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The ASX 200 kickstarted the week in style up 75 points to 8863 (0.9%). Gold was once again leading the charge as it pushed through US$3800, NST up 3.1% and NEM rising 4.0%. EVN also turned in a good day up 4.4%. Iron ore miners were a little floppy on steel demand in China and looming 7 -day holiday. FMG fell 2.1%. Copper and other base metal stock continue to push higher, 29M up 4.8% and MLX up 4.1%. Rare earth stocks saw profit taking, ILU down 3.9% and LYC modestly off. Energy stocks saw sellers, KAR down 1.7% and PDN falling 2.4% with WHC off 3.4%.

Banks were firm today ahead of the RBA.  CBA soaring 2.2% with WBC up 2.0%. MQG recovered 1.3% with other wealth managers also better, NWL up 2.1% and insurers rallied, QBE up 1.6% and IAG up 1.3%. Healthcare was firm as CSL traded 2.5% higher on tariff hopes, RMD up 1.2% and MSB up 0.8%. REITs lacklustre, tech eased back in places, WTC down 1.2% and TNE up 1.5%. Retailers were flat, APE off 0.6% and SUL down another 1.0%. ALL a bright spot up 2.0%.

In corporate news, MIN was down 0.8% on haul road news, SM1 up 10.4% on the sale of its North Island assets, and BVS rose 2.5% on a new CEO.

Nothing on the economic front, RBA tomorrow.

Asian markets mixed, China up 2.1% Japan down 1% on PM uncertainty.

10-year yields easing to 4.34%.

HIGHLIGHTS

  • Winners: DRO, EOS, PNR, SBM, ELV, KCN, NXL
  • Losers: CRN, HSN, ILU, OCL, REG, DGT, BCI
  • Positive Sectors: Banks. Gold. Copper.
  • Negative Sectors: Iron ore. Tech. Uranium.
  • ASX 200 Hi 8872 Lo 8811
  • Big Bank Basket: Rallies to $285.05(+2.0%)
  • All-Tech Index: Flat.
  • Gold: rises to $5805
  • Bitcoin: rises to US$111748
  • AUD: rises to 65.69c.
  • In Asian markets, Japan down 0.9%, China up 0.7% and HK up 1.4%.
  • 10-year yields slip to 4.34%.
  • US futures – Opening slightly higher DJ up 45 – Nasdaq up 48.
  • European markets set to open up slightly.

MARKET MOVERS

  • EOS +13.2% upgrades outlook.
  • DRO +18.0% short squeeze.
  • PNR +9.6% gold exposure.
  • KCN +5.9% soared since presentation last week.
  • ASB +4.6% defence exposure.
  • DRE +28.1% significant move rare earth surprise of 140m @0.9% TREO.
  • NVX+15.3% critical operational milestone.
  • MI6 +14.3% another written up last week in newsletter.
  • SVL +10.8% silver exposure.
  • FAL +6.9% back in favour.
  • DGL +0.9% solid bounce.
  • ILU -3.9% profit taking.
  • WHC -3.4% buyback update.
  • INR -5.6% profit taking.
  • VR1 -10.2% cap raise.
  • Speculative Stock of the Day: BHM +25.0% – Completion of Main Lode Underground development. Exceptional intercepts.

ECONOMIC AND OTHER NEWS

  • RBA Meeting starts – 2.30pm Tuesday we get news.
  • Iron ore dips on weak demand ahead of National Day in China.
  • Morgan Stanley is optimistic about copper prices, projecting lower supply for both 2025 and 2026.
  • Morgan Stanley forecasts LME Copper to gradually increase to $US13,775 per tonne by Christmas – from $US10,181.5 at present – and to reach $US14,064 by the end of next year.
  • Shares in Sony Financial Group rose 36% on market debut Monday after parent company Sony Group spun off the unit.
  • In Japan, the polls show that while Koizumi and Takaichi are still the two frontrunners, none of the five candidates taking part in the race is likely to win a majority in the first round of voting. Right-leaning Sanae Takaichi has the most backing among the party’s supporters.
  • Wall Street regulator vows light touch and end to quarterly reporting.
  • Spain gets ratings upgrade. Eh Viva España!
  • New York mayor Eric Adams abandons re-election bid.
  • The Bloomberg Commodity Total Return Index, which trades a basket of 24 energy, metal and agricultural futures, is headed for its strongest monthly close in three years. The index has already jumped 9.3% in 2025, eclipsing last year’s 5.4% gain.

And finally…..

Why should a dentist and a manicurist never marry?

Because they will fight tooth and nail!

Clarence

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