The ASX 200 started strong but as news of the Israeli attack came through, we turned negative. The index fell 18 points to 8547 (0.2%) for a gain of only 31 points this shortened week. Performing much better than the US which had futures off between 1.5-1.8%. Stand-out sectors were not unexpectedly gold miners and oil and gas stocks. Crude and bullion jumping on the Iranian news. NST up 5.1% and EVN rising 5.5% with BGL up 4.3%. Resources generally were flat, BHP down 2.6% with FMG slightly firmer. MIN took a breather and PLS rose 0.4%. LYC rallied 3.8% on rare earth promise, WDS showed a clean pair of heels up 7.4% with STO up 3.7% and KAR the real star up 10.9%. Uranium stocks fell on attack news. Industrials slid, banks off slightly, CBA down 0.7% with the Big Bank Basket down to $281.21 (-0.5%). Other financials slipped, GQG down 1.4% and XYZ down 2.4%. Insurers gained a little, REITs fell, GMG bucked the trend up 0.2%. Tech stocks fell in sympathy with Nasdaq futures. XRO down 0.4% and WTC falling 2,4% with the index down 1.7%. Retail stocks dropped 24.7% on AX1 earnings warning, JBH fell 1.8% and travel stocks down, QAN off 4.9%. In corporate news, Brookfield sold a large parcel of its DBI holding, the stock falling 6.2%. Nothing on the economic front.

Asian markets down on war worries. Japan down 0.9%, HK off 0.7% and China down 0.6%.

10-year yields falling to 4.16%.

HIGHLIGHTS

  • Winners: KAR, CHN, KCN, WDS, CHN, WGX, ORG
  • Losers: AX1, SLX, CU6, BOT, EBR, PNV, DBI
  • Positive Sectors: Gold. Oil and gas. Defence stocks.
  • Negative Sectors: Banks. Tech. Iron ore. Healthcare.
  • ASX 200 Hi 8577 Lo 8525.  Up 31 points this week.
  • Big Bank Basket: Lower at $281.21(-0.5%).
  • All-Tech Index: Down 1.7%
  • Gold: Rises to $5288
  • Bitcoin: Falls to US$104371
  • 10-year yield drops to 4.16%.
  • AUD: falls to 64.75c.
  • Asian markets: Japan down 1.1%, HK off 0.9% and China down 0.8%.
  • Dow futures down 613, and Nasdaq futures down 390.

MARKET MOVERS

  • KAR +10.9% going great on oil price rally.
  • CHN +10.2% platinum in focus.
  • KCN +8.1% gold miner.
  • WDS +7.4% oil price move.
  • EVN +5.5% NEM +5.8% gold miner.
  • NMG +8.6% high-grade results.
  • RNU +13.6% approval for battery anode facility.
  • MYX +3.0% further termination notice from Cosette.
  • AX1 -24.7% earnings update.
  • SLX -9.3% uranium enrichment.
  • CU6 -7.7% SABRE topline results.
  • DBI -6.2% Brookfield sell down.
  • CTT -20.3% broker downgrade.
  • CRN -12.1% profit taking back.
  • 29M -6.5% slipping lower.
  • MEI -3.7% Caldeira project included in Finep and BNES funding.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • Israel attacks Iran’s nuclear, ballistic missile programs.
  • Israeli airstrikes killed commander of Revolutionary Guard
  • Iran vows blow against Israel, US; Says no damage to refineries.
  • Israel Says Iran launched over 100 drones in last few hours.
  • Oil up 8% off the highs. Drill, baby drill.
  • European markets et to open substantially lower.
  • President Donald Trump called Federal Reserve Chair Jerome Powell a “numbskull” as he demanded an interest-rate cut.
  • Germany puts rail first in €500bn investment spree.
  • China delays approval of $35bn US chip merger amid Trump’s trade war.
  • Canada to fast-track ‘Ring of Fire’ mining project over First Nations’ objections.

And finally…..

DO PEOPLE IN ELECTRIC CARS LISTEN TO…AC/DC…OR SOMETHING CURRENT.

My friend David lost his ID. Now I call him Dav.

Have a great weekend.

Clarence

XXXX