ASX 200 rallies 48 points to 8343 (0.6%), regaining yesterday’s loss as the RBA cuts rates by 25bps, as expected. Banks better, led by NAB up 1% with the Big Bank Basket up to $269.90 (+0.7%). MQG rallied 2.0% with other financials better, too, ZIP up 3.1% and PNI up 1.7%. Insurers firmed, and REITS pushed higher as rates fell. 10-year yields fell to 4.40%. Industrials are also doing well, with WES up 0.8% and TLS rising 2.2% as it pushed up phone plans. SGH is up 1.4%, and retail is doing better as rates fall. JBH is up 1.3% with TPW rising 2.9% and travel stocks also in demand, CTD up 1.9% and FLT up 1.5%. KGN fell on disappointing results, off 8.9%. Tech stocks rose, with TNE the standout, up 11.3%, beating expectations and hitting new records.  The All–Tech Index is up %. Resources mixed, iron ore miners gave up early gains, and gold miners too started well but wilted with NST down 1.4% and NEM off 11.4%. Coal stocks are flat, oil and gas mixed, and uranium slightly weaker. In corporate news, OFX crashed 34.6% after a huge run yesterday and a trading halt. On the economic front, the RBA cut rates to 3.85% lowest in two years. China eased rates back too. Asian markets were positive with CATL listing in HK today. European futures pointing to a solid opening.

HIGHLIGHTS

  • Winners: TNE, AFG, IPX, CU6, BVS, LTR
  • Losers: NAN, RPL, CYL, RMD, PNV, PGC, BGL
  • Positive Sectors: Banks. Financials. REITs. Industrials. Tech.
  • Negative Sectors: Gold miners. CPAP machine makers.
  • ASX 200 Hi 8365 Lo 8302
  • Big Bank Basket: Higher at $269.90 (+0.7%)
  • All-Tech Index: Up 1.3%
  • Gold: Down to $5006
  • Bitcoin: Rises to US$106478
  • 10-year yield down to 4.40%.
  • AUD: Rises to 64.12c
  • Asian markets firmed, Japan up 0.3% with HK up 1.5% CATL the star, China up 0.6%
  • Dow futures are down 98, and Nasdaq futures are down 122.

MARKET MOVERS

  • TNE +11.3% results beat expectations.
  • GDG +3.9% on a roll.
  • BVS +4.4% recovery continues.
  • BOC +11.8% please explain.
  • EOS +6.8% CEO presentation.
  • NAN -8.5% medtech companies under pressure.
  • RMD -4.4% FPH -2.0% Medical devices under pressure.
  • EIQ – still in halt – answers ASX query.
  • PGC -3.6% broker downgrade.
  • DYL -2.1% sell-off resumes.
  • NEM -1.4% gold miners slip lower.
  • OFX -34.6% big miss across the board with results.
  • MVF -12.4% downgrades guidance.
  • KGN -8.9% Mighty Ape still struggling.
  • Speculative Stock of the Day:  ZNO +66.7% UK deal.

ECONOMIC AND OTHER NEWS

  • RBA cuts rates 25bps.
  • Inflation is easing: Global uncertainties remain high: Mixed domestic signals: Labour market still tight: Policy easing amid balanced risks:
  • It warned that the unemployment rate would climb to nearly 6% in a “trade war” scenario where the US re-imposes higher ‘Liberation Day’ tariffs in 2026 and all countries retaliate.
  • The People’s Bank of China trimmed the 1-year loan prime rate to 3.0% from 3.1%, and the 5-year LPR to 3.5% from 3.6%.
  • Trump leaves Russia and Ukraine to settle war in talks.
  • China’s battery leader CATL surges on debut in biggest listing of 2025.
  • Pfizer Licenses 3SBio Cancer Drug for Record $1.2bn. The deal grants Pfizer rights to develop and commercialize a drug from Shenyang-based 3SBio Inc. currently in clinical testing for multiple tumour types.
  • Europe expected to open slightly firmer.

And finally….

Clarence

XXX