ASX 200 gives up gains to close down 3 points at 7759 as US futures turn down on Nvidia news. Banks as usual a safe place to be, the Big Bank Basket up to $252.55 (1.0%). WBC up 1.5% and MQG unchanged. Financials mixed, ZIP rising 16.2% on a very positive update and upgrades. REITS firmed with SCG up 1.2% and VCX up 0.5% whilst GMG fell 0.5%. Industrials were weaker, SGH down 1.5%, GYG fell 3.5% and FLT off 2.3%. Retail stocks eased back, LOV down 2.5% and AX1 off 6.3%. Tech fell, the All–Tech Index dropped 0.6% as WTC announced Richard White had a new role. Same as the old role really. XRO fell 1.2%. Resources were slipping again, iron ore miners fell, BHP down 1.2% with RIO off 2.7% and FMG falling 2.4%, Gold miners soared as quarterlies are pointing to the cash piling up, GMD up 8.4% and EVN kicking 1.3% higher again. Energy stocks under pressure, WDS down 2.3% and WHC falling 7.4% with uranium stocks once again on the nose, the fallout continues, PDN down 4.6% and BOE off 4.6%. In corporate news, BOQ up 5.5% on higher margins, SGR trading again unchanged as the rescue plan continues to play out. KAR up 1.6% after raising expenditure guidance. In economic news, Chinese GDP beat estimates. Locally building activity fell, the total number of dwelling units commenced fell 4.4% to 41,911 dwellings. Asian markets under pressure, Japan down 1.3%, HK off 2.3% and China off 0.7%. 10-year yields rose to 4.34%.

HIGHLIGHTS

  • Winners: ZIP, IPX, SX2, GMD, BGL, RMS, RRL, SPR
  • Losers: SHV, PPT, MIN, CU6, NEU, WHC, AX1, SLX
  • Positive Sectors: Banks. Insurers. Gold miners.
  • Negative Sectors: Iron ore. Tech. Energy.
  • ASX 200 Hi 7799 Lo 7744
  • Big Bank Basket: Rises to $252.55 (+1.0%)
  • All-Tech Index: Down 0.6%
  • Gold: Rises to $5180
  • Bitcoin: Slips to US$83457
  • 10-year yield steady at 4.34%.
  • AUD: Eases to 63.49c
  • Asian markets Japan down 1.4%, HK off 2.5% and China off 0.7%.
  • US futures down – Dow off 237 Nasdaq down 394

MARKET MOVERS

  • ZIP +16.2% updates and upgrades.
  • SX2 +10.5% gold miners in demand.
  • GMD +8.4% solid quarterly.
  • BGL +8.4% decent bounce.
  • RMS +6.8% continues ahead.
  • BOQ +5.5% update.
  • AMI +12.5% Great Cobar project approval.
  • MEI +23.6% rare earth play on upgrade.
  • EIQ +10.7% listing on OTCQB market.
  • SHV -15.0% Clarence Beeks delivers crop forecasts.
  • MIN -9.0% directors resign.
  • PPT -9.1% downgrades after FUM numbers.
  • NEU -7.4% shorts back.
  • WHC -7.4% not such a merry old soul!
  • GLN -12.5% capital raise.
  • NMR -14.3% response to a ‘please explain’.
  • Speculative Stock of the Day: REE +44% – Scandium adds attraction.

ECONOMIC AND OTHER NEWS

  • Chinese GDP expands 5.4%, exceeding analyst estimates.
  • Retail sales rise 5.9%, factory output climbs 7.7%, beat estimates.
  • CSI 300 index extends fall despite upbeat economic data.
  • Home prices in March dropped at slower pace than previous month.
  • China will only engage in talks with the US if its leaders show respect toward Beijing, according to a former top Chinese economic official.
  • China on Wednesday appointed Li Chenggang as vice minister of commerce and a top representative for international trade negotiation.
  • ASML reported lower-than-expected orders, citing weakness in the chip sector in the quarter before US tariffs threatened to upend the industry. It continues to expect 2025 total net sales to be between €30bn and €35bn.
  • Nvidia to take $5.5bn hit as US clamps down on AI chip sales to China.
  • Mark Zuckerberg admits he considered spinning off Instagram in 2018.
  • Mali threatens to seize Barrick Gold’s assets, company says.
  • India’s annual inflation rate fell to a lower-than-expected 3.34% in March.

And finally…..

I entered a swimming contest last week,
I won the 100 metre butterfly,
What on earth am I going to do with an insect that big?

Clarence

XXXXX