ASX 200 fell slightly off record highs to 8831 off 12 (0.2%).  A mixed session with banks slipping a little, CBA down 0.5% and the Big Bank Basket at $281.90 (). Financials dragged lower, MQG down 0.8% and ASX falling hard, off 8.6%, on cost blow outs on CHESS and other issues, AMP rose 4.8% after a broker call rethink on results. REITs firm, SCG up 0.8% and SGP up 0.9% with industrials mixed, BXB down 3.3% and QAN off 1.1% as retail stocks firmed, JBH up 1.8% and ALL up 1.5%. Travel stocks better, FLT up 3.1% and WEB rising 2.3%. LNW fell 2.0% on plans to end Nasdaq listing. Tech better, WTC up 0.9% and TNE pushing on another 0.8%. Resources were a mixed lolly bag, iron ore weaker, gold miners better on a post Diggers glow. NST up 1.5% and NEM up 1.0% with WGX raising guidance and rising 5.1%. Lithium major PLS up 3.8% with LTR in a halt as it raises around $266m at 73c. Rare earth stocks still in demand. Oil and gas, becalmed, uranium stocks firmed with BOE starting to recover. PDN up 3.4% and coal stocks moving higher. In corporate news, the government has invested $50m in LTR, NEU hitting highs on Daybue sales in the US.

On the economic front, reciprocal tariffs are now in. Local BoP figures showed a rebound to a $5.4bn surplus on stronger coal and gold exports.

Asian markets firmed, Japan up 0.6%, HK up 0.6% and China unchanged. 10-year yields steady at 4.24%

HIGHLIGHTS

  • Winners: EOS, PDI, ALK, MAH, WGX, HLS, AMP, CMW
  • Losers: SLX, ASX, CU6, GQG, PYC, NWS, VUL, DJW
  • Positive Sectors: Gold. Uranium. Tech. Insurance.
  • Negative Sectors: Healthcare. Financials.
  • ASX 200 Hi 8845 Lo 8820
  • Big Bank Basket: Down to $281.90
  • All-Tech Index: Flat.
  • Gold: eases to $5176
  • Bitcoin: Steady at US$114370
  • 10-year yield steady at 4.24%.
  • AUD: Steady at 65.17c.
  • Asian markets: Japan up 0.6%, China up 0.8% and HK up 0.6%.
  • US futures – Dow up 71 and Nasdaq up 74
  • European markets set to open slightly firmer. BOE expected to cut rates. Results in focus.

MARKET MOVERS

  • EOS +11.1% keeps on kicking.
  • AMP +4.8% positive broker comments on results.
  • WGX +5.1% positive guidance.
  • PLS +3.8% squeezed higher.
  • ALK +7.1% change of director’s interest.
  • BOE +4.1% solid bounce.
  • ERD +31.9% NZ road tax changes.
  • 4DX +20.3% PME deal still bringing buyers.
  • ELS +10.0% Defence spending.
  • FAL +9.2% nice move higher.
  • SLX -15.8% cap raising.
  • DHG -that’s all folks.
  • DTR -7.7% slipping again.
  • TMG -14.6% response to ASX please explain.
  • ASX -8.6% increased spending on governance and CHESS.
  • NWS -3.9% broker comments.
  • GQG -4.7% sold off.
  • ASB -2.3% profit taking.
  • Speculative Stock of the Day: Nothing apart from ERD.

ECONOMIC AND OTHER NEWS

  • The local trade surplus rebounded to $5.4bn in June, up from a revised $1.6bn in May, driven by stronger coal and gold exports and a pullback in imports.
  • Futures for an active contract traded in Singapore were up 0.2% to $US101.95 per tonne on Thursday afternoon.
  • Chinese exports climbed 7.2% in July in U.S. dollar terms from a year earlier, exceeding Reuters-polled economists’ estimates of a 5.4% rise. Imports rose 4.1% last month from a year earlier, marking the biggest jump since July 2024. On a year-to-date basis, China’s overall exports jumped 6.1% from a year earlier, while imports fell 2.7%.
  • Rheinmetall H1 sales up 24%.
  • Toyota Motor June-quarter profit beats estimates, but drops 11% as U.S. tariffs bite.
  • BoE Meeting tonight. 25bps cut expected.
  • Reciprocal tariffs kick off.
  • Positive open in store for European markets.
  • Siemens, Allianz, Zurich, Uniper set to report.

And finally….

Did you hear that ducks want to get into boxing? They will be in the featherweight division.

Clarence

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