Wednesday 23rd April – ASX 200 jumps 104 points on potential tariff relief and Trump back flip on Powell – Huge short squeeze in Uranium stocks. | Beeks Downunder-Because not all financial news is boring!

The ASX 200 was a mirror of yesterday with CBA and gold miners down today and the rest of the market up. The index closed up 104 points at 7920(1.3%). In the banks, CBA fell 2.5% with NAB the standout up 3.2% with the Big Bank Basket down to $258.77 (-0.8%). MQG leapt 5.3% with other financials back in demand, PNI up 6.0% and GQG up 7.1%. REITs also doing well with GMG rallying 3.0% and VCX up 2.7%. Industrials firmed across the board, WES up 1.8%, ALL rising 4.4% and SGH up 3.2%. Healthcare stocks also saw gain, TLX up 12.5% on a sales update. Tech stocks better, WTC put in 5.5% with XRO up 2.9% and the All-Tech Index up 3.5%. Resources were generally firm, BHP up 3.3% with FMG rallying 2.7%, LYC fell 7.6% on possible Chinese de-escalation, gold miners too saw some profit taking across the board, with NST down 9.6% and EVN falling 10.9% as NEM dropped 7.0%. Uranium stocks had a lovely day out, PDN reassured the markets with a production update, up 24.6%, and Spott has been buying the sector; DYL is up 12.0% with oil and gas stocks also doing well, STO is up 6.1% with WDS putting on 3.6%. On the corporate front, IFL revealed FUM and rallied 4.5% with CTT falling 24.4% on reporting weak demand in US on tariff uncertainty. On the economic front, new business activity in Australia’s private sector rose at the fastest pace in three years. Asian markets firmed with Japan up 1.9%, HK up 2.2% and China up 0.3%. 10-year yields eased slightly to 4.26%.

HIGHLIGHTS

Winners: PDN, CU6, RLX, DYL, LTR, BOE. A4N, XYZ
Losers: OBM, RMS, SPR, EMR, GMD, CMM, VAU
Positive Sectors: Everything nearly.
Negative Sectors: Gold miners. CBA
ASX 200 Hi 7962 Lo 7854
Big Bank Basket: Falls to $258.77(-0.8%)
All-Tech Index: Up 3.5%
Gold: Falls to $5178
Bitcoin: Rises to US$93581
10-year yield steady at 4.26%.
AUD: Up to 64.14c
Asian markets: Japan up 1.9%, HK up 2.4% and China up 0.2%.
Dow futures up 479 Nasdaq up 356

MARKET MOVERS

PDN +24.6% update and shorts covering.
DYL +12.0% shorts covering.
TLX +12.5% good sales numbers.
LTR +9.8% shorts covering.
SLX +7.8% uranium bounce.
MFG +5.2% market gearing.
NEU +6.0% buy back update.
29M +21.7% Annual report and notice of AGM.
EIQ +12.3% good start.
OBM -15.5% gold miners see profit taking.
RMS -14.6% SPR -12.8% profit taking.
CTT -24.4% impact of tariffs on US sales.
ASM -15.2% rare earths under pressure.
Speculative Stock of the Day: GCM +22.2% Binding collaboration with leading Australian data centre operator.

ECONOMIC AND OTHER NEWS

New business activity in Australia’s private sector rose at the fastest pace in three years in April, according to S&P Global, in a sign of improving business conditions.
The rise came as Australia’s Flash Manufacturing PMI, which measures business conditions in the manufacturing sector, remained in positive territory but slipped to 51.7 points from 52.1 points in March, while business activity in the services sector fell to a two-month low.
Private sector output, measured by S&P’s Global Flash PMI Composite Output Index, showed private sector output rose for the seventh consecutive month.
The IMF lowered its 2025 projections for China and India to 4% and 6.2% respectively, down from its January forecast of 4.6% and 6.5% respectively.
Japan’s growth forecast was also cut from 1.1% to 0.6%.
Xiaomi pushed back the debut of its first sport utility vehicle following a fatal accident involving its marquee electric car. a new launch date has not been confirmed.
Vladimir Putin offers to halt Ukraine invasion along current front line.
Pharma bosses call for higher drug prices in EU to counter tariff threat.
A growing number of travellers are using “buy now, pay later” services to pay for flights, hotels and cruises in instalments, in some cases with no interest or late fees.