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ASX 200 falls another 39 points to 8354 (0.5%) as profit taking in the market leaders continues. No resource bounce today to counter that. Banks slid with the Big Bank Basket down to $256.32 (-0.3%). MQG off 0.8% and insurers slipping lower. Much lower as yields continue to fall on the ‘turtle’ dovish tilt from the RBA yesterday. REITs help up with GMG better, Tech once again under the pump with the All–Tech Index down 0.8% and WTC and XRO off 3.0% and 1.4% respectively. Industrials also falling with BXB, SGH and ALL falling back to earth. Resources were mixed, BHP rose 0.4% but RIO and FMG eased back. Gold miners were mixed, GMD up 1.1% and WGX better again. S32 dropped hard down 4.4%, on Mozambique issues, PLS down 0.9% and MIN down 1.6%. Oil and gas fell with uranium finding some stability. Coal stocks better again. In corporate news, REX under fire from ASIC on $80m bailout issues. CTT had a $16.5m block trade, NAB sold the remainder of MLC to Nippon. VUL in a trading halt for a cap raising and SIG laid out the timetable for Chemist Warehouse merger. In economic news, we had National Accounts showing a nominal GDP rise of 0.4%. The terms of trade fell 2.5%. Asian markets becalmed ahead of US CPI. 10-year yields higher at 4.18%.

HIGHLIGHTS

  • Winners: OBM, WA1, SXG, SLX, SGR, PPC, APE
  • Losers: IMD, CU6, NGI, IPH, S32, MSB, SLC
  • Positive Sectors: REITs
  • Negative sectors: Everything else.
  • ASX 200 Hi 8396 Lo 8342
  • Big Bank Basket: Lower at $256.32 (-0.3%)
  • All-Tech Index: Down 0.8%
  • Gold: Higher at $4215
  • Bitcoin: Higher at US$97417
  • 10-year yields higher at 4.19%.
  • AUD: Lower at 63.71c
  • Asian markets China HK and Japan all down around 0.2%
  • Dow Futures Nasdaq

MARKET MOVERS

  • SLX +8.6% good news from US DoE.
  • SXG +8.7% rally continues.
  • SGR +8.3% the wheel spins.
  • WA1 +10.9% solid bounce.
  • OBM +10.9% gold bounce.
  • SXE +9.0% new contracts worth $125m
  • ACE +13.0% mobile phone and seatbelt contract expansion in QLD.
  • PE1 +9.3% Monthly performance report.
  • OPT -3.6% sell-off continues.
  • CIA -3.4% impact on loadout facilities report.
  • PAR -13.6% profit taking continues.
  • A11 -5.9% cleansing notice.
  • Speculative Stock of the Day: AXL +18.6% Record grades TREO and MREO grades at Caladao.

ECONOMIC AND OTHER NEWS

  • The US consumer price index is expected to show a 2.7% 12-month inflation rate for November, up one-tenth of a percentage point from October. Core CPI is forecast at 3.3%, or unchanged from October.
  • Biden set to block Nippon Steel takeover of US Steel. Hardly a surprise.
  • The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade.
  • President-elect Donald Trump has selected Mark Meador, a former staffer to Utah Senator Mike Lee, to be a commissioner on the FTC.
  • SpaceX and its investors have agreed to purchase as much as US$1.25bn of insider shares in a transaction valuing Elon Musk’s rocket and satellite maker at about $350bn.
  • Trump vows to speed up permits for anyone investing $1bn in the US.
  • Kroger-Albertsons $25bn grocery merger blocked by US judge.
  • Coffee has hit an all-time high.

And finally…

Clarence

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