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ASX 200 drifts 8 points lower to 8436 (0.1%). Up 42 poinjts for the week. Banks eased again with CBA unchanged with NAB and ANZ off around 1%. The Big Bank Basket fell to $262.21 (-0.3%). MQG dropped 0.6% with insurers down too. REITs slipped with SCG off 1.1% and VCX off 1.8%. Utilities slipped with ORG off 0.3% and industrials mixed again, TCL off 1.4% and SGH bouncing back 0.7% with REH up 0.6%. Tech mixed with WTC up 1.8% and XRO off 1.2% and the All-Tech Index +0.35%. REA and CAR eased back and retail mixed, JBH down 0.3% and LOV up 0.7%. Iron ore miners rose, BHP up 1.3%, FMG up 1.6% and the gold miners rose led by NST up 0.8% and NEM up 1.5%. Lithium out of the doghouse perhaps, for now. PLS unchanged and LTR down 1.4%. In corporate news, SHV went nuts for a while before cracking and falling 5.4%. RSG paid another tranche of money to the Mali government. Whilst on the economic front, economists raced each other to push out rate cuts further in 2025. Asian markets mixed as usual, with Japan down 0.1%, China up 1.6% and HK up 1.3%. 10Y yields steady at 4.36%. Dow Futures up 134 points. NASDAQ Futures up 117 points. 

HIGHLIGHTS

  • Winners: MGH, OPT, QOR, DRI, GTK, WEB, RSG
  • Losers: BRN, SHV, BFL, AIA, PGC, TAH, VSL
  • Positive Sectors: Iron ore. Gold. Tech.
  • Negative sectors: REITs. Banks. Industrials.
  • ASX 200 Hi 8441 Lo 8390
  • Big Bank Basket: Down to 262.21 (-0.3%)
  • All-Tech Index: Up 0.4%
  • Gold: Higher at $4083
  • Bitcoin: Higher at US$96314
  • 10-year yields ease to 4.36%.
  • AUD: Higher at 65.19c
  • Asian markets mixed, Japan down 0.4%, China up 2% and HK up 1.3%.
  • Dow Futures up 130 Nasdaq up 107

MARKET MOVERS

  • MGH +7.6% completion of placement.Acquisition gets tick.
  • WEB +4.9% broker upgrades.
  • OPT +5.9% bounce continues.
  • RSG +4.8% Mali payment.
  • DRO +5.4% Ex-Military appointments drawing buyers.
  • QOR +5.4% following 360 higher.
  • LRV +18.2% antimony.
  • PMT +10.0% small bounce.
  • PAR +13.2% bounces back.
  • WJL +9.0% broker comments.
  • SHV -5.4% rises and falls.
  • BRN -5.6% soft end to week.
  • FND -23.7% presentation and update.
  • BET -4.8% still falling.
  • CSL -1.0% soft end to week.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • AMP has also pushed back its expectation for the first RBA rate cut to May from February. Chief economist Shane Oliver expects the RBA to remain flexible, meaning a February easing is still possible.
  • Bank of Queensland has pushed back the timing of the Reserve Bank’s first interest rate cut to May. ANZ has pushed back its forecast of the start of the Reserve Bank’s easing cycle to May from February next year.
  • Fitch Ratings warns of rising state debt.
  • Japanese currency reaches strongest vs dollar since October.
  • China will start limiting exports of critical metal tungsten this weekend,
  • Buy American to avoid Trump trade war, says Lagarde. That is why she gets paid the big bucks!
  • French bond yields surpass Greece’s for first time as budget worries swirl.
  • Putin threatens to turn Kyiv targets ‘to dust’.
  • Qatar wealth fund to take stake in Audi Formula One team.
  • South Korea’s largest K-pop agency loses US$423m in value as girl group NewJeans set to part ways.

And finally….