The ASX 200 dropped 7 points to 8541 (0.2%) as nerves crept back in on Iran/Israel issues. Trump flew back to Washington to handle the situation. G-7 now G-6. Banks slipped slightly, CBA down 0.2% and ANZ off 0.5%. The BIg Bank Basket down to $280.41(-0.2%). MQG slid 0.4% with REITs also lower except GMG up 1.1% and other financials mixed too. Industrials pretty much lower across the board, drifting rather than sold off, TCL off 0.8%, REA down 0.5% and TLS falling 0.2%. Retailers mixed, as were travel stocks. Tech wafting around too with the All-Tech Index up 0.2%. In resources, uranium and rare earths stocks back in the spotlight or should it be SPUT light, DYL up 5.7% and LOT up 11.4% with physical buying of spot and short covering still dominating. Gold miners recovered some of the losses yesterday on the Iranian uncertainty as bullion rose, NEM up 2.5% and NST recovered 1.5% after the UBS inspired sell off. Iron ore majors eased back as iron ore fell in Singapore trade again. Oil and gas stocks weakened slightly, STO up 0.5%.

In corporate news, it was quiet, too quiet. Asian markets drifted around, Japan up 0.5%. HK off 0.5% and China unchanged.10-year yields rose to 4.26%.

HIGHLIGHTS

  • Winners: BMN, BC8, RSG, BGL, DRO, DYL, WA1, PDN
  • Losers: IMR, HLS, C79, JHX, CMW, LIC
  • Positive Sectors: Gold. Uranium. Lithium. Rare earths.
  • Negative Sectors:  Healthcare. Banks.
  • ASX 200 Hi 8567 Lo 8525.
  • Big Bank Basket: Steady at $280.41 (-0.2%)
  • All-Tech Index: Up 0.3%
  • Gold: Falls to $5189
  • Bitcoin: Falls to US$107137
  • 10-year yield rise to 4.25%.
  • AUD: rises to 65.29c.
  • Asian markets: Japan up 0.5%. HK off 0.4% and China unchanged.
  • European markets to open lower. Fed meeting kicks off.
  • Dow futures down 182, and Nasdaq futures down 105

MARKET MOVERS

  • DYL +5.7 BOE +3.2% Livewire Article.
  • BMN +11.8% strong grades at Etango uranium project,
  • BGL +7.0% stirring.
  • DRO +6.2% defence exposure.
  • SLX +3.0% going well.
  • LTR +3.8% shorts covering.
  • LOT +11.4% production coming soon.
  • BRE +4.4% name says it all.
  • DUG +7.3% rebound continues.
  • MTM +6.5% MOU signed with MEI following breakthrough MREC testwork.
  • PLS +3.1% Livewire article
  • NEU -0.9% profit taking.
  • GMD -2.3% presentation.
  • SBM -14.5% production update.
  • UOS -9.8% huge volume. 1 share traded.
  • INR -4.6% cap raise weighs.
  • Speculative Stock of the Day: PVT +100% Exploration results due. Seems a leak first though!

ECONOMIC AND OTHER NEWS

  • G-7 becomes G-6 as Trump abruptly leaves.
  • G-7 leaders aim to agree to a statement at their meeting in Kananaskis, Canada, to establish an “action plan” to diversify supplies of the vital metals and encourage “immediate and scaled investment” in projects.
  • The Bank of Japan, reiterated it would continue reducing its monthly purchases of JGBs by about 400bn yen (US$2.76bn) per quarter to about 3 trillion yen until March 2026.
  • It also held the benchmark rate at 0.5% amid rising growth risks.
  • Lutnick hails Trump’s $5mn investor visa as almost 70,000 apply.
  • EU weighs carbon tax on home heating and petrol to fill budget gaps.
  • Trump Organization to launch mobile phone service and $499 golden handset.
  • SK Hynix shares soar to over 2-decade highs as chipmaker’s parent reportedly plans AI data centre.

And finally….

Clarence

XXXX