The ASX 200 drifted 28 points lower as Michele Bullock’s lunch time speech partly dashed rate cut hopes for August. Bank flat with CBA unchanged and the Big Bank Basket at $274.86 (+0.2%). MQG had a nasty day as its AGM saw selling down 5.1% as the CFO retired and earnings softened. Other financials also under a little pressure, CGF down 2.9% and QBE off 1.2%. ZIP had a good day up 4.7%. REITs slid on higher rates, GMG down 0.8% and GPT off 1.2%. Industrials pretty flat too, Tech eased back, XRO down 1.2% and TNE off 2.3%. CPU dropped 3.3% with BXB falling 1.5%. TLS also slipping away with healthcare stocks remaining firm, CSL up 1.5% again. Resources mixed, LYC up 5.0% on a JV as MIN gained 4.7% on lithium buying and LTR turned from early losses to close up 3.2%. FMG production numbers were solid, pulling out of hydrogen also a positive up 4.3%. Gold miners lid, NST down 2.4% and EVN off 2.7%. Uranium mixed, BOE fell 6.4% on resignation of CEO, PDN recovered slightly. Coal saw sellers back.

In corporate news, BAP was punished for a triple whammy of director resignations, bad debts and earnings downgrade, finishing down 28.4%. DRO fell 5.9% after another order win, CMM off 3.4% as it bid for WA8. In economic news, Bullock’s speech trimmed rate cut hopes.

Asian markets solid. Japan up 1.8% on trade deal relief. HK up 0.3%. China up 0.5%. 10-year yields up to 4.35%

HIGHLIGHTS

  • Winners: PXA, IPX, CU6, SLX, NEU, CVL, MSB
  • Losers: BAP, BOE, DRO, MQG, WGX, CMM, CPU
  • Positive Sectors: Lithium. Healthcare.
  • Negative Sectors: REITs. Gold miners. Industrials. Tech.
  • ASX 200 Hi 8760 Lo 8699.
  • Big Bank Basket: Up to $274.86 (+0.2%)
  • All-Tech Index: Down 0.8%
  • Gold: Drops to $5098
  • Bitcoin: Steady at US$117934
  • 10-year yield rises to 4.35%.
  • AUD: Firms to 66.23c.
  • Asian markets mixed. Japan up 1.6% on trade deal. HK up 0.7%. China up 0.7%.
  • Dow futures down 125, and Nasdaq futures up 68.
  • European markets set to open 0.3% higher. ECB day.

MARKET MOVERS

  • PXA +16.5% formal commitment from Nat West.
  • CU6 +10.2% change in substantial holding.
  • SLX +% shorts covering.
  • NEU +9.9% pushing higher.
  • QOR +5.6% positive broker comments.
  • ZIP +4.7% solid move.
  • TOR +27.5% drilling report.
  • CXL +28.6% ARENA funding for ZESTY demo plant.
  • WA8 +25.0% CMM bids in scrip 15.5c.
  • BOC +12.4% must be a copper boom.
  • EUR +6.8% sells 0.5, CRL for US$1.8m
  • OFX +9.1% Trading update.
  • BAP -28.4% profit warning – Director’s resign.
  • BOE -6.4% CEO resigns.
  • MQG -5.1% CFO and earnings softness.
  • CMM -3.4% bids for WA8.
  • ARR -12.4% cap raise at 32c.
  • STP -10.5% earnings warning.
  • WRK -4.4% quarterly report.
  • SS1 -7.4% placement.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • Michele Bullock in a speech today emphasised that the RBA’s strategy is unfolding as planned: a soft labour‑market adjustment aligned with forecasts and a gradual approach to interest‑rate easing — with a dovish tilt likely in August.
  • ECB today. No change expected.
  • Trump to visit the Federal Reserve today.
  • Nokia profit fell 29% last quarter as weak dollar, tariffs pinch.
  • Musk warns ‘rough quarters’ ahead for Tesla after Trump cancels EV incentives.
  • Columbia University agrees $221m settlement with Trump administration.
  • Deutsche Bank reports highest profits since 2007 as litigation costs fall.
  • Von der Leyen tells Xi EU-China ties are at ‘inflection point’.

And finally…..

Clarence

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