ASX 200 drifted 14 points lower to 8589 (0.1%).  CBA held up with the banks drifting slightly lower. The Big Bank Basket is down to $280.46 (-0.2%). Financials firmed in places, IFT up 3.1% and NWL rising 1.5%. REITS soft with GMG down 0.5% and SCG off 0.8 %. Industrials mixed, SGH up 1.0% with QAN rising 1.0% with retails slightly firmer as RBA looks to cut tomorrow. ORG was a standout up 6.8% on an Octopus update from the UK. In resources, Gold miners took a hit with production and costs weighing on NST, off 8.7%. Other golds follow lower with the bullion price off too. EVN down 2.2% and OBM falling 6.8%. Lithium once again depressed, PLS off 4.3% and LTR falling 5.3%, shorts back and selling. Uranium stocks mixed, BOE down 2.4% and DYL up 0.9% with coal better, Oil and gas mixed, WDS off 0.8% and STO up 0.4%. In corporate news, S32 down 0.6% on news of the sale of its Cerro Matso nickel project. MIN fell 2.0% as it named two new independent directors.

Nothing on the economic front. Asian markets eased with Japan down 0.6%, China down 0.5% and HK off 0.3%. 10-year yields rising to 4.19%

HIGHLIGHTS

  • Winners: CBO, PYC, ORG, DRO, HLI, IFT, SDR
  • Losers: BOT, NST, S32, OBM, CU6, WA1, HMC
  • Positive Sectors: Utilities. Tech.
  • Negative Sectors: Gold miners. Banks. Lithium.
  • ASX 200 Hi 8617 Lo 8572. Narrow range.
  • Big Bank Basket: Lower at $280.46 (-0.2%).
  • All-Tech Index: Up 0.3%
  • Gold: Steady at $5089
  • Bitcoin: steady at US$109,147
  • 10-year yield better at 4.19%.
  • AUD: Falls to 65.10c.
  • Asian markets weaker. Japan down 0.6%, China down 0.5% and HK off 0.3%.
  • Dow futures down 128, and Nasdaq futures down 123.
  • European markets set to open flat

MARKET MOVERS

  • PYC +13.3% kidney drug approval.
  • CBO +13.5% positive crop report and earnings guidance.
  • ORG +6.8% Octopussy update.
  • DRO +4.7% rallies back.
  • IPH +3.0% LW article.
  • ATX +20.3% positive trial brings more buyers.
  • LRV +13.2%picks up again – Antimony exposure.
  • NST -8.7% production miss and cost rise.
  • SX2 -7.3% profit taking.
  • OBM -6.8% slide continues.
  • AZY -13.9% placement at 60c weighs
  • SRL -11.1% initial substantial holder.
  • Speculative Stock of the Day:  BMM +65.7% acquisition of REE project in USA.

ECONOMIC AND OTHER NEWS

  • RBA meeting kicks off. Tomorrow at 2.30pm- 25bps.
  • Letters go out tonight. President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with “the Anti-American policies of BRICS.”
  • President Donald Trump’s country-by-country tariffs will take effect on August 1, Commerce Secretary Howard Lutnick said, signalling some breathing room for US trading partners ahead of a July 9 deadline previously set by the president.
  • Trump calls Musk a ‘train wreck’ as feud escalates over third party.
  • China boosts nickel reserves as tensions with US simmer.
  • Groq said it has established its first European data centre in partnership with Equinix, taking advantage of rising demand for AI services in Europe following other U.S. companies also ramping up investment in the region.

And finally….

Clarence

XXXX