ASX 200 fought back to close down only 31 points at 8475 (0.4%). Banks once again the swing factor as CBA rose 1.0% and the Big Bank Basket better at $284.86 (). Insurers better, QBE up 0.3% with REITs easing, VCX down 0.8% with other financials easing. MFG off 3.8% and ASX down 0.8%. Industrials weaker across the board. BXB off % with QAN falling 1.9% as oil rose, TLS fell 0.2% with ALL down 2.6% and retail under a little pressure. ADH fell 20.5% on disappointing sales, MTS rose 2.7% on better than expected food sales. Tech stocks eased but off lows, WTC down 1.0% and XRO down 0.2% with the All–Tech Index down 0.5%. Resources were weaker, the three iron ore miners slid, BHP down 1.6% and FMG off 1.0% with gold miners sold off despite geo polictical tensions. NST and EVN continuing to be rerate downwards. Oil and gas stocks muted, uranium stocks fell, BOE off 1.8% and coal stocks down, WHC off 3.5%. In corporate news, WDS agreed to supply Japan with winter LNG. SMP agreed to a scheme with Shift4 from the US. Nothing on the economic front today.

Asian markets muted on war worries. Japan down 0.2%, HK up 0.6% and China up 0.4%.10-year yields rising to 4.21%.

HIGHLIGHTS

  • Winners: PYC, VEA, RSG, MTS, REH, MAD
  • Losers: OBM, BGL, BXB, KCN, PNR, MSB, DRO
  • Positive Sectors: Banks.
  • Negative Sectors: Everything else.
  • ASX 200 Hi 8480 Lo 8421.  
  • Big Bank Basket: Higher at $284.86 (+0.6%)
  • All-Tech Index: Down 0.5%
  • Gold: Falls to $5235
  • Bitcoin: Falls to US$101951
  • 10-year yield rises to 4.21%.
  • AUD: falls to 64.16c.
  • Asian markets: Japan down 0.2%, HK up 0.6% and China up 0.4%.
  • Dow futures down 105, and Nasdaq futures down 47.
  • European markets set to open down 0.5%

MARKET MOVERS

  • VEA +4.4% oil price rise.
  • MAD +2.0% change of director’s interest.
  • MTS +2.7% FY Results and presentation.
  • BWP +2.0% distribution estimate.
  • PYC +4.4% FDA alignment on trial design.
  • ALC +9.9% guidance update.
  • SMP +9.6% scheme agreed.
  • SHA +7.5% trading update.
  • OBM -7.1% BGL -6.4% gold miners under pressure.
  • DGT -4.0% tech sell down.
  • DRO -4.2% buyback update.
  • FFM -4.2% completes Canadian placement.
  • AGE -22.5% (un)successful placement.
  • ADH -20.5% sales and margins squeezed.
  • BBT -3.3% PBH takeover update.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • NATO summit begins this week. Should be interesting.
  • 15 US and other central bankers speaking this week, including Jerome Powell.
  • Germany and Italy pressed to bring $245bn of gold home from US.
  • Tesla launches robotaxi service in Austin.
  • US semiconductor maker Wolfspeed to file for bankruptcy.
  • Spain secures opt-out from new Nato spending goal, says Sánchez.
  • Japan denied a report that the US directly asked Tokyo to raise its defence spending to 3.5% of annual gross domestic product.
  • Singapore’s core inflation rate, which excludes housing and private transportation costs, stood at 0.6% in May from a year earlier.
  • The question is, where is the 400kg of uranium that Iran owns!

And finally……

Clarence

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