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The ASX 200 started the week giving back 80 points to 8158 (1%) as the bank rally faded post WBC results. Slightly underwhelming and lack of growth to blame. WBC fell 3.0% taking CBA down 1.6% and the Big Bank Basket down to $265.29 (1.7%). MQG followed the other lower down 1.8% ahead of numbers Friday. Other financials gave up early gains, with RPL and XYZ, two of the only winners. REITs also slipped led by GMG down 2.2% and MGR off 0.9% with industrials also weaker. Retail sagged, PMV down 3.4% and APE off 3.1% with MYR down 3.5%. Defensives such as TLS slid 1.1% and REA down 1.8%. Resources held up better with BHP down only 0.9% and RIO off 0.9% despite rising Iron ore prices in Singapore. Gold miners were mixed, GOR jumped 9.4% on the takeover by Goldfields, NST up 0.4% and EVN up 2.1% with BGL rallying 2.2%. Lithium stocks were flat, LYC up 1.8% and oil and gas stocks crumbling in the face of oils fall. WDS down 3.6% and STO off 4.0%. Uranium stocks mixed, NXG down 4.6% and BOE up 0.8%. In corporate news, TYR pulled out of SMP talks, PLY dumped after CEO retires wounded. RWC warned on tariffs and fell 2.4% with EDV forecasting flat to modest retail sales growth. Nothing on the economic front. In Asia, China and Japan closed for a holiday. 10-year yields pushing higher to 4.27%.

HIGHLIGHTS

  • Winners: GOR, PYC, XYZ, RPL, HLS, ABG
  • Losers: BRN, SDR, MLX, NXL, CU6, SMR
  • Positive Sectors: None.
  • Negative Sectors: Banks. Tech. Iron ore.
  • ASX 200 Hi 8241 Lo 8158
  • Big Bank Basket: Lower at $265.29 (-1.7%)
  • All-Tech Index: Down 1.1%
  • Gold: Falls to $5029
  • Bitcoin: Falls to US$94445
  • 10-year yield rises to 4.27%.
  • AUD: Rises to 64.73c
  • Asian markets:  Japan and China closed for a holiday.
  • Dow futures down 267 Nadaq down 127

MARKET MOVERS

  • GOR +9.4% Goldfields launches 340c bid.
  • XYZ +5.1% oversold bounce.
  • GDG +3.9% nice bounce.
  • RPL +4.4% Charlie fires up the base.
  • LYC +1.8% bargain hunters.
  • QAN +0.8% LW article. Oil price helps.
  • SMP +21.7% TYR leaves game.
  • SYR +16.3% Balama update.
  • IMM +13.0% trial results.
  • MLX -8.0% tin prices.
  • BPT -3.8% oil price collapse.
  • CSC -5.0% AGM results.
  • RXL -16.7% insto placement.
  • DUG -4.6% back in the hole.
  • C79 -4.8% May trading update.
  • Speculative Stock of the Day: XPN +233.3% big volume – acquisition of Alpha Digital to accelerate AI -powered growth.

ECONOMIC AND OTHER NEWS

  • Japan closed for Children’s Day.
  • Iron ore Futures in Singapore edged up 0.6% to $96.30 a ton at 9:55 a.m. local time, after posting a weekly decline of 2.7% on Friday. Chinese markets were closed for a public holiday.
  • China is pushing exporters to shift sales home — a move that risks deepening deflation in an economy already weighed down by weak consumption and excess capacity.
  • India recalled its top representative to the International Monetary Fund, a former adviser to Prime Minister Narendra Modi who publicly criticized the fund’s analysis.
  • Representatives of Indian billionaire Gautam Adani and his companies met Trump administration officials about dismissing the criminal charges levied against him in an overseas bribery probe.
  • Trump says he will impose 100% tariff on movies made abroad.
  • EU food safety chief warns on bird flu threat to pigs.
  • Cash-strapped Maldives to build $9bn blockchain hub in bid to lure investors.
  • The CEOs of NPR and PBS said they will challenge President Donald Trump’s executive order to end public funding to the organisations.

And finally….

So, I can’t spell Armagedden. It’s not the end of the world, is it?

Clarence

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