The ASX 200 tried hard but ultimately failed falling 192 points to 7668 (2.4%) for a 4.0% loss for the week. It feels like a lot more. After the drubbing of the iron ore stocks yesterday, all held up better than the market, BHP down only 0.5% and FMG off 0.6%. Elsewhere copper and base metal stocks were slashed, S32 down 5.4% with NIC off 8.0% and MIN falling 9.9%. Lithium once again under pressure, PLS down 4.9% and LTR off 3.1%. Oil and gas stocks were under serious pressure on OPEC+ moves, WDS fell 9.1% and STO down 9.4%. Uranium stocks found little support, BOE up 2.7% and PDN down only 0.7%. Some big moves in JHX down 7.8% and DNL (IPL in old money) dropping 8.2% Gold miners were mixed. GOR up 2.4% and RMS gaining 2.1% but NEM down 2.5%. Banks gave up the unequal struggle with the Big Bank Basket down to $246.87(-1.9%) and ANZ down 3.7%. MQG fell a huge 9.0% with financials under pressure. A report of hacking of some superfund managers did not help. MPL rose 1.1%. At least it wasn’t them this time. WOW and COL rose on defensive aspects, retail stumbled and REITs falling, GMG down 5.0%, WES fell 2.5% and SGH off 5.3%. Healthcare stocks eased. In corporate news, ANN bounced 3.0% after saying it would fully offset tariff rises. Nothing on the economic front. NFP in the US tonight. Asian markets muted, China and HK closed for a holiday, Japan down 3.6%

HIGHLIGHTS

  • Winners: CMM, COL, LYC, WOW, EDV, ANN, BOE
  • Losers: AOV, ZIP, KAR, BRG, CTD, CCP, CU6, HMC
  • Positive Sectors: Supermarkets.
  • Negative Sectors: Everything else.
  • ASX 200 Hi 7835 Lo 7664
  • Big Bank Basket: Falls to $246.87(-1.9%)
  • All-Tech Index: Down 5.7%
  • Gold: Rises to $4967
  • Bitcoin: Falls to US$82689
  • 10-year yield unchanged at 4.20%.
  • AUD: Falls to 62.41c
  • Asian markets: Japan down 3.6%. China/HK closed for holiday.
  • Dow futures down 190 Nasdaq down 89

MARKET MOVERS

  • CMM +5.2% broker upgrade.
  • COL +4.1% WOW +3.4% defensive.
  • ANN +3.0% quantifies effects.
  • LYC +3.4% surprising.
  • MPL +1.1% defensive.
  • AOV -16.3% downgrade to earnings.
  • ZIP -13.8% US consumer centric.
  • BRG -12.0% big tariff effects.
  • BPT -10.8% oil stocks under pressure.
  • MIN -9.9% sold down again.
  • CTT -8.1% business model in trouble with tariffs.
  • Speculative Stock of the Day:  Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • China closed today.
  • Nonfarm payrolls tonight. Powell speaks too.
  • Traders are debating is whether foreigners might scale back Treasury purchases.
  • South Korea’s president removed from office over martial law bid.
  • Trump fires national security officials after activist alleges disloyalty.

And finally….

Just before I pass away, I’m going to swallow a whole bag of popcorn kernels… just to make the cremation a bit more exciting.

I was in the golf shop at Mona Vale the other day when a guy fell into a huge display of clubs! Doctors said he should be okay but he’s not quite out of the Woods yet!

Clarence

XXXX