The ASX 200 pushed 9 points higher to 7934 (0.1%) in defensive quiet trade ahead of Liberation Day.  Money flowed into banks and REITs with resources under pressure on global growth fears. BHP gave back 1.5% with RIO off 1.7% and FMG down 1.6%. Lithium stocks poleaxed again, PLS down 3.1% and LTR falling 4.3%. Gold miners too under pressure as AUD rallied and bullion steady, profit taking in NEM down 2.1% and RMS off 3.8% with VAU down 3.3%. Uranium remains in fallout mode with PDN down 3.3% and BOE down 3.4% with nearly 25% of the company shorted now. Coal stocks fell and oil and gas slid, WDS down 1.5% and STO off 0.4%. Meanwhile banks firmed again, the Big Bank Basket up to $250.98 (1%). CBA up 1.0% and other financials also doing well, NWL up 1.9% and MPL rising 2.2%. REITs also in demand, GMG up 3.1% and CHC up 3.2%. TLS continues to creep higher up another 1.2% with retail better too. JBH up 1.5% and MYR rising 0.8%. Even DMP rose 2.5%. Tech better as WTC continued to find friends up 1.1%. CPU dropped again down 4.1%. QAN off 2.5%. In corporate news, new CEO at KLS set to shake things up by trying to sell tourism assets, RPL wrote down its OPT to zero! SGR has failed to secure a $750m lifeline from Salter Brothers and WBC has a new chief people officer. Nothing on the economic front. Asian markets in wait and see mode. 10-year yields steady at 4.41%.

HIGHLIGHTS

  • Winners: LNW, PGC, SSRG, CBO, EBR, MP1, KLS
  • Losers: VUL, STX, BC8, IFM, CRN, TWE, DNL
  • Positive Sectors: Banks. REITs. Retail. Industrials.  
  • Negative Sectors: Iron ore. Gold. Base metals.
  • ASX 200 Hi 7978 Lo 7928
  • Big Bank Basket: Rises to $250.98 (+1.0%)
  • All-Tech Index: Up 0.1%
  • Gold: Falls to $4961
  • Bitcoin: Rises to US$84663
  • 10-year yield unchanged at 4.41%.
  • AUD: Rises to 62.98c
  • Asian markets: Pretty much unchanged.
  • Dow futures down 42 Nasdaq down 28

MARKET MOVERS

  • LNW +8.1% litigation update.
  • KLS +4.3% potential sale of tourism assets.
  • EBR +4.3% update on proxy statement.
  • RF1 +3.3% King comes clean.
  • VUL -10.5% financing and raw materials update.
  • TWE -5.4% Nigel Garrad to join TWE board as NED.
  • NEU -4.8% buyback update.
  • PLS -3.1% shorts get stuck in again.
  • TLX -2.9% release of escrow shares pending.
  • CPU -4.1% buyback notification.
  • LOT -11.1% uranium smacked.
  • SBM -4.0% under pressure again.
  • Speculative Stock of the Day:  Koonenberry Gold (KNB) +22.0%. Good volume. Drilling results 170m @1.75g/t AU

ECONOMIC AND OTHER NEWS

  • A thorny night ahead with tariffs in focus.
  • CNBC’s Jim Cramer said potential 20% tariffs on nearly all U.S. imports would be “horrendous” for the economy.
  • Tariffs will begin immediately, according to press secretary.
  • Thailand pledged to narrow its trade surplus with the US by importing more energy and food products.
  • China held a second day of drills around Taiwan with the latest exercises, labeled Strait Thunder-2025A. They practiced the People’s Liberation Army’s ability to conduct a blockade, and involved “precision strikes” on simulated targets including ports and energy facilities.
  • Xiaomi Corp. shares rebounded from a selloff Wednesday, as investors continued to assess the company’s prospects amid a Chinese police probe into a deadly accident that involved one of its electric vehicles.
  • Andreessen Horowitz in talks to help buy out TikTok’s Chinese owners.
  • Musk-backed candidate loses Wisconsin race as liberals surge.
  • Chinese megabanks’ interest margins fall to record low, as economy slows.
  • Trump administration suspends federal grants to Princeton University.

And finally….