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The ASX 200 kicked higher today by 65 points to 8314 (0.8%) as the usual suspects rallied hard. The Big Bank Basket was up to $261.38 (1.4%) with CBA the standout performer up 1.6%. MQG gained 1.0% with insurers doing well too. Financials generally attracting buyers, SQ2 up 1.6% and HMC up 3.0% in tandem with DGT bouncing back hard. REITs also back in demand ahead of Fed this week, GMG up 1.7% and SCG rallying 1.2%. Industrials, too, moving firmly ahead, ALL up 1.9% with TCL up 2.1% and BXB extending its run up another 0.5%. Both COL and WOW were better with retail finding Xmas cheer, LOV up 2.3% actually, DMP up 1.0% and FLT better. Tech better, WTC up 1.1% and the All–Tech Index up 1.2%. Resources were mixed, iron ore stocks eased slightly, lithium still depressed, gold miners mixed with NEM off 0.5% and WGX up 4.3%. Energy stocks eased again with WDS down 1.0% and PDN off 2.0%. Corporate news, NVX gained 3.4% on a conditional loan from the US DoE. DTL fell 9.8% on a change in Microsoft incentives. KAR fell 9.7% on a shut in for the Bauna gas field in Brazil and APA fell 1.5% as the regulator rejected the Basslink conversion. SPG also returned to a listing after almost 20 years. Canned down 26.9%. PPT fell 0.4% on the independent report failing to recommend the offer. Nothing on the economic front. Asian markets once again mixed, HK down 0.6% and China up 0.4% with Japan unchanged. 10-year yields steady at 4.29%.

HIGHLIGHTS

  • Winners: PXA, DGT, MSB, BFL, WGX, A4N
  • Losers: DTL, KAR, WA1, FCL, DYL, APX, WBT
  • Positive Sectors: Banks. Financials. REITs. Healthcare. Tech.
  • Negative sectors:  Energy. Lithium.
  • ASX 200 Hi 8327 Lo 8237
  • Big Bank Basket: Higher at $261.38(+1.3%)
  • All-Tech Index: Up 1.2%
  • Gold: Down to $4170
  • Bitcoin: Higher at US$106,376
  • 10-year yields steady at 4.29%.
  • AUD: Lower at 63.60c
  • In Asian markets, HK down 0.6% and China up 0.4% with Japan unchanged.
  • Dow Futures up 1 Nasdaq up 7

MARKET MOVERS

  • PXA +8.2% new MD and CEO
  • DGT +7.2% bouncing back after rout.
  • WGX +4.3% Fortnum expansion study.
  • A4N +% contractual close on funding package.
  • LRV +15.1% excellent holes at Clarks Gully
  • VYS +10.3% completes acquisition of CMP Group.
  • DTL -9.8% Microsoft incentive changes.
  • SXG -2.7% FIRB approval to buy land.
  • KAR -9.7% Bauna shut in.
  • SGR -2.4% another departure.
  • SPG -26.9% reinstated after nearly 20 years.
  • AVR -15.9% scheme matters
  • VMT -33.3% delisting proposal.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • Chinese Premier Li Qiang urged government officials to swiftly carry out key economic tasks for the coming year.
  • Canadian PM Justin Trudeau’s administration was thrown into crisis when his trusted deputy, Finance Minister Chrystia Freeland, published a withering resignation letter on Monday.
  • TikTok’s CEO meets Trump as it seeks to avert US ban. Trump nominates China hawk George Glass as US ambassador to Japan.
  • US backs graphite factory to loosen China’s EV supply chain grip.
  • Alphabet-owned Waymo says it will begin testing its robotaxis in Tokyo, Japan in early 2025.
  • Meta has agreed to a A$50m settlement with Australia’s privacy watchdog over the Cambridge Analytica scandal.
  • Russia’s central bank is expected to carry out a mammoth rate hike later this week as CPI rose to 8.9% in November. Economists now expect Russia’s central bank, the CBR, to hike rates by 200 basis points at its meeting on Dec. 20 — taking the country’s key interest rate to 23%.

And finally….

Clarence

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