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The ASX 200 slipped 25 points to 8957 (-0.3%) in a mixed session. Banks clawed back early losses, CBA unchanged and the Big Bank Basket at $287.46 (%). Financials were a little mixed, ASX fell 1.4% and CGF rose 2.4%. GQG fell 6.1% as tech rallied in the US. GQG is not a fan of AI strategy. Industrials eased, ALL down 1.3% and WES falling 1.3% with retailers under a little pressure. MYR unchanged as Lew moved to another 3% of the company. Tech slipping still, XRO down 0.2% and WTC falling 2.8%. The All-Tech Index down 0.7%. Healthcare fell back, SIG down 1.7% and RHC off 0.3%. Resources were mixed too. Gold miners seeing a pause in enthusiasm despite AUD gold prices above $6000. GGP rose 9.7% on a production update. EVN slipped 0.1% and NEM managed only a 0.4% rise. Lithium stocks better, PLS up 0.4% and LTR rising 1.6% with S32 doing well up 4.3% as the US government took a 10% equity position in its partner in Alaska. Uranium stocks pushed higher as oil and gas stocks fell, STO down 0.6% and KAR off 3.7%. Coal stocks lid, WHC down 2.7%.

In corporate news, WEB had a trading update and gained 3.0%, SBM collapsed 11.0% as it raised fresh funds. DRO down 3.7% after it announced a new $13m R&D facility in Adelaide. RIO announced a $1.1bn iron ore mine expansion with its Japanese partners.  

Nothing on the economic front. Asian markets better, Japan up 0.5%. HK down 0.7% with China closed.

10-year yields ease to 4.38%

HIGHLIGHTS

  • Winners: GGP, PDI, PYC, WBT, JMS, MI6.
  • Losers: SBM, MTM, CYL, GQG, SRL, PNV, BRE
  • Positive Sectors: Base metals. Gold miners.
  • Negative Sectors: Tech. Retail. Healthcare.
  • ASX 200 Hi 8980 Lo 8937
  • Big Bank Basket: rallies to $288.49 (+0.4%)
  • All-Tech Index: Down 0.7%
  • Gold: rallies to $6000
  • Bitcoin: Better at US$124464
  • AUD: better at 66.05c.
  • In Asian markets – China National Day continues- Japan up 0.5%.
  • 10-year yields steady at 4.33%.
  • US futures – Dow down 75 Nasdaq down 8. Fed officials speaking today.
  • European markets set to open around 0.2% lower.  

MARKET MOVERS

  • PDI +8.3% merger finds favour.
  • GGP +9.6% production update.
  • FAL -0.6% drilling results.
  • WBT +7.1% chips stock rally.
  • CAT +3.5% LW article.
  • FML +5.7% going well.
  • INR +22.2% US investor enthusiasm.
  • ACE +20.0% US Contract.
  • SPD +19.7% environmental guarantee.
  • SBM -11.0% placement.
  • MTM -8.8% profit taking.
  • BRE -5.0% cooling.
  • GQG -6.1% tech rally continues.
  • EUR -34.0% serious rethink.
  • FXG -8.1% further high-grade antimony results.
  • Speculative Stock of the Day: HAS +34% no news – decent volume.

ECONOMIC AND OTHER NEWS

  • China closed. Japan’s Nikkei 225 hit a record high Tuesday for the second straight session.
  • ASIC has approved alternative exchange Cboe Australia’s listing market application, in a move which increases direct competition for sharemarket floats with the ASX.
  • Aware Super, has signed a binding agreement to merge with TelstraSuper.
  • Gold will become Australia’s second-most-valuable commodity export, overtaking liquefied natural gas, after the precious metal’s “extraordinary surge” to record prices, the government said.
  • Elon Musk named a former Morgan Stanley executive Anthony Armstrong, the chief financial officer of xAI, appointing an ally to help oversee one of the largest US artificial intelligence startups. He will be responsible for finance at both xAI and social media service X.
  • Looks like some details of the new ‘cheap’ Tesla model are being leaked. Just remove many of the features it seems is the answer!
  • Japan’s 30-year government bond auction drew a stronger demand ratio than its 12-month average. The bid-to-cover ratio, a key measure of demand, was 3.41, compared with 3.31 at the previous auction.
  • Donald Trump threatens to invoke 200-year-old Insurrection Act to deploy troops.
  • US regional bank Fifth Third strikes $11bn deal to buy Comerica.

And finally…..

Clarence

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