The ASX 200 rose 37 points to 8811 (0.4%) as gold miners and iron ore players rallied hard. BHP up 1.0%, FMG flying up 3.2% with gold miners impressive. NEM up 4.7% and NST rallying hard up 8.2% with EVN up 6.3%. Stand outs GMD up 13.9%. Uranium stocks also firmed, NXG up 5.7% and PDN rising 4.7%. Lithium stocks a little depressed. Oil and gas mixed, VEA fell 8.1% on management changes, STO up 0.4% on a broker upgrade. Industrials were on the sidelines mainly, WES fell 0.2%, ALL up 0.2% and retail eased. TPW down 4.3% and NCK off 2.3%. Tech slightly firmer, WTC up 0.5% and MP1 up 3.4% on a broker upgrade. Banks eased with CBA down 0.4% and NAB off 0.3% with the Big Bank Basket down to $280.80 (%). Wealth managers also saw some selling again. REITs eased. Utilities perked up with ORG up % and APA rising %.

In corporate news, SPL roared 73.1% ahead on a licencing deal with Roche. PYC rehired its MD and rose 16.2%, REH jumped 14.2% on news of a $250m buyback. On the economic front, RBA governor was giving testimony to a Standing committee in Canberra.

Asian markets mixed again, HK down 1.3%, Japan up 1.1% and China down 0.1%.

10-year yields rose to 4.28%.

HIGHLIGHTS

  • Winners: PYC, REH, GMD, EOS, ALK, FFM, PRU
  • Losers: REG, 4DX, VEA, NHC, ADH, PGC, CRN
  • Positive Sectors: Gold. Uranium. Iron ore
  • Negative Sectors: Banks. REITs.
  • ASX 200 Hi 8846 Lo 8790.
  • Big Bank Basket: Falls to $280.80 (-0.%)
  • All-Tech Index: Up 0.1%.
  • Gold: rises to $5608
  • Bitcoin: slips to US$114,446
  • AUD: Steady at 65.92c.
  • Asian markets: HK down 1.3%, Japan up 1.1% and China down 0.1%.
  • 10-year yields rose to 4.27%.
  • US futures – Opening slightly lower. DJ down 87 – Nasdaq down 40.
  • European markets set to open down slightly.

MARKET MOVERS

  • PYC +16.2% MD rehired.
  • REH +14.2% buy back brings cheer.
  • GMD +13.9% gold rally.
  • EOS +10.7% defence back in fashion.
  • ALK +8.5% gold doing well.
  • FFM +9.1% kicks higher.
  • FEX +16.2% iron ore play.
  • DAI +14.9% Decidr partnership.
  • SRL +15.6% rises again.
  • SS1 +15.1% silver play.
  • REG -26.3% government payment changes.
  • 4DX -9.0% profit taking.
  • VEA -8.1% management changes.
  • PNV -5.7% profit taking.
  • ADH -7.3% notice of AGM.
  • TVN -8.7% investor briefing.
  • EMV -9.4% capital raise weighs.
  • Speculative Stock of the Day: SPL +73.1% deal with Roche on licencing.

ECONOMIC AND OTHER NEWS

  • Reserve Bank governor Michele Bullock may not be declaring victory on inflation, but believes price pressures are continuing to moderate.
  • “I think we’re in a very good position in terms of inflation,” she told a parliamentary inquiry this morning.
  • Bullock said there have been two key factors in bringing down inflation: the end of supply chain problems that dominated the global economy at the end of the pandemic, and the RBA’s own interest rate settings.
  • The People’s Bank of China kept the one-year loan prime rate, which influences most new and outstanding loans, unchanged at 3.0%. The five-year benchmark rate, which affects mortgages, remained at 3.5%.
  • H-1B Visa cost now US$100k. Shivers in India.
  • China will “strictly” curb new capacity in the steel sector, state broadcaster CCTV reported on Monday.
  • EU unveils 19th sanction package against Russia. 19th!
  • BBVA submits new offer for Sabadell. Porsche drops out of DAX. Profit warning and div cut to come.
  • Copper holds gain as production halts as Indonesia mine persists.
  • Luxury billionaire Arnault joins French outcry over ‘deadly’ wealth tax proposal.
  • Trump’s H-1B visa fee to hit US employers with $14bn annual bill.
  • Pfizer closes in on $7.3bn takeover of anti-obesity drugmaker Metsera.
  • UN General Assembly should be fun!

And finally…..

Clarence

XXXX