The ASX 200 fell 32 points to 7828 (0.4%) after a failed rally attempt petered out. Losses across the board with the banks under pressure again, the Big Bank Basket slipping to $234.26(-0.7%). MQG down again off 0.9% with other financials sliding lower, PNI down 5.4% and MFG off 1.8%. REITs down led by GMG off 1.6% and SCG down 1.5%. Industrials also under pressure, ALL off 1.6%, QAN falling 2.7% with tech stocks falling, WTC down 2.3% on the governance update. Utilities also gave up some recent gains, ORG down 1.9% and AGL off 2.0%. Retail was mixed, LOV down 3.3% but JBH found friends on a broker note, up 3.6%. Travel stocks dropped, WEB down 2.9% and CTD off 2.8%.

Resources fared slightly better in places, BHP unchanged, RIO off 0.7% and FMG falling 1.0%. Gold miners were mixed despite a push above $3000, EVN off 0.9% and GOR off 4.0%, falling again. SPR fell 1.4% and GMD off 1.1%. NEM up 1.0%. Lithium stocks bid higher but lost momentum, LTR up 2.1% and MIN smashed 3.9% on another accident on its haul road. Well off its lows. Uranium stocks doing well today as shorts continue to cover, DYL up 4.5% and BOE up 3.3%. In corporate news, MYR dropped 1.3% on flat sales. DDR dropped down 1.4% as David Dicker sold down his holding, CMM off 4.2% as it unwound its hedge book.

Nothing locally on the economic front, the BoJ kept rates unchanged. Fed to come. Asian markets firm but uninspiring, Japan up 0.6%, China down 0.1%, HK up 0.2%. 10-year yields steady at 4.41%.

HIGHLIGHTS

  • Winners: DRO, VUL, CDA, DYL, NHC, QBE, JBH
  • Losers: HLI, CRN, CU6, PNI, IPX, UNI
  • Positive Sectors: Insurers. Lithium. Uranium.
  • Negative Sectors: Everything.
  • ASX 200 Hi 7869 Lo 7809
  • Big Bank Basket: Flat at $234.26(-0.7%)
  • All-Tech Index: Down 0.4%.
  • Gold: Rallies to new record? AUD$4776
  • Bitcoin: Steady at US$82946
  • 10-year yields steady at 4.42%.
  • AUD: Falls to 63.56c
  • Asian markets: Japan up 0.2%, China unchanged, HK up 0.2%.
  • Dow futures up 25 Nasdaq up 30

MARKET MOVERS

  • DRO +9.6% rally continues.
  • CDA +6.6% gold play.
  • VUL +7.7% German spending.
  • DYL +4.5% shorts covering.
  • NHC +4.2% broker upgrades.
  • QBE +4.1% high conviction buy.
  • BOE +3.3% shorts cover.
  • PEN +13.6% US uranium play.
  • IMU +14.3% Azer-cel granted fast-track FDA designation in blood cancer.
  • JBH +3.6% JP Morgan upgrades.
  • PNI -5.4% market stock.
  • A2M -2.5% Barrenjoey downgrades.
  • HLI -7.2% ex dividend and some!
  • IPX -5.4% sell down continues.
  • OBM -4.0% major shareholder sells down.
  • MIN -3.9% Onslow haul road issues.
  • WJL -14.5% strategy update!
  • Speculative Stock of the Day: AII +36.3% Strategic partnership with American Defense Int.

ECONOMIC AND OTHER NEWS

  • China’s stock rally may face a “meaningful correction soon” given its similarities with the 2015 boom and bust cycle, according to strategists at BofA securities.
  • The Hang Seng China Enterprises Index and the MSCI China Index have both surged at least 30% from mid-January lows, akin to the pace of gains seen in 2015.
  • Morgan Stanley is planning to cut about 2,000 employees later this month in the first major workforce reduction under Chief Executive Officer Ted Pick.
  • Musk’s X obtains $44bn valuation in sharp turnaround.
  • China delays approval of BYD’s Mexico plant.
  • Carbon dioxide levels in atmosphere reach 800,000-year high

And finally….

My wife and I decided we don’t want children. It was a difficult decision, but we’re telling them tonight.

Clarence

XXXXX