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ASX 200 greeted the Trump era with volatility. The ASX 200 Finished up 55 points to 8402 (0.7%), having sprinted out of the blocks early on tariff news and then collapsing as Mexico and Canada were threatened with a Feb 1 kick-off. Welcome to the funhouse. Across the board gains ultimately stuck, banks moved higher again on Macquarie upgrades, the Big Bank Basket ran to $257.96 (+1.2%). NAB up 2.1% and insurers moved higher, QBE up 0.9% and AMP up 2.5% with GQG up 3.3%. HUB up 11.0% on a FUA update. REITs flat, GMG down 0.6% and VCX off 0.5%. Industrials firm but unexciting, JBH bounced 3.3% with WES up 1.6% on Catch news, REA did well up 2.8% and tech was slightly higher. The All–Tech Index was up 0.7%. Resources saw buyers back, iron ore miners up, BHP up 0.9% and RIO pushing 0.4% higher. Gold miners were better, NST on quarterly numbers, EVN up 2.2% and NEM up another 0.7%. Energy stocks mixed, WDS up 0.5% and STO falling 2.2%. YAL had a good quarter. In corporate news, LTR rallied another 11.9% on latest production numbers, CVN fell 22.6% on another delay to El Dorado. Nothing locally on the economic front, it was all about Trump. Asian markets were firm but cautious as no new tariffs were announced. So far. Japan unchanged. HK up 1.1% and CSI 300 up 0.4%. 10-year yields slid to 4.40%.

HIGHLIGHTS

  • Winners: LTR, HUB, CYL, YAL, KGN, NEU, ZIP
  • Losers: TAH, QOR, JLG, PYC, PMV, RPL, CTT
  • Positive Sectors: Gold miners. Banks. Retail. Financials.
  • Negative sectors: Healthcare. Utilities.
  • ASX 200 Hi 8453 Lo 8357
  • Iron ore up 1.3% in Singapore.
  • Big Bank Basket: Pushes to $257.96(1.2%)
  • All-Tech Index: Up 0.7%
  • Gold: Higher at AUD$4364
  • Bitcoin: Higher at US$102357
  • 10-year yields fall to 4.40%
  • AUD: Rises to 62.47c
  • Asian markets better with Japan unchanged. HK up 1.1% and CSI 300 up 0.4%.
  • Dow Futures up 126 Nasdaq up 18. Volatile.

MARKET MOVERS

  • LTR +11.9% quarterly update.
  • HUB +11.0% FUA announcement.
  • NEU +5.4% rally resumes.
  • ZIP +4.7% good bounce.
  • CXO +16.7% lithium rebound.
  • DUG +8.3% nice rally.
  • SGR +4.4% some life left.
  • MME +7.3% broker upgrade.
  • TAH -4.4% profit taking.
  • QOR -4.2% quarterly update.
  • PMV -3.3% vote looms.
  • CVN -22.6% El Dorado pushed back again.
  • CLG -12.8% exclusive DD lapses. Talks continue.
  • HGO -17.9% quarterly report.
  • Speculative Stock of the Day: NVQ +20.7% Bouncing off lows. Ok volume.

ECONOMIC AND OTHER NEWS

  • Trump likely to put tariffs on Canada and Mexico starting Feb 1st.
  • Donald Trump has reinstated a bust of Winston Churchill to a table in the Oval Office.
  • Trump declared that a global corporate minimum tax deal “has no force or effect” in the US. He also rescinded the Biden administration’s sweeping executive order regulating artificial intelligence.
  • US to withdraw from WHO. Pardons 1500 Jan 6th Rioters. Enrique Tarrio, the former leader of the Proud Boys, was also amongst those pardoned.
  • Weight-loss drugs reduce risk of Alzheimer’s, large study shows.
  • Apple hit by Belgian probe over ‘blood minerals’ from Congo. Jefferies downgrades to underperform.
  • Davos officially opens. Does anyone care?

And finally…..

Clarence

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