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ASX 200 fell 58 points to 8359 (-0.7%) on Trump tariff plans and banks saw a large sell-off with the Big Bank Basket down to $257.85 (-2.7%). CBA led the market lower down 3.6% as investors woke up to the extraordinary gains from the big four this year. WBC, ANZ and NAB slid half as much. MQG rose 0.8% on some rotation, insurers slid as bonds fell, QBE off 2.1% and SUN off 2.2%. ASX dropped 4.3% as it outlined plans for the CHESS replacement in 2029! REITs firm on lower rates, GMG up 0.9% and SCG up 1.4%. Industrials mixed, WES fell 0.8% and TLC up 0.4% and SGH up 1.0%. Retail slightly firmer, SUL up 0.9% and DMP up 4.2%. Healthcare mixed, CSL down 0.3% and PME up again, SHL up 2.6% with some positive broker comments. Resources were weaker, gold miners falling as bullion was dumped, NST down 2.4% and NEM down only 0.5% despite ex-dividend after a sale of another project. Oil and gas stocks were dumped with WDS down 3.8% and STO off 4.2% with uranium easing.  In corporate news, EML up 29.2% after earnings rose 46% in Q1. RHC up 3.5% after saying it had a positive start to FY25. On the economic front, Trump announced his first executive decision will see Mexico and Canada hit with a blanket 25% tariff and China to get an additional 10%. Asian markets mixed, China up 0.5%, HK up 0.4% and Japan down 1.6%. 10Y yields 4.44%. Dow Futures up 16 points. NASDAQ Futures up 26 points. 

HIGHLIGHTS

  • Winners: GTK, 360, BOT, HLS, BSL, CYL
  • Losers: OBM, SPR, PNR, WBT, SPK, DRO, RDX
  • Positive Sectors: REITs. Industrials.
  • Negative sectors: Banks. Insurers. Oil and gas. Gold miners
  • ASX 200 Hi 8433 Lo 8353
  • Big Bank Basket: Lower at $257.55 (-2.7%)
  • All-Tech Index: Up 0.4%
  • Gold: Weaker at $4047
  • Bitcoin: Lower at US$94930. Missed it by that much!
  • 10-year yields ease to 4.44%.
  • AUD: Lower at 64.89c
  • Asian markets mixed, China up 0.4%, HK up 0.5% and Japan down 1.5%.
  • Dow Futures up 16 Nasdaq up 26

MARKET MOVERS

  • GTK +28.1% Investor presentation.
  • 360 +6.9% still ploughing ahead.
  • HLS +6.0% rally continues.
  • OPT +4.9% presentation to come.
  • EDV +3.7% Victorian trials.
  • TLX +3.7% just continues.
  • RHC +3.5% AGM
  • EML +29.2% earnings update.
  • PAR +13.0% Investor day brings rally.
  • EIQ +6.3% doing ok.
  • TLG +6.4% graphite play.
  • VUL +5.3% still going strong.
  • OBM -7.0% SPR -6.8% gold miners slip.
  • WBT -6.1% profit taking.
  • DRO –4.6% Happy Xmas war is over! At least in Lebanon. Maybe?
  • ASX -4.3% CHESS moves in 2029.
  • AMA -7.6% continues lower.
  • Speculative Stock of the Day: Nothing on any volume.

COMPANIES

ECONOMIC AND OTHER NEWS

  • Trump’s moves on tariffs for Day 1, for an additional 25% on Canada and Mexico. 10% for China. USD strengthens.
  • Qualcomm’s interest in pursuing an acquisition of Intel Corp. has cooled.
  • California could leave Tesla out of a proposed EV rebate programme.
  • GM set to enter Formula One motor racing under its Cadillac brand.
  • Israel finalising ceasefire deal with Hizbollah in Lebanon, say officials.
  • Macy’s says employee hid more than $132mn in delivery expenses.
  • Walmart on Monday confirmed that it’s ending some of its diversity initiatives, removing some LGBTQ-related merchandise from its website.
  • Russian food inflati

And finally….

Clarence

XXXX