The ASX 200 fell 59 points (-0.7%) in quiet pre-Fed trade. Banks eased back with NAB and WBC giving up recent gains with the Big Bank Basket down to $283.10 (-0.4%). Wealth managers also slid, MQG down 1.1% and HUB off 1.3% with SOLDA rising for a second day. Insurers also under pressure, QBE down 0.6% and SUN off 1.5%. REITs fell too led by SCG down 2.2% and GMG off 0.9%. Industrials mixed, WES fell 1.9% and LNW dropping 2.4% as FLT fell 2.7% and CTD announced further delays in the accounts. SUL rallied back 2.7% after the CEO/HR news yesterday. Tech slightly better, WTC up 1.5%. Resources eased back, the big three iron ore miners lost ground, BHP off 1.1% and FMG down 1.3%. Gold miners saw profit taking, NST down 2.1% and NEM off 1.1% with lithium stocks mixed, MIN off 1.7% and PLS up 4.2%. Uranium stocks also under pressure following gains yesterday. PDN fell only 1.5% on its $300m capital raise. WHC gained 5.2% and YAL up 2.4% with WDS also better.

In corporate news, DRO announced it has won two fresh contracts with the US Defence Department. PYC fell 30.0% as the MD stepped down and BHP announced it was cutting 750 jobs in QLD on the coal outlook.

In economic news, consumer sentiment data released by UBS here today indicated that spending intentions over the next 12 months had surged to the highest level since 2019.  UK CPI jumps to 3.8% as forecast.

Asian markets better, Japan down 0.3%, China up 0.5% and HK up 1.6%

10-year yields steady at 4.21%.

HIGHLIGHTS

  • Winners: SLX, SRL, DTR, 4DX, EBR, CRN, MMI
  • Losers: PYC, BMN, NHC, DYL, GMD, ING, FFM, SX2
  • Positive Sectors: Big tech. Coal. Lithium.
  • Negative Sectors: Everything else.
  • ASX 200 Hi 8854 Lo 8804.
  • Big Bank Basket: Falls to $283.10 (-0.4%)
  • All-Tech Index: Unchanged.
  • Gold: eases to $5510
  • Bitcoin: Rises to US$117352
  • 10-year yield steady at 4.21%.
  • AUD: Up to 66.77c.
  • Asian markets: US futures – Opening slightly lower. DJ down 30 – Nasdaq down 12.
  • European markets set to open up slightly.

MARKET MOVERS

  • SRL +15.9% rally continues. Change in substantial holding.
  • SLX +15.9% completes large-scale enrichment testing.
  • VUL +4.5% rally continues.
  • EBR +7.7% passes tenth US commercial implant milestone.
  • DTR +8.6% little bounce.
  • 4DX +7.7% webinar reaction.
  • WHC +5.2% buy back update.
  • SUL +2.7% bounce after CEO news yesterday.
  • ATR +12.4% redomicile update.
  • RAC +12.2% HK investor lunch.
  • NTU +11.4% DFS – Browns Range heavy RE project.
  • SYADA +11.5% update and change of director’s interest.
  • EMV -11.6% placement.
  • BBT -9.1% frees bid from defeating conditions.
  • PYC -30.0% change of MD.
  • GMD -5.2% profit taking.
  • FFM -4.3% profit taking.
  • BMN -12.8% uranium unwinds.
  • ING -4.5% ex dividend.
  • Speculative Stock of the Day: LRD +82.6% 20m copper zone.

ECONOMIC AND OTHER NEWS

  • All about the Fed tonight and the Dots.
  • Trump flies into UK.
  • US Tech to invest $50bn into UK. CPI comes in at 3.8%.
  • Chinese technology stocks listed in Hong Kong jumped to their highest level in almost four years as optimism over artificial intelligence fuelled demand.
  • Europe turns to Ukrainian tech for ‘drone wall’ against Russia.
  • Novo Nordisk’s new boss wins cautious backing after sweeping cuts.
  • China trials its first advanced tools for AI chipmaking .
  • Stubhub priced its initial public offering at the midpoint of a marketed range to raise $800m.

And finally….

Fastest way to mess up someone’s Knock Knock joke? “It’s open”

Clarence

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