The ASX 200 fell another 27 points to 8296 (-0.3%) after an early rise, hitting a one- month low. Banks once again led us down, CBA dropping 2.6% and ANZ off 1.4% with the Big Bank Basket at $246.63 (-1.8%). MQG dropped 1.5% and ASX down 3.3% with QBE doing well on results and rose 3.0%. GMG put on another 1.0% and REITs were slightly mixed. Industrials suffered, WES down 1.9% and ALL continuing to slide down 1.2%. Retail still struggling, JBH off 0.4% and LOV down 2.8%. GYG dropped 14.3% on slower US growth. Apparently, they already have Mexican food there. LNW down 2,6% and JIN fell 8.8% on lack of big payouts. Tech fell, XRO down 1.3% with the All–Tech Index off 1.7%. Resources were generally better, iron ore miners rose on Chinese steel demand, BHP up 2.8% and RIO up 2.8%. PLS gave back some gains, MIN copped a rare upgrade from Barrenjoey, up 5.0% and gold miners were mixed. NEM rose then fell 2.4%, GMD bounced back 4.1% and SPR up 2.8%. DYL bounced back 5.1% with the sector becalmed. WDS and STO flat. YAL delivered good results and rose 3.0%. Om corporate news, The Americans are coming. CoStar bid for DHG and Cosette bid for MYX. SPK fell 19.2% on a guidance downgrade. AX1 rose 1.4% despite slashing dividends. TLX delivered yet again and EOL soared 29.7% on great numbers. In economic news, Japan’s inflation rate climbed to 4% up from 3.6% in December. Asian markets pushed higher again on Alibaba results, HK up 2.9%, China up 1.2%. 10-year yields fell to 4.50% Michelle Bullock’s comments in focus.

HIGHLIGHTS

  • Winners: DHG, NEC, TLX, ASB, DRO, NAN, DYL, MIN, RSG
  • Losers: SPK, GYG, PWH, REA, BGA, CHN, JIN, NWS
  • Positive Sectors: Iron ore miners. Gold miners.
  • Negative sectors: Banks. Healthcare. Industrials. Media.
  • ASX 200 Hi 8354 Lo 8290
  • Big Bank Basket: Hit to $246.63(-1.8%)
  • All-Tech Index: Down 1.7%
  • Gold: Falls to AUD$4577
  • Bitcoin: Rises to US$98,267
  • 10-year yield falls to 4.51%.
  • AUD: Rises to 63.93c.
  • Asian markets better HK up 2.9%, China up 1.2%. HK now up 40% in a year. Nasdaq up 28%.
  • Dow futures down 25 Nasdaq down 18

MARKET MOVERS

  • MYX +33.1% Cosette bids 740c.
  • DHG +40.1% CoStar bid 420c
  • MIN +5.0% gets rare upgrade.
  • NEC +20.1% gets Domain bump.
  • ASB +13.2% results.
  • TLX +13.8% results cheer.
  • DRO +9.6% rally continues.
  • DYL +5.1% slight bounce.
  • EOL +29.7% soars on results.
  • ALC +29.4% UK contract.
  • REA -11.4% hit by DHG takeover.
  • NWS -6.5% REA impact.
  • IPX -6.1% profit taking.
  • GYG -14.3% drops on slowing US.
  • SPK -19.3% lowered guidance.
  • JIN -8.8% decline in earnings.
  • 4DX -20.0% capital raise.
  • Speculative Stock of the Day:  EOL +29.7% Results and thin trading.

ECONOMIC AND OTHER NEWS

  • Treasury Secretary Scott Bessent said he will hold his first introductory call with his Chinese counterpart on Friday.
  • Japan’s headline inflation climbed to 4% in January from from 3.6% in December, hitting a two-year high. Core inflation, which excludes prices of fresh food, rose to 3.2%, its highest since June 2023.
  • Yields on 10-year Japanese government bonds, which had scaled a 15-year high of 1.447% in the previous session on rate-hike expectations, fell to 1.402% Friday, after having risen for the past four days.
  • DOGE cuts nearly half of unit overseeing autonomous vehicles safety, report says.
  • Meta approves plan for bigger executive bonuses following 5% layoffs.
  • South Korea has scaled down its plans for nuclear power after the impeachment of President Yoon Suk Yeol, an atomic energy advocate, gave the opposition party greater influence over the country’s long-term energy policy.
  • Russia asked US for Nato withdrawal from eastern Europe, says Romania.
  • Alibaba shares jump 12% after pledge to invest ‘aggressively’ in AI.
  • Plans to allow English single malt whisky branded ‘sabotage’ by Scots.

And finally…

Clarence

XXXX