The ASX 200 gave up strong early gains closing down 27 at 8565 (0.3%). US futures and lack of detail weighing on sentiment as Asian markets generally weaker. Banks slid slightly, CBA down 0.5% with NAB down 0.2% and the Big Bank Basket down to $262.66 (-0.5%). MQG whacked 1.6% with insurers also under pressure. REITs mixed, GMG off 1.2%. Industrials generally lower, ALL off 1.6% with retail down, led by SUL off 1.6% and BAP falling 2.7%. Travel stocks also under pressure, CTD down 3.1% and WEB off 2.8%. Fast food falling, DMP down 4.9%. REA fell 1.1% and TWE down 1.3% with TLS up 1.0% as defensives back in focus. In resources, gold miners back in demand, GMD up 6.0% and NEM up 3.0%. The Three Iron Ore amigos all down, BHP off 1.8% with FMG off 3.4%. Lithium stocks back under pressure, MIN off 7.6% and PLS falling 6.0%. Rare earth giant LYC rose 0.8%. Oil and gas stocks gave up strong early gains as the crude price fell back, KAR up 2.0% and BPT bouncing 2.4%. Uranium ok, nothing spectacular, DYL up 1.1% and PDN up 0.8%. In corporate news, CTT fell 31.2% on a trading update and a large line of stock going through. MVF rose 9.1% as its CEO resigned. COH up 0.7% after downgrading its earnings outlook.

Nothing on the economic front today. Asian markets weaker, Japan off 0.6% and HK off 0.9. China unchanged.

HIGHLIGHTS

  • Winners: PDI, DRO, GMD, SLX, CYL, TEA, CU6
  • Losers: MIN, CIA, PLS, VUL, DMP, WA1, MAQ
  • Positive Sectors: Gold miners. Healthcare.
  • Negative Sectors: Iron ore. Lithium. Banks. Gaming. Travel.
  • ASX 200 Hi 8618 Lo 8565.
  • Big Bank Basket: Lower at $282.66 (-0.5%).
  • All-Tech Index: Up 0.1%
  • Gold: Rises to $5189
  • Bitcoin: Falls to US$107734
  • 10-year yield steady at 4.24%.
  • AUD: falls to 65.01c.
  • Asian markets: Japan off 0.6% and HK off 0.7%
  • Dow futures down 140, and Nasdaq futures down 70.

MARKET MOVERS

  • DRO +7.5% becoming a substantial holder.
  • SLX +6.0% uranium bounce.
  • GMD +6.0% gold bounce.
  • SX2 +4.6% drilling to come.
  • DTR +26.6% volatility continues.
  • TLG +20.0% good news from Sweden.
  • MVF +9.1% CEO resigns.
  • MEK +9.4% process plant commissioning underway.
  • MIN -7.8% profit taking.
  • VUL -5.3% extension of debt commitment.
  • LTR -3.5% profit taking.
  • DMP -4.9% stuffed crust.
  • MAQ -3.9% very low volume.
  • LNW -3.6% change of beneficial ownership.
  • CTT -31.2% trading update.
  • BET -13.0% completes placement.
  • Speculative Stock of the Day: RML +79.00% Reinstatement to quotation and presentation.

ECONOMIC AND OTHER NEWS

  • UK GDP due tonight. US PPI and ECB news.
  • President Donald Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies.
  • China puts a six-month limit on rare earth export licences.
  • European markets set to open around 0.4% lower.
  • Australia’s financial crimes agency placed curbs on cryptocurrency automatic teller machines as the surging number of kiosks increasingly attract fraudsters and scammers.
  • China demands sensitive information for rare earth exports, companies warn.
  • Silver and platinum prices soar as investors seek ‘gold alternatives’.
  • Fulbright board members resign over claims of interference by Trump administration.
  • Israel is considering taking military action against Iran — most likely without U.S. support — in the coming days.
  • Employer demand for formal degrees is declining for all jobs, but more quickly for jobs exposed to artificial intelligence, according to the 2025 AI Jobs Barometer from PwC.

And finally…..

Clarence

XXX