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The ASX 200 fell 5 points to 8309 as early gains melted away. Fed decision tonight. Banks were under pressure for a change with CBA down 0.9% and ANZ off 0.2% as the Big Bank Basket fell to $259.93 (0.6%). Insurers slid too with SUN off 1.7% and IAG falling 2.2%. REITs were generally firmer, GMG up again, Healthcare had a good day with CSL leading the charge higher on hopes of vaccines being unaffected in the US. Industrials were ok. TCL rising 1.9% and CPU up 1.8% with tech doing ok. WTC up 1.1% and the All–Tech Index up 0.8%. APA fell 2.4% in utilities following broker comments on Basslink miss. Resources were mixed, BHP and RIO flat, gold miners fell, WGX up % an exception. Uranium stocks slightly better, and oil and gas mixed. In corporate news, the IFL board rejected the Bain overtures, OBL rose 50.3% on a good deal with Ares. MSB will begin a Nasdaq listing next week. VUL rallied another 1.9% on further EU loan commitments. On the economic front, Dr Jim released MYEFO showing a $22bn budget blowout. In Asian markets, Japan down 0.5%, HK rose 0.6% and China up 0.5%. 10-year yields at 4.28%.

HIGHLIGHTS

  • Winners: CMW, CU6, KGN, ZIP, PDN, PDI, RSG
  • Losers: CCP, CRN, REG, IFL, NIC, EMR, SXG
  • Positive Sectors: Healthcare (just). Tech.
  • Negative sectors: Banks. Gold miners. Insurers.
  • ASX 200 Hi 8343 Lo 8297
  • Big Bank Basket: Lower at $259.93(-0.6%)
  • All-Tech Index: Up 0.8%
  • Gold: Up to $4188
  • Bitcoin: Lower at US$103701.1oz of gold buys a Bitcoin.
  • 10-year yields steady at 4.28%.
  • AUD: Lower at 63.13c
  • In Asian markets, Japan down 0.5%, HK rose 0.6% and China up 0.5%
  • Dow Futures up 76 Nasdaq 13

MARKET MOVERS

  • ZIP +7.2% US retail numbers?
  • DRO +4.1% new company secretary.
  • RSG +6.4% oversold.
  • CU6 +12.2% Novel FAP-targeted radiopharmaceutical.
  • OCC +9.6% kicking higher again.
  • AQZ +5.5% thin volumes.
  • AIS +6.1% Murrawombie Pit Update.
  • SXE +5.1% picking up momentum.
  • FND +3.4% rebounding.
  • IFL -4.2% board rejects bid.
  • SPG -17.1% canned again.
  • NEU -2.0% buyback update.
  • Speculative Stock of the Day: OBL +50.3%

ECONOMIC AND OTHER NEWS

  • Fed decision tonight. 25bps – Dot plots and commentary most important.
  • Honda and Nissan are exploring a potential merger, according to people familiar with the matter, which would create a singular rival to Toyota. Nissan jumps 23%.
  • President Joe Biden’s administration is set to initiate a trade investigation into Chinese semiconductors in the coming days.
  • Congress is set to vote in the coming days on legislation restricting U.S. investments in China as part of a bill to fund government operations through mid-March.
  • AI poses threat to North American electricity grid, watchdog warns.
  • Chipmaker Kioxia rises on debut at the end of Bain’s long road to IPO.

And finally…..

Watched Benjamin Button again last night. Great film. Never gets old!

Clarence

.XXXX