The ASX 200 finished the week up 15 points to 8788 in range bound trade. Up 15 points for the week! PCE tonight in the US. Banks firmed with the Big Bank Basket up to $279.52(+0.7%). CBA up 0.7% with insurers better too, QBE up 1.2% and SUN rising 1.5%. REITs still under some pressure. GMG down 0.9%. Wealth managers still struggling from recent fund failure pessimism. HUB down 4.2% and NWL off 2.9%. Industrials generally becalmed, TCL down 0.9% with CPU down 1.8% and SGH falling 0.5%. ORG fell 2.7% with tech struggling. The All-Tech Index down 0.6%.

Resources were once again the place to be. Maybe not the leaders, but the second tier was on a tear. DTR up another 17.5% with VUL doing well on a new German geo-thermal deal, up 15.6%. Gold miners rose, WGX up 2.9% and GGP rising 0.4%. NST up 0.4% as Goldfields sold down. Copper stocks were also strong, AIS up 13.1%. Few buyers creeping back in to uranium, NXG up 3.1% and DYL up 1.5%. Oil and gas stocks eased slightly.

In corporate news, CSL fell hard early on tariff news, it did rally from lows, down 1.9% at the close. MSB said no effect from tariffs. Still fell 3.6%. GOR is no longer as Goldfields wraps up its acquisition. IPX rallied hard on a new US government contract. Up 6.1%.

On the economic front, nothing locally. All eyes on the RBA next week. No change expected.

In Asian markets, Japan down 0.8%, China off 0.5% and HK off 0.5%.

10-year yields pushing higher to 4.38%.

HIGHLIGHTS

  • Winners: DTR, VUL, KCN, EOS, SRL, ELV, MTM
  • Losers: PGC, PNV, MP1, CMW, HUB, BVS
  • Positive Sectors: Banks. Iron ore. Gold. Copper.
  • Negative Sectors: Wealth platforms. Healthcare and drugs. Tech.
  • ASX 200 Hi 8796 Lo 8746 Up 8 points for the week.
  • Big Bank Basket: Rallies to $279.52(+0.7%)
  • All-Tech Index: Down 0.6%.
  • Gold: rises to $5721
  • Bitcoin: slips to US$109378
  • AUD: Falls to 65.39c.
  • In Asian markets, Japan down 0.6%, China off 0.3% and HK off 0.4%.
  • 10-year yields higher at 4.38%.
  • US futures – Opening slightly higher DJ up 72 – Nasdaq up 17
  • European markets set to open up higher

MARKET MOVERS

  • DTR +17.5% kicks yet again.
  • KCN +9.0% gold miners rally.
  • SRL +8.1% came up again.
  • MTM +6.9% MT write up?
  • VUL +15.6% takes off on plant deal.
  • IPX +6.1% awarded $38m from US Government.
  • GOR – Removed from ASX – Deal complete.
  • INR +16.1% lithium/Boron in US.
  • CTT +18.9% AGM and director nominations.
  • AIS +13.1% copper play.
  • LRV -6.4% profit taking.
  • PGC -6.6% slipping again.
  • MP1 -5.1% profit taking.
  • HUB -4.2% LW article.
  • TLX -3.5% US tariffs.
  • Speculative Stock of the Day: CC9 +41.7% no reasons but some volume.

ECONOMIC AND OTHER NEWS

  • ANZ is sticking to its call that the Reserve Bank will lower the cash rate in November to 3.35% and keep it there for a “considerable period”. NAB have removed their November rate cut after data this week showed a hot inflation number. CBA and WBC maintained their forecast of an easing in November.
  • “Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.” Trump.
  • Pharma stocks in Asia declined after U.S. President Donald Trump announced 100% duties on drug imports.
  • Imported heavy trucks will be subject to a 25% duty, kitchen cabinets and bathroom vanities will be hit with a 50% charge, and upholstered furniture imports are to be taxed at 30%. National security issue apparently.
  • TikTok US to be valued at $14bn after Trump’s deal, White House says.
  • Starbucks to close cafés and cut 900 more office jobs in North America.
  • Hedge fund manager David Einhorn cautioned that the unprecedented amount of spending on artificial intelligence infrastructure may destroy vast amounts of capital.

And finally…..

I’ve started investing in stocks: beef, chicken and vegetable. One day, I hope to be a bouillonaire!

Why don’t Blind people like to skydive?

It scares the dog…

Clarence

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