ASX 200 kicks off the week in style, up 72 points to 8587, a new record. Banks kicked again with CBA up 1.2% and NAB running 1.5% higher. The Big Bank Basket up to $284.50 (1.2%). MQG kicked 1.1% with financials generally doing well, IFL up 0.9% and ZIP up 6.4% on BNPL reforms. REITs also in demand, GMG up 2.1% and MGR better by 2.2% with healthcare better too, CSL up 0.9%. Retail stocks rallied as JBH gained 2.1% and ALL up 3.6% and tech stocks in demand, WTC up 2.4% and XRO rising 1.8% with the all-tech index up 1.6%. In resources, iron ore miners mixed, gold miners sold down aggressively, GMD off 1.3% with EVN down 3.8% and shorts in the lithium space gaining momentum. PLS up 5.5% and LTR up 4.8% with MIN gaining 5.1%. Rare earth stocks remain in favour and oil and gas stocks better. Uranium stocks tried to put in another stellar day but off the highs, PDN up 3.6% and BOE up 2.1%. In corporate news, ASB rallied another 7.3% as the US approved Hanwha holding. NXT up 5.2% on Malaysian expansion plans. MVF cratered 26.9% on another clinical issue. JLG in a trading halt pending a change of control announcement. Nothing on the economic front, Asian markets slightly higher, Japan up 0.2% and HK down 0.5% and China down 0.6%. 10-year yields at 4.26%, steady.

HIGHLIGHTS

  • Winners: ZIM, ASB, FCL, DRO, ZIP, MSB
  • Losers: PWH, BC8, ADT, IPX, WAF, VAU
  • Positive Sectors: Banks. Financials. Tech. REITs. Healthcare.
  • Negative Sectors: Gold miners. Defensives.
  • ASX 200 Hi 8592 Lo 8517. New Record.
  • Big Bank Basket: Higher at $284.50 (+1.2%).
  • All-Tech Index: Up 1.6%
  • Gold: Falls to $5094
  • Bitcoin: Rises to US$109207
  • 10-year yield steady at 4.26%.
  • AUD: rallies to 65.09c.
  • Asian markets: Japan up 0.9% and HK
  • Dow futures down 21, and Nasdaq futures down 11.

MARKET MOVERS

  • CU6 +6.2% nice bounce back.
  • ASB +7.3% US says yes.
  • NXT +5.2% Malaysian expansion.
  • DRO +6.5% Defence play.
  • PLS +5.5% shorts covering.
  • MEI +4.0% rare earths.
  • CTT +4.7% huge block trade at 42c.
  • NTU +13.3% response to ASX price query.
  • AVR +9.7% board appointments.
  • INR +% bargain hunting.
  • VAU -4.6% WAF -4.6% gold miners fall.
  • PWH -11.8% ASX please explain.
  • MVF -26.7% second clinical incident.
  • DTR -20.0% US govt support for rare earth project.
  • CRN -8.11% Stanwell transaction.
  • Speculative Stock of the Day: KTA +20.0% low volume but exploding to the upside. Drilling underway.

ECONOMIC AND OTHER NEWS

  • CSL has appointed Cameron Price (ex-Future Fund) as an independent non-executive director, effective October 1.
  • Banks and resource stocks were the most purchased stocks by direct self-managed superannuation fund investors last month, according to the latest monthly data from wholesale trading and clearing business Ausiex.
  • Trump administration to deploy hundreds of Marines in LA.
  • China – US trade talks continue in London. No word from Chinese.
  • European futures opening flat.
  • Huawei Technologies founder Ren Zhengfei dismissed the impact of US export restrictions on China bein unfazed by chip bans, saying domestic firms could resort to means such as chip packaging or stacking.
  • EU to ‘step up’ on cyber security as dependence on US laid bare.
  • Chinese drone parts prices double as export controls bite.
  • Less than 30% of CEOs see either a mild or severe recession taking place over the next six months, per Chief Executive Group’s latest survey.

And finally…..

Clarence

XXXX