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Last Blog for 2024 – Back January 13th

Have a great Christmas and hope 2025 is good to you. Stay safe. Enjoy the holidays

The ASX 200 fell hard again today, down another 101 points to 8067 (1.2%) as the banks came under pressure. For the week the ASX 200 is down 2.8% with the US Triple witching and Core inflation numbers due tonight. Traders taking profits on the sector after a great year. The Big Bank Basket dropped to $246.54 (-2.9%). CBA the big drag on the index down 3.7%. MQG dropped 2.3% with other financials also feeling the pain. Insurers too was tossed out, QBE down 1.0% and SUN down 1.8%.  REITs were mixed, GPT up 0.2% and SCG off 0.3%. Industrials were sold down but escaped the worst of the sell off. WES not so fortunate having announced the sale of Coregas, losing 5.0%. Retail stocks slid with WOW and COL falling slightly. Utilities found some friends as defensives, ORG up 1.4%, tech mixed. The All–TechIndex fell %. Resources were far better off than the banks, BHP off % and FMG bucking the trend up %. Gold miners eased but only marginally, NEM off % with EVN only down 0.7% on the CFO moving on. Oil and gas better, WDS up 2.0% on broker comments following Chevron deal yesterday. Coal stocks down but uranium mixed. In corporate news, VNT up 3.8% after a $400m deal with TLS. DEG down 2.8% on an update in Hemi project. QHL rose 40.5% on a takeover bid. MSB came back to earth with a thud falling 20.7% after FDA approvals yesterday. In economic news, the PBoC kept rates on hold. In the US, a bill to keep the government funding in place was rejected.

HIGHLIGHTS

  • Winners: WBT, KAR, FCL, OPT, CSC, PDI, IPX
  • Losers: MSB, BOT, BGL, SLX, SDR, AEL, WES
  • Positive Sectors: Utilities
  • Negative sectors: Everything else.
  • ASX 200 Hi 8158 Lo 8051 ASX 200 down 2.8% this week.
  • Big Bank Basket: Lower at $246.54 (-2.9%)
  • All-Tech Index: Down 0.7%
  • Gold: eases to $4174
  • Bitcoin: Lower at US$95418- 36.7 oz of gold buys a Bitcoin.
  • 10-year yields sprints higher to 4.48%.
  • AUD: Steady at 62.25c
  • In Asian markets, Japan unchanged. HK down up 0.1% and China up 0.3%
  • Dow Futures down 107 Nasdaq down 127

MARKET MOVERS

  • WBT +7.7% defies gravity.
  • OPT +4.6% finding support.
  • KAR +5.3% buy back update.
  • VNT +3.8% Telstra deal.
  • MSB -20.7% optimism unwinds a little.
  • BGL -5.6% Investor presentation.
  • CU6 -8.5% index inclusion.
  • SEK -4.6% Scheme booklet for XF1 takeover.
  • WES -5.0% sells Coregas.
  • AXE -13.0% Chopped.
  • TTT -13.5% gains unwound.
  • Speculative Stock of the Day: QHL +40.5% takeover at 57.5c.

ECONOMIC AND OTHER NEWS

  • Core PCE data tonight.
  • Triple witching options expiry in US tonight.
  • China’s short-term bond yields hit 15-year low. China kept its one-year and five-year LPRs unchanged at 3.1 and 3.6% respectively.
  • The Republican-led House rejected a temporary funding plan backed by President-elect Donald Trump on Thursday with just over 24 hours to go before a US government shutdown. Elon Musk rejects deal.
  • ETFs best year on record – The industry saw record flows of US$1 trillion, a record 670 new launches and a 30% jump in assets.
  • US Yield Curve Is Steepest Since 2022 After Fed’s Rate-Cut Shift.
  • Luigi Mangione faces federal murder charge in UnitedHealthcare killing.
  • Lord Peter Mandelson to be UK’s next ambassador to US.
  • Macao marks its 25th handover anniversary.

And finally….

Clarence

XXXX