8% not great volume. No announcements.

COMPANIES

ECONOMIC AND OTHER NEWS

  • Public sector wages increased faster than private sector pay for the first time in four years in September.
  • Annual wage growth fell to 3.5% in September from 4.1% in June according to the ABS.
  • US CPI Tonight. Big night.
  • 7 -Eleven is considering a $58bn management buyout.
  • Trump names Musk to government efficiency portfolio. Trump formally announced the creation of the Department of Government Efficiency, which he referred to as “DOGE” in his statement. Dogecoin jumped 20% on the news.
  • SoftBank-Backed Swiggy debuts in India after Mega $1.3bn IPO. Up 8% on debut.
  • COP 29 continues.Who knew!
  • President Biden’s administration is setting out plans for the US to triple nuclear power capacity by 2050.
  • The plan is for the US would deploy an additional 200 gigawatts of nuclear energy capacity by mid-century through the construction of new reactors, plant restarts and upgrades to existing facilities.
  • Nuclear fusion start-up claims milestone with unconventional reactor.
  • Meta cut the price of its ad-free subscription versions of Facebook and Instagram by 40% for European Union users.

And finally….

Clarence

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