ASX 200 fell just 1 point to 8541 in quiet trade as banks came under some pressure. CBA sold down 1.2% as money flowed to other three, ANZ up 2.5% the big winner. The Big Bank Basket flat at $286.04 (0.4%). MQG drifted 1.0% lower, and financials steady, GQG up 2.2% and IFL up 5.2% on news CC Capital was still actively trying to stitch the takeover together. Insurers mixed, REITs better, SCG up 2.8% and VCX up 1.6% with industrials drifting around. SGH fell 2.9% on Boral CEOs retirement. JHX fell 2.2% and tech eased, WTC down 1.0% but XRO rallying 1.2%. Retail flat. In resources, the iron ore majors steadied, FMG up 0.7% and gold miners rallied, NEM up 2.0% and BGL up 3.9%. Oil and gas stocks becalmed with uranium mixed, PDN down 1.4% and DYL recovering some poise up 5.4%.In corporate news, FND were suspended for not filing reports on time. MSB jumped 11.2% after progress made on FDA.  HMC fell 17.3% as energy transition head, Angela Karl stepped down.Nothing on the economic front today. Chinese Caixin PMI rose, and EU CPI tonight.Asian markets mixed, Japan down 1.4%, HK closed and China up 0.2%.10-Year Yield falling to 4.11%.

HIGHLIGHTS

  • Winners: DRO, MSB, IEL, CU6, KCN, DYL, IFL
  • Losers: HMC, AEF, AMA, GEN, HLS, LOV, BOE
  • Positive Sectors: Gold miners.
  • Negative Sectors: Banks. Industrials.
  • ASX 200 Hi 8576 Lo 8541. Narrow range again.
  • Big Bank Basket: Lower at $286.04 (-0.4%).
  • All-Tech Index: down 0.4%
  • Gold: Rises to $5062
  • Bitcoin: Rises to US$106902
  • 10-year yield steady at 4.11%.
  • AUD: rises to 65.77c.
  • Asian markets: Japan up 0.6%, HK closed and China up 0.3%.
  • Dow futures down 61, and Nasdaq futures down 41.
  • European markets set to open flat. EU inflation numbers.

MARKET MOVERS

  • MSB +11.2% FDA news.
  • DRO +12.3% defence back in fashion.
  • IEL +9,5% dogs are barking.
  • CU6 +8.0% NTA with commentary.
  • IFL +5.2% CC Capital still active.
  • RPL +5.1% nice move.
  • PGC +2.7% change of director’s interest.
  • PAR +23.0% secures US$27m to advance phase III OA Trial.
  • EQR +19.5% retirement of director.
  • STN +12.5% drilling results at Apollo Hill.
  • HMC -17.3% energy transition team changes.
  • AMA -4.8% cessation of securities.
  • LOV -4.4% ceasing to be substantial shareholder.
  • 29M -5.1% profit taking.
  • Speculative Stock of the Day: NXS +64.2% to sell majority of assets.

ECONOMIC AND OTHER NEWS

  • President Donald Trump threatened to proceed with ramping up tariffs on Japan as it takes so little of US rice exports.
  • China’s manufacturing activity rebounded in June, according to a private survey. The Caixin manufacturing purchasing managers index rose to 50.4 from 48.3 in May.
  • Morgan Stanley expects Beijing to unveil a “modest” supplementary fiscal package of up to 1 trillion yuan ($140bn) in the late third or early fourth quarter.
  • Zinc fell for a second day as a build-up in Chinese stockpiles pointed to tepid demand in the top consumer of the metal.
  • Chinese automakers continued to expand their European foothold in May, capturing the highest share ever of hybrid–car sales and the biggest slice of the electric–vehicle market in 10 months.
  • Senate races to pass Trump’s flagship tax bill as deadline looms.
  • Google agrees deal to buy power from planned nuclear fusion plant.
  • Musk unloaded Monday on the massive tax-and-spending legislation that Trump is pushing Republicans to quickly ram through Congress, labeling it a “DEBT SLAVERY bill.”
  • European stocks to open flat.

And finally…

The whole salad dressing industry exists because people really just don’t like the taste of salad.

Clarence

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