The ASX 200 fell 8 points to 8551 in quiet trade. Banks fell slightly with the Big Bank Basket at $294.91 (0.1%). ANZ the star playing some catch-up up rising 2.2%. Insurers slid, QBE off 0.6% and financial services continued to push higher. PNI up 1.5% and HUB putting on 1.6%. REITs slipped, GMG off 1.3% and SCG down 0.6%. Industrials generally weaker, TCL down 0.6%, BXB off 0.5% and tech under pressure as XRO resumed trade after placement. Off lows but still down 5.3%. The All–Tech Index dropped 1.0%. Retail and travel stocks mixed, LOV down 1.1% with FLT up 0.8%. Pizza and burritos down, KFC up, LNW pushing ahead again, up %. Resources were mixed. Lithium showed signs of life with Vanguard taking a stake in PLS, up 5.6% and MIN rallying 3.6%. The iron ore miners were flat, gold miners fell, NST down 2.3% and EVN off 0.9%. Uranium stocks slightly better, BOE up 2.0% though BMN dropped 9.9% after a cap raise. Oil and gas mixed, WDS off 0.6% with STO up 0.8%.

In corporate news, XRO returned to trade, NEU ran hard up 6.1% on US news. AZJ fell 0.3% on an earnings update.

Nothing on the economic front. Asian markets mixed, Japan up 1.7%, HK down 0.9%, China down 0.4%. 10-year yields steady at 4.11%.

HIGHLIGHTS

  • Winners: CU6, DRO, BOT, WA1, ILU, HLS, NEU
  • Losers: BMN, XRO, AMA, BVS, OBM, SIG, BC8
  • Positive Sectors: Lithium. Financial services.
  • Negative Sectors: REITs. Tech. Insurers. Industrials.
  • ASX 200 Hi 8560 Lo 8533. Narrow range.
  • Big Bank Basket: Lower at $294.91 (-0.1%).
  • All-Tech Index: Down 1.0%
  • Gold: Falls to $5115
  • Bitcoin: Rises to US$107613
  • 10-year yield falls to 4.11%.
  • AUD: rises to 65.21c.
  • Asian markets: Japan up 1.1%, HK up 2.0% and China up 1.0%.
  • Dow futures up 48, and Nasdaq futures up 48.
  • European markets set to open up very slightly.

MARKET MOVERS

  • NEU +6.1% US patent allowed for NNZ-2591
  • PLS +5.6% short squeeze as lithium shows signs of life. Vanguard buys 5.25%
  • DRO +11.7% kicks once again.
  • ILU +6.9% rare earth exposure.
  • EBR +4.4% kicks again.
  • CU6 +14.4% research piece.
  • DTR +11.8% director buying.
  • BTI +7.3% portfolio valuation.
  • VEE +11.3% Ord defence conference presentation.
  • SVL +9.5% silver gains.
  • BMN -9.1% placement completed.
  • XRO -5.3% placement completed.
  • DGT -3.1% appendix 3Y – David Di Pilla.
  • OBM -4.2% SX2 -2.5% profit taking.
  • MTM -7.1% placement.
  • Speculative Stock of the Day: LKY +51.7% completes OTCQB listing to expand US presence.

ECONOMIC AND OTHER NEWS

  • Westpac chief economist Luci Ellis says after softer-than-expected inflation data released on Wednesday, she now expects the Reserve Bank of Australia’s next rate cut to be in July, rather than August.
  • Iron ore shipments from the world’s largest bulk terminal rose to 53.1m tonnes last month, up 13.7% from April, according to Pilbara Ports Authority. That has taken the volume this year to its highest level since at least 2010.
  • Bloomberg’s gauge of the greenback dropped to the lowest level in three years after the Wall Street Journal reported Trump may announce Powell’s replacement by September or October.
  • Trump brands Mamdani a ‘100% Communist Lunatic’.
  • Meta wins artificial intelligence copyright case in blow to authors.
  • CATL to bring battery-swapping technology to Europe.
  • Japan rice crisis shows signs of easing as prices stabilise and stocks return to shelves.
  • Chinese Premier Li Qiang on Thursday urged the Asian Infrastructure Investment Bank to increase its support for Beijing’s Belt and Road Initiative.

And finally….

Clarence

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