The ASX 200 drifted 9 points lower to 8580 (0.1%) as we wait and see what the weekend brings on tariff news. Banks eased back with CBA down 0.5% with the Big Bank Basket down to $283.17. MQG fell 1.5% and insurers also under pressure. REITS slipped, GMG down 1.8% with SCG off 1.3% as yields rose to 4.33%. Healthcare eased, CSL down another 0.6% with FPH falling 1.7%. Industrials also on the wane with WES down 0.7% and ALL down 1.1% with the techs under pressure too. XRO falling again by 1.5%. Retailers in trouble too, JBH down 2.1% and LOV down 2.5%. The bright spot was resources. Iron ore and rare earths. BHP up 2.8% as iron ore prices rose again, RIO up 2.3% with LYC up 16.7% and ILU flying 22.9% on US Pentagon news on MP Materials. Lithium stocks also doing well, LTR up 1.3% and PLS rising 1.6% with MIN storming 7.8% ahead. Gold miners sagged, NST continued its drop, down 2.2% and EVN off 1.5%. STO fell 0.9% on broker research on bid, coal better, WHC up 2.7% and uranium flat.

In corporate news, JLG rallied 22.6% on news that PE is bidding 400c in a scheme. VNT fell 1.9% on a new fibre upgrade contract. ASM jumped 8.4% on a scoping study for Dubbo project.

Nothing on the economic front.

Asian markets were mixed, with Japan up 0.1%, HK up 1.5% and China up 0.7%.

HIGHLIGHTS

  • Winners: ILU, JLG, LYC, IPX, MIN, MLX, WEB
  • Losers: VUL, OBM, CYL, FFM, LIC, PNR
  • Positive Sectors: Lithium. Rare earths. Iron ore.
  • Negative Sectors:  Gold miners. REITs. Industrials. Healthcare.
  • ASX 200 Hi 8620 Lo 8568. Down 23 points this week.
  • Big Bank Basket: Lower at $283.17
  • All-Tech Index: Down 0.6%
  • Gold: Steady at $5069
  • Bitcoin: Kicks to new record US$117817
  • 10-year yield rises to 4.33%.
  • AUD: Steady at 65.48c.
  • Asian markets were mixed, with Japan up 0.1%, HK up 1.5% and China up 0.7%.
  • Dow futures down 60, and Nasdaq futures down 65.
  • European markets set to open flat. Waiting for the postman….

MARKET MOVERS

  • JLG +22.6% PE bid at 400c.
  • ILU +22.9% Rare earth exposure through Eneabba.
  • LYC +16.7% rare earth US investment in MP and floor price.
  • MIN +7.8% iron ore bounce.
  • MLX +7.3% research recently and tin bounce.
  • IPX+15.6% critical metal focus.
  • SRL +27.5% another solid day.
  • ATX +9.4% partial response in pancreatic trial.
  • MEI +12.0% rare earths in Brazil.
  • NWC – 1.5% Harvest Lane increases its holding
  • MTM +7.3% critical metals exposure.
  • VUL -13.0% placement at 340c.
  • OBM -9.0% production miss. Again.
  • FFM -5.7% upsizes SPP. Do you want fries with that?
  • LIC -5.4% selling back on court ruling.
  • GEM -3.2% think we all know why!
  • Speculative Stock of the Day: FAL +97.4% First wedge hole at Blue Moon.

ECONOMIC AND OTHER NEWS

  • Big day for Europe today as it could be letter day!
  • UK GDP – May -0.1% M/N. Forecast +0.1%
  • Major announcement on Russia too. More sanctions?
  • PBOC Adviser urges US$209bn stimulus to counter US Tariffs
  • President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries.
  • Google to agree cloud discount as US government squeezes Big Tech.
  • Commodity firms poised for $300mn windfall from US copper tariff trade.
  • US state department to begin mass lay-offs ‘in coming days’ .
  • Pentagon strikes investment deal with US critical minerals producer. Defense Dept will also guarantee a floor price for key rare earths.
  • Floor price will be twice current Chinese market price.

And finally…..

Clarence

XXXX