ASX 200 hits new records up 24 points to 8418 (+0.3%). Some profit taking creeping in and momentum easing, but US Treasury appointment helping sentiment. Banks paused for breath with CBA up 0.7% and ANZ slipping 1.3% with the Big Bank Basket down to $264.99 (-0.1%). Financials and insurers though better, SUN flat and ASX rallying 1.8%. REITs rallied hard on easing 10-year yields, GMG up 1.5% and SCG up 2.8%. Healthcare too in demand, CSL bouncing 1.7% with PME AGM providing a solid backdrop, up 2.7%. Industrials stronger, WES up 1.9% and retail doing well, JBH up 0.4% and LOV rallying 2.4% on broker comments. Tech better, WTC up 0.8% and XRO up 0.9% with the All–Tech Index up 0.9%. Resources back in the doghouse as iron ore prices remain under pressure in Asia. RIO down 0.4% and base metals and lithium off too. PLS down another 3.8% with gold miners under pressure. NST off 1.6% and EVN down 1.0%. Oil and gas mixed and coal eased, WHC off 2.5%. In corporate news, some M&A activity in small caps with SWF agreeing to a revised BFG bid, BTH getting another bid, SGF getting a good NBIO from PEP. IPO CCL hit the bourse and fell 7.6% on debut. Good to see that code back! Nothing locally on the economic front, China kept one-year rates unchanged. Asian markets mixed, Japan up 1.3%, China down 0.6%, HK down 0.5%.

HIGHLIGHTS

  • Winners: SGF, APX, MSB, VUL, SPR, SKC, GNE, PNR
  • Losers: CYL, NAN, TAH, VGL, FCL, MAF
  • Positive Sectors: Healthcare. REITs. Industrials. Tech
  • Negative sectors: Gold miners. Base metals. Lithium. Coal. Banks.
  • ASX 200 Hi 8462 Lo 8404
  • Big Bank Basket: Lower at $264.99
  • All-Tech Index: Up 1.0%
  • Gold: Weaker at $4096
  • Bitcoin: Lower at US$97907. Tonight’s the night?
  • 10-year yields ease to 4.48%.
  • AUD: higher at 65.22c
  • Asian markets mixed, Japan up 1.3%, China down 0.6%, HK down 0.5%
  • Dow Futures up 252 Nasdaq up 114

MARKET MOVERS

  • SGF +18.4% takeover by PEP at 350c.
  • APX +12.4% back in demand.
  • VUL +10.3% continues higher.
  • GYG +4.3% low volume rally again.
  • ZIP +4.4% Black Friday comes
  • DRO +4.9% finding a base.
  • NEU +2.4% bouncing after sell off.
  • NVX +30.4% PowerCo SE binding offtake information.
  • EOS +18.6% Friday’s deal triggers buys.
  • BTH +5.7% competing takeover approaches.
  • BET +12.5% accelerates transformation strategy.
  • CYL -19.8% volatility continues.
  • BGL -4.1% change in substantial holding.
  • RSG -1.2% broker downgrades.
  • IPG -11.7% earnings guidance.
  • YRL -41.3% further drilling at Siona.
  • Speculative Stock of the Day: PAR +41.5% big jump – Good volume too. No news obvious. ASX speeding ticket response – Schultz defence.

ECONOMIC AND OTHER NEWS

  • APRA stands firm on mortgage buffer to keep economy safe. Around 35,000 mortgages holders are behind and in deep financial difficulty. Stressed households represent about $23bn in bank lending, APRA chairman John Lonsdale said.
  • NZ Exports rose 7.5% year on year in October to 5.8bn New Zealand dollars ($3.4bn), up from a revised September figure of NZ$4.91bn.
  • China’s central bank kept a policy loan rate unchanged after last cutting it in September, as the authorities stay patient in ramping up monetary stimulus. The People’s Bank of China held the interest rate on the one-year medium-term lending facility steady at 2%, according to a statement on Monday.
  • Top Biden adviser warns of ‘chaos’ if Trump raises tariffs and guts IRA.
  • US retailers stretch out Black Friday deals to lure flagging shoppers.
  • Coffee is one of the best performing assets this year, up nearly 60%. Bad weather in Brazil and Vietnam said to be driving up prices.
  • Tea nearly as bad in terms of price rises. Up 43% YTD.
  • Butter is up 41% and Orange Juice is up 56% YTD. Eggs up 90% No wonder breakfast is getting more expensive.
  • South Korean carmaker Hyundai Motor is recalling about 42,465 vehicles in the U.S. due to improperly routed wiring that may increase the risk of a crash.
  • Adani said it has enough cash to service debt obligations, as it sought to reassure creditors. Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at US$6.33bn.
  • Unicredit launches takeover for Banco BPM for US$10.57bn in shares.

And finally….

Clarence

XXXX