The ASX 200 limped 12 points higher to 8361 (0.2%) ahead of a long weekend in the US. For the week, we are up 17 points.  Banks once again firm, CBA up another 0.7% with the Big Bank Basket up to $271.95 (). ANZ outperforming. Insurers rose slightly, and financial services better, with XYZ up 5.5% and GQG bouncing 2.4%. REITs were firm, GMG up 2.2% and SGP rising 0.2% as 10-year yields steady at 4.44%. Healthcare is flat, tech stocks are slightly better, XRO is up 0.7%, and the Index is up 0.9%. ‘Old Skool’ platforms are doing ok, REA up 0.5% and CAR up 1.3%. TLS continues to push ahead. Retail better, JBH up 1.6% and MYR up 5.4% following a sales update.  Utilities are under a little pressure on an ORG downgrade, off 1.1%. Resources were mainly weaker; iron ore stocks eased back, FMG was down 2.4%, with gold miners drifting slightly lower. Uranium stocks are on fire as Reuters reported that Trump will sign an order to benefit the uranium and nuclear industry. BOE up 12.1%, PDN up 6.7% and SLX up a huge 15.3%. Oil and gas are moving a smidge higher. In corporate news, BEN results out this morning, up 0.8%, and NUF continued to fall as one broker lost faith in the stock. Nothing locally on the economic front, Japanese CPI picked up more than anticipated, 3.5% excluding fresh food. Asian markets firmed, Japan up 0.6%, China down 0.5% and HK up 0.3%.

HIGHLIGHTS

  • Winners: SLX, BOE, NXG, DYL, PDN, MAF, PRN, FCL
  • Losers: NUF, BOT, PGC, AMI, CYL, CU6
  • Positive Sectors: Uranium. Banks. Retail.
  • Negative Sectors: Iron ore. Gold. Utilities.
  • ASX 200 Hi 8381 Lo 8340 Narrow range. Up 0.2% for the week.
  • Big Bank Basket: Higher at $271.95
  • All-Tech Index: Up 0.9%
  • Gold: Rises to $5159
  • Bitcoin: Rises to US$109,894
  • 10-year yield steady at 4.43%.
  • AUD: Falls to 64.33c
  • Asian markets firmed Japan up 0.6%, China down 0.5% and HK up 0.3%.
  • Dow futures are down 43, and Nasdaq futures are down 55.
  • US closed Monday for Memorial Day

MARKET MOVERS

  • SLX +15.3% BOE +12.1% PDN +6.7% Trump’s uranium push. Shorts punished.
  • XYZ +5.5% bouncing on crypto exposure.
  • MYX +10.8% small rally.
  • MTM +% kicks higher again on commercial rollout.
  • CYL -4.4% investor presentation.
  • NUF -6.1% Morgan Stanley challenged by current confidence in stock.
  • BOT -5.3% director update.
  • ORG -1.1% downgrades earnings.
  • AVG -12.8% sales warning.
  • DUR -5.5% lowers FY revenue guidance.
  • CRN -18.5% sinking on coal pricing.
  • SKS -6.5% profit taking.
  • Speculative Stock of the Day:  LKY +48.9% mobilisation of exploration team to commence work at Mojave project USA.

ECONOMIC AND OTHER NEWS

  • U.S., China hold first call since Geneva meeting, signaling progress in trade talks.
  • European futures showing a small rise.
  • Japan’s core inflation accelerated to 3.5% in April. The core inflation figure, which strips out prices for fresh food, was higher than expectations of 3.4%, according to economists polled by Reuters, rising from 3.2% in the previous month and marking the highest level since January 2023.
  • The Trump administration blocked the ability of Harvard University to enroll international students and to keep current foreign students enrolled.
  • Merz backs NordStream ban to prevent US and Russia restarting gas link.
  • Trump pushing EU to cut tariffs or face extra duties.
  • Reuters reports that Trump intends to ease the regulatory process for approving new US nuclear reactors and wind back dependence on China and Russia for enriched uranium.
  • Jiangsu Hengrui Pharmaceuticals, China’s largest drugmaker by market value, surged in its trading debut in Hong Kong after raising $HK9.9 billion ($2 billion) as listings pick up in the Asian financial hub.
  • UK retail sales soared in April, continuing a surprisingly strong start to the year in a further sign that consumers are proving resilient in the face of rising bills and Donald Trump’s global trade war.
  • The volume of goods sold online and in stores increased 1.2% on the month, the Office for National Statistics said Friday.

And finally……

I just called the paranoia hotline.

A guy picked up & screamed down the line, “How the hell did you get this number!”

I looked out the window and it was raining hard,
I thought blow it,
I’m not going out in that ,
I’ll pick the kids up from school tomorrow.

Clarence

XXX