ASX 200 rose 57 points to 8598 (0.7%) to a fresh record high as retail sales opened the door to a rate cut next week. Resources leading the way higher with BHP, RIO and FMG all doing well, FMG the best up 3.8%. Some movement in base metal stocks too on Chinese economic hopes, S32 up 5.1% with gold miners flat. Oil and gas firmed, WDS up 1.1% and STO up 0.5%. Lithium stocks eked out some gains with uranium miners flat. Industrials were the real winners today, WES up 0.8% as retail stocks gained on rate cut hopes. DMP crashed 15.8% as its new CEO went ex. WOW and COL firmed with ALL up 1.9% and TLS gaining 1.0%. REITs firm on cut hopes, GMG up 2.1% and SCG gaining 2.7%. Tech stocks mixed, WTC up 1.4% and XRO off 2.1%.  Banks were early losers but found favour and pushed slightly higher as CBA rose 0.6% and the Big Bank Basket up to $286.64 (+0.2%). In corporate news, HLI fell 21.4% as it lost the ING contract. QAN dropped 2.2% as it got hit with a cyberattack.  On the economic front, Retail sales came in at 0.2% higher, slightly below forecast.

Asian markets mixed again, Japan down 0.4% on Trump tariff threats, HK up 0.5% and China flat.

10-year yields rose to 4.14%

HIGHLIGHTS

  • Winners: PPT, MFG, AMP, JHX, S32, BSL, MIN
  • Losers: HLI, DMP, MSB, ZIP, OBM, GEM, DRO
  • Positive Sectors: Iron ore. REITs. Industrials. Retailers.
  • Negative Sectors: Insurers. Tech.
  • ASX 200 Hi 8613 Lo 8537. Faltered and kicked to record.
  • Big Bank Basket: Higher at $286.64 (+0.2%).
  • All-Tech Index: Up 0.3%
  • Gold: Rises to $5075
  • Bitcoin: steady at US$106725
  • 10-year yield steady at 4.14%.
  • AUD: steady at 65.77c.
  • Asian markets mixed, Japan down 0.4% on Trump tariff threats, HK up 0.5% and China flat.
  • Dow futures up 120, and Nasdaq futures up 70.
  • European markets set to open higher.

MARKET MOVERS

  • PPT +8.8% broker upgrade.
  • S32 +5.1% commodity price rises.
  • JHX +5.3% completes US acquisition.
  • AMP +5.5% financial services stock rise.
  • GQG +3.9% financial services stocks rise.
  • PTM +8.7% broker upgrade.
  • TLG +5.1% recent director appointment.
  • HLI -21.4% loses major client in ING.
  • DMP -15.8% stuffed crust. CEO resigns.
  • MSB -9.0% rethink after gain yesterday.
  • ZIP -5.3% broker downgrade.
  • GNC -4.5% ex dividend.
  • DRO -3.9% profit taking.
  • BOC -6.8% crashes back to earth.
  • EQR -6.1% profit taking.
  • Speculative Stock of the Day: EWC +83.3% kicks and builds on management changes.

ECONOMIC AND OTHER NEWS

  • Retails sales number slightly below forecast. Rose 0.2% month-on-month. Rose 3.3% compared with May 2024.
  • ANZ’s head of Australian economics Adam Boyton said the team now expected the Reserve Bank to cut the cash rate by 25 basis points at next week’s board meeting.
  • Sabotage suspected as mystery blasts hit oil tankers.
  • Paramount agrees $16mn settlement in Trump’s lawsuit against CBS News.
  • Powell signals openness to July US interest rate cut.
  • Amazon founder Jeff Bezos unloaded more than 3.3m shares valued at nearly $737m to pay for wedding.
  • Will the Big Beautiful Bill pass today?

And finally…..

Clarence

XXXX