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ASX 200 rose 47 points to a new record of 8495 (0.6%). Off highs at the close. Gains across the board with the solid bank sector remaining the bedrock. ANZ up 1.1% and NAB up 0.8%. CBA lost 0.3% with the Big Bank Basket up to $262.70 (+0.2%). MQG kicked 1.2% higher and other financials joined the fun, ASX up 0.5% with NWL bouncing 3.7%. Insurers firmed and REITS in the green. GMG up 1.0% and SCG up 0.3%. Industrials continued higher, WES remains a standout up 0.9% with BXB also in demand, up 1.6% with ALL putting on 1.9%. Tech also doing well, with XRO up 1.5% and 360 up 3.8%. WTC missed the memo down 1.4% with the All-Tech Index up 1.3%. Resources were a little mixed, FMG jumped 2.1% with PLS up 2.9% and MIN doing well again up 2.6%. Gold miners were mixed as NST fell 2.8%, dragging DEG down too. VAU up 1.5% on takeover speculation. Oil and gas better, WDS up 0.5% and KAR up 0.7%. Uranium mixed, PDN up 1.6% and BOE down 2.2%. In corporate news, CKF downgraded the outlook, falling 4.3%. SDF rallied 2.7% on an all-clear from irregularities, ZIP fell 0.6% as founder Diamond sold down and resigned. In economic news, consumer confidence jumped and the current account deficit came in higher than expected. Asian markets were better, with Japan up 1.7%, China +0.2%, and HK up 0.4%. 10Y yields 4.32%.

HIGHLIGHTS

  • Winners: MTS, SGR, AEF, SQ2, NEU, BVS
  • Losers: INR, SXG, CKF, LOT, WEB, WBT, PDI
  • Positive Sectors: Banks. Tech. Industrials. Retail. REITs.
  • Negative sectors: Gold miners.
  • ASX 200 Hi 8515 Lo 8455
  • Big Bank Basket: Higher at $262.70 (+0.2%)
  • All-Tech Index: Rallies 1.3%
  • Gold: Higher at $4081
  • Bitcoin: Lower at US$96021
  • 10-year yields ease to 4.31%.
  • AUD: Lower at 64.69c
  • Asian markets were better, Japan up 2.3% and China flat but HK up 0.4%.
  • Dow Futures down 6 Nasdaq up 11

MARKET MOVERS

  • SGR +7.1% access top first $100m debt package.
  • MTS +7.5% broker upgrades.
  • SQ2 +5.8% US tech bounce and AGM comments.
  • NEU +5.5% Buyback update.
  • OPT +5.0% pushing higher.
  • FND +12.0% solid bounce.
  • DUG +6.4% out of a hole.
  • PMT +7.1% finding friends again.
  • EOS +5.6% defensives.
  • INR -9.1% lithium depressed.
  • SXG -4.3% pullback.
  • NST -2.8% brokers see LT benefits ST weakness.
  • CKF -4.3% did someone say KFC?
  • JMS -6.7% big volume too.
  • Speculative Stock of the Day: ION +66.7% leadership team strengthened.

ECONOMIC AND OTHER NEWS

  • Australia’s current account deficit came in higher than expected in the third quarter as its surplus on trade alone shrank to the smallest since mid-2018 on weaker resource prices.
  • The Council of Financial Regulators is seeking feedback on the issues facing Australia’s small- and medium-sized banking sector with a focus on competition.
  • Consumer confidence jumped 2.7 percentage points to 88.4 points last week – the highest level since May 2022, according to an ANZ-Roy Morgan survey.
  • TelstraSuper and Equip Super have announced they will merge into a profit-for-member fund of more than $60bn.
  • Government spending jumped in the September quarter thanks to a splurge on infrastructure, data showed on Tuesday.
  • Woolworths says two weeks of industrial action has cut $50m in sales.
  • China’s central bank governor reaffirmed plans for a supportive monetary policy to promote growth next year.
  • The renminbi hits lowest level in a year amid looming tariff threats.
  • Trump has used Truth to say he will not allow Nippon Steel to buy US Steel.
  • SpaceX is in discussions to sell insider shares that could boost the value of Elon Musk’s rocket and satellite company to around $350bn.
  • Musk’s huge pay package was struck down once again by a Delaware judge, Kathaleen St. J. McCormick who ruled Monday that Tesla’s board was improperly influenced by Musk when it adopted the billionaire’s plan in 2018.

And finally…..

Clarence

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