The ASX 200 dropped as expected 325 points to 7343 (4.2%). US futures pointing to another realignment of valuation with a big drop in store. Asian markets are playing some catch-up as China comes back from a holiday. Our market bounced off its low this morning of 7169 with the banks recovering some ground. The Big Bank Basket down 5.7% to $232.68, CBA down 6.2% and WBC off 5.6% with MQG turning positive after an 8% fall to close down 0.8%. Financials were squashed, GQG down 1.9% and PPT does 7.3%. QBE were hit hard as bond yields fall down 6.8%. Some winners in finance though with CGF up 8.3% on a strategic stake acquired and ASK also doing well up % on a NBIO. REITS stumbled lower, GMG down 4.3% and SCG off 3.8% despite rate falls. Industrials too under pressure, WES down 4.9% and CPU off 4.4% with QAN falling 3.7%. ALL came up lemons dropping 6.2% and retail in trouble, JBH down 5.9% and LOV off 8.3%. Travel stocks fell, and tech stocks did better than expected, with WTC actually firmer by 2.2%. The All–Tech Index down 3.1%. Resources struggled as global growth expectations were adjusted, BHP down 6.1% with FMG losing only 3.6%. Gold miners saw profit taking but off early lows, NEM down 3.5% after being down twice that.  Oil and gas stocks declined as crude fell, WDS off 5.8% despite selling a US LNG business. Uranium under pressure again, PDN down 9.6% and BOE off 8.7%. In corporate news, ASK got a NBIO from Ki Corp at 147c, CGF saw a Japanese buyer take a 15% stake. Nothing on the economic front. Asian markets played catch up, China down 7.1%, HK off 12.2% and Japan down 6.7%.

HIGHLIGHTS

• Winners: ASK, CGF, REH, AMP, LYC, WTC, GNE, ASX
• Losers: SLX, MIN, MAC, DYL, DVP, IPX, MLX
• Positive Sectors: Nothing.
• Negative Sectors: Everything.
• ASX 200 Hi 7562 Lo 7169
• Big Bank Basket: Falls to $232.68 (-5.7%)
• All-Tech Index: Down 3.1%
• Gold: Rises to $5039
• Bitcoin: Falls to US$75218
• 10-year yield falls to 4.09%.
• AUD: Falls to 60.14c
• Asian markets: China down 7.1%, HK off 12.2% and Japan down 6.7%.
• Dow futures down 1200 Nasdaq down 900.

MARKET MOVERS

• ASK +20.7% NBIO at 147c from Ki Corp.
• CGF +8.3% strategic stake acquired.
• LYC +3.2% rare earths are back.
• ASX +1.9% good volumes help.
• AMP +3.6% bottom fishing.
• XAM +5.3% EGM update – exclusivity agreements with Zijin.
• MEI +4.9% supply restrictions highlight Caldeira project value.
• MIN -11.8% crashing down.
• DYL -11.5% shorts in control.
• MLX -10.1% profit taking.
• ZIP -7.4% US consumer sentiment.
• MFG -8.8% buyback notification.
• KLS -8.3% renewal and expansion of Houston bus services.
• 29M -14.8% March quarterly report dates.,
• LRV -18.5% gold and antimony unwinding.
• AAI -8.8% change of director’s interest.
• Speculative Stock of the Day:  Nothing on any volume.

ECONOMIC AND OTHER NEWS

• Woodside (WDS) sells $5.7bn stake in Louisiana LNG to Stonepeak.
• Bond traders expect the Reserve Bank of Australia to deliver three back-to-back interest rate cuts.
• Star Entertainment (SGR) agrees deal with Bally in a $300m to stave off collapse.
• Challenger (CGF) – TAL Dai-ichi Life acquires a 15.1% stake at a 53% premium.
• China warned against panic in the face of Donald Trump’s tariff hikes, saying it has plenty of policy room to defend the economy but without ruling out negotiations with the US.
• In India, the benchmark NSE Nifty 50 Index dropped as much as 5.1%, the most since early June. Meanwhile, the Reserve Bank of India continues to boost liquidity into the banking system, contributing to lower benchmark government bond yields.
• Tether considers US-only ‘stablecoin’ as Trump loosens crypto rules.
• Billionaire investor Bill Ackman said that America was heading toward a self-inflicted “economic nuclear winter” as a result of U.S. President Donald Trump’s tariff policy rollout.

And finally…..

Clarence

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