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ASX 200 slips 30 points to 8393 (0.4%) as investors switched from the high flyers to resources following the news yesterday from China. Banks saw selling pressure with CBA down 1.1% and NAB sliding 2.8% with the Big Bank Basket down to $256.99  (-1.5%). MQG off 1.9% with insurers under pressure too. High-flying platform stocks also in sell down, with HUB and NWL down. REITs under pressure, GMG off 2.2% and SCG down 1.7%. Tech too in the seller’s sights, WTC off 4.4% and XRO falling 4.4%. The All–Tech Index dropped %. REA took a tumble as did CAR and SEK. In media stocks, NWS saw Murdoch senior thwarted in a Nevada court. Industrials and retail slipped slightly.  Resources were flying high and saw across the board buying although off highs. BHP up 3.1% and FMG rallying 6.2% with PLS bouncing hard together with MIN. Gold miners back in demand, GMD hitting 52 -week highs. NEM up 2.4 % and EVN up 5.0%. Even oil and gas stocks rose, KAR up 5.3% with uranium in-demand, PDN up 2.0%, and WHC doing well too, up 3.5%. In corporate news, PPT dropped 8.4% on a ATO issue that could see the Barbarians at the gate slam it shut. IAG fell after being hit with a class action in Victoria. In economic news, the RBA kept rates unchanged, but we saw a slight softening of language. Hikes seem to be off the table now. Asian markets rose on stimulus optimism, China up 1.9%, HK up 1% and Japan up 0.4%. 10-year yields falling to 4.16%

HIGHLIGHTS

  • Winners: FFM, DVP, MIN, VUL, PLS, FMG, ILU, MAC
  • Losers: PME, PPT, TUA, URW, HUB, PNI, MP1
  • Positive Sectors: Resources. TLS.
  • Negative sectors: Banks. Tech. Insurance. Healthcare. REITs.
  • ASX 200 Hi 8448 Lo 8360
  • Big Bank Basket: Lower at $256.99 (-1.5%)
  • All-Tech Index: Down 3.6%
  • Gold: Higher at $4175
  • Bitcoin: Lower at US$96656
  • 10-year yields ease to 4.16%.
  • AUD: Higher at 64.01c
  • Asian markets rose on stimulus optimism, China up 1.9%, HK up 1% and Japan up 0.4%.
  • Dow Futures down 33 Nasdaq down 8

MARKET MOVERS

  • FFM +13.4% drills best hole yet – 86.3m at 3.7% Cu Eq.
  • DVP +11.3% loan facility with Trafigura.
  • MIN +8.7% solid bounce from oversold.
  • FMG +6.2% Modern slavery statement.
  • PLS +6.5% running out of steam so soon.
  • VUL +8.0% cracks on.
  • BRN +11.4% US1.8m contract with Air Force lab.
  • VVA +8.7% strategic investment in World Gym Australia.
  • KOV +7.7% trading update.
  • PME -9.0% high-flyers get sold off.
  • PPT -8.4% tax issues may force Barbarians to shut the gate.
  • TUA -7.5% block trade.
  • HUB -6.1% high-flyers under pressure.
  • ZIP -5.2% high-flyers under pressure
  • SVL -19.1% capital raising.
  • EIQ –9.3% profit taking.
  • BTR -8.0% comes undone. Again.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

RBA leaves rates unchanged. RBA Board is gaining some confidence that inflation is moving sustainably towards target.

  • Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance. Measures of underlying inflation are around 3.5%, which is still some way from the 2.5% midpoint of the inflation target.
  • Growth in output has been weak. The Board’s assessment is that monetary policy remains restrictive and is working as anticipated.
  • There remains a high level of uncertainty about the outlook abroad.
  • The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome.
  • Chinese Exports rose 6.7% to $312bn in November from a year earlier, while imports fell 3.9%.
  • The low-cost Chinese shopping apps Temu and Shein saw strong sales growth in the US in November.
  • South Korean equities rose on Tuesday, seeking their first daily advance since last week’s short-lived martial law.
  • Luigi Mangione charged with murder of US insurance executive.
  • Rupert Murdoch loses attempt to overhaul family trust in bitter legal dispute.

And finally….

Just a little update on the situation with my brother, because some of you have been pretty concerned. He’s took going to jail pretty hard he’s refusing all food, he’s spitting and screaming at everyone and is threatening violence at anyone who comes near him. He’s smeared the walls with faeces and is refusing to wear clothes. As a family we’re pretty united in our decision not to play Monopoly with him anymore

Clarence

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