The ASX gave up another 56 points to 8252 (0.7%). Results and a negative US lead dominated. Some real shockers today, JLG, DMP and VEA in the frame. Banks and sellers return with CBA down 1.3% and NAB falling 1.4% as the Big Bank Basket fell to $250.25 (-1.1%). MQG slipped 1.0% and PNI retreated 3.3%. Insurers firmed and REITs did better after the sell off yesterday. GMG failed to inspire again though down another 1.4%. Industrials weakened, WES fell 3.4% with ALL off 2.8% and retail suffering again. JBH down 0.5% with DMP falling 10.5% on results and store closure costs. LOV dropped % on broker downgrades, GYG continued to fall, and WTC remained under pressure ahead of results tomorrow, off 2.8%. Tech generally eased with the All–Tech Index down 1.4%. Resources were weak too, BHP, RIO and FMG under pressure, MIN fell 4.6% and PRN rallied 8.6% on a rethink. gold miners found some buyers, NEM bucked that trend down 2.8%. WDS rose 2.8% on better-than-expected results, VEA collapsed 26.7% on challenging condition in the convenience space, uranium stocks were punished again today.  In corporate news, JLG fell 33.4% as it revised down guidance on lack of natural disasters.ZIP rose 13.9% on better results, HLI up 17.2% too on better numbers. QOR rose 4.3% on results and DRO fell 8.6% as numbers underwhelmed. In economic news, nothing locally, South Korea cut rates by 25bps. Asian markets fell, HK down 0.6%, China off 0.4% and Japan off 1.1%. 10-year yields slipped to 4.39%.

HIGHLIGHTS

  • Winners: HLI, ZIP, PRN, QAL, APA, BRN, PRU, ADT
  • Losers: JLG, PMV, VEA, DMP, NXL, TEA, SEK
  • Positive Sectors: Insurers. Gold miners. Oil and gas.
  • Negative Sectors: Banks. Iron ore. Tech. Retail.
  • ASX 200 Hi 8296   Lo 8228
  • Big Bank Basket: Falls to $250.25(-1.1%)
  • All-Tech Index: Down 1.4%
  • Gold: Rises to AUD$4627
  • Bitcoin: Falls to US$92049
  • 10-year yield falls to 4.39%.
  • AUD: Falls to 63.52c.
  • Asian markets down, Japan off 1.3%, HK off 0.,7% and China down 0.5%
  • Dow futures up 70  Nasdaq up 13

MARKET MOVERS

  • ZIP +13.9% positive results.
  • HLI +17.2% FY results and buy back update.
  • APA +8.2% broker upgrades.
  • NEC +3.7% broker upgrades.
  • ADT +4.3% doing well.
  • TLX +2.7% three things in life. Changes currency.
  • EOL +16.7% continuing to soar.
  • BC8 +4.9% acquisition from WGX
  • JLG -33.2% not enough disasters except the share price.
  • VEA -26.7% challenging still.
  • PNV -17.7% broker downgrades.
  • NXL -9.5% broker downgrades.
  • DMP -10.5% dumped again.
  • SEK -6.8% tech koshed.
  • CYC -20.0% results weigh
  • FEX -4.9% bids for CZR.
  • PPS -10.3% results and leadership changes.
  • ADH -11.6% downgrades.
  • DXB -5.8% results.
  • Speculative Stock of the Day:  WOA +140% -Chinese approvals for Lupin Isolate protein.

ECONOMIC AND OTHER NEWS

  • The winter broadacre crop production sold in 2023-24 fell 27 per cent to 50 million tonnes, according to figures released today by the Australian Bureau of Statistics (ABS).
  • South Korea cut rates 25bps.
  • Asian markets fall on tariff fears and chip bans.
  • Musk doubles down on threat to federal workers: File list of accomplishments or get fired.
  • The operator of the OKX cryptocurrency exchange pleaded guilty on Monday to violating U.S. anti-money laundering laws and will pay nearly $505 million in fines and forfeited fees.
  • Japanese trading house shares surge after latest Buffett endorsement.
  • Starbucks asks office workers to stay at home as it announces 1,100 job cuts.
  • DR Congo stops cobalt exports in attempt to halt sliding prices.
  • Irish citizenship applications from Britain hit post-Brexit peak.

And finally…..

Clarence

XXX