The ASX 200 dropped 89 points to 8668 (-1.0%) giving back Friday’s gains as banks came under intense pressure.  The Big Bank Basket dropped to $279.24 (-2.6%). CBA and WBC leading the sector down with other financials also in the spotlight. MQG fell 1.4% with ASX of 2.1% and IFL down 5.8% as the company updated the CC Capital bid. Insurers fell hard too, QBE down 1.9% and IAG off 1.4% with the REIT sector falling hard, GMG down 0.8% and CHC down 2.3%. Industrials also under the knife, WES off 1.0% with CPU down 1.2% and retail falling, JBH off 1.5% and APE down 3.6%. Travel stocks falling to earth, FLT down 3.0% and WEB off 2.5% with ALL down 1.4%. Tech stocks mixed, WTC up 1.9% and XRO off 0.7% on last day for SPP.

Resources were better again, BHP, RIO and FMG did well as China announced a new dam and iron ore continued higher in Asian trade. Lithium stocks squeezed higher, LTR up 11.4% and PLS rising 4.1%. Graphite and rare earths also still in demand, SYR up 17.8% and LYC up 1.4%.  Gold miners saw selling, NEM up 0.5%, NST down 1.5% and EVN off 1.2%. Oil and gas slightly firmer, WDS up 1.4% with uranium stocks also doing well, PDN up 2.3% and coal up too.

In corporate news, AMP jumped 9.8% on update, XYZ rose 11.2% on US Index inclusion. S32 rose 4.5% on FY production guidance. Nothing on the economic front, China left rates unchanged.

Asian markets modestly higher. Japan closed for Marine Day.

HIGHLIGHTS

  • Winners: VUL, LTR, XYZ, PNR, AMP, ARU, CMW
  • Losers: IFL, PNI, MSB, NXL, EOS, SX2, RRL, JDO
  • Positive Sectors: Lithium. Graphite. Oil and gas. Uranium.
  • Negative Sectors: Banks. Financials. Industrials. Healthcare.
  • ASX 200 Hi 8718 Lo 8648
  • Big Bank Basket: Down to $279.24(-2.6%)
  • All-Tech Index: Down 0.2%
  • Gold: Steady at $5169
  • Bitcoin: Steady at US$118358
  • 10-year yield steady at 4.33%.
  • AUD: Firms to 65.13c.
  • Asian markets mixed. Japan closed for Marine Day. HK up 0.3%, China up 0.2%.
  • Dow futures up 106, and Nasdaq futures up 43.
  • European markets set to open around 0.4% lower.

MARKET MOVERS

  • XYZ +11.2% index inclusion in US.
  • LTR +11.4% short squeeze.
  • ARU +9.3% rare earth bump.
  • AMP +% good results.
  • PLS +4.1% squeezed.
  • S32 +4.5% good quarterly.
  • SYR +17.8% TLG +11.4% graphite.
  • PMT +19.5% stirring.
  • IFL -5.8% reverses Friday’s gain.
  • MSB -4.2% profit taking.
  • EOS -3.9% profit taking.
  • RRL -3.8% corporate presentation.
  • ARR -11.0% resignation of MD/CEO
  • BTR -10.2% bidding for AUN.
  • ATH -6.7% application of quotation.
  • Speculative Stock of the Day: BHM +123.8% IPO today – drilling underway at Pinnacles Mine.

ECONOMIC AND OTHER NEWS

  • Iron ore has jumped to the highest price since early April as the Premier announced plans for a huge new dam project.
  • China boosted shipments of rare earth magnets in June – including to the US – after a global supply squeeze threatened factory closures and inflamed trade tensions.
  • Japan closed for Marine Day today. Singapore hits another record high.
  • TSMC’s Taiwan stock value surpasses $1 trillion amid AI frenzy
  • Daimler Truck mulls China production exit as it faces ‘crazy’ down cycle.
  • New BP chairman Albert Manifold appointed.

And finally….

Clarence

XXXX