The ASX 200 closed down 9 points at 8948 (-0.1%) in listless trade. Industrials remain under pressure, WES off 2.2% and ALL down 1.3% with retail falling as APE dropped 2.0%. Tech also in the doldrums, WTC falling another 0.4% and XRO off 1.7%. The All-Tech Index down %. TLS slid 1.0% and REA down again. Banks eased slightly with NAB down 0.4% and the Big Bank Basket down to $287.45 (-0.4%). MQG falling again. REITs off, GMG down 0.7% and GPT down %.

Resources holding up but mixed. BHP down 0.2% with RIO positive. Lithium stocks did ok, PLS up 3.9% and LTR rallying another 6.2%. Gold miners eased despite bullion soaring through US$4000. VAU fell 1.4% and NST down 0.2%. Uranium slightly higher, PDN up 0.9% and oil and gas going nowhere in a hurry. KAR down another 2.9%.

 In corporate news, JHX rallied 9.9% on better-than-expected US sales numbers. MFG rallied 0.9% on better FUM news. DRO announced some software improvements, up 7.8%. And NWH rallied 3.0% after it upgraded guidance.

Nothing on the economic front. The RBNZ cut rates 50bps to 2.5% Asian markets quiet Japan down 0.3% HK down 1.1% with China closed. Reopens tomorrow.

10-year yields ease to 4.36%

HIGHLIGHTS

  • Winners: ARU, MI6, JHX, MSB, L1G, ELV, DRO
  • Losers: DTR, SRL, CUV, MEK, HLI, EOS
  • Positive Sectors: Healthcare. Lithium.
  • Negative Sectors: Tech. Retail.
  • ASX 200 Hi 8964 Lo 8916.
  • Big Bank Basket: down at $287.45 (-0.4%)
  • All-Tech Index: Down 0.7%
  • Gold: rallies to $6147
  • Bitcoin: Falls to US$121447
  • AUD: steady at 65.64c.
  • In Asian markets – China National Day continues- Japan unchanged.
  • 10-year yields steady at 4.36%.
  • US futures – Dow up 24 Nasdaq up 38. Fed minutes today.
  • European markets set to open flat.  

MARKET MOVERS

  • ARU +16.3% SPP over.
  • JHX +9.9% better US sales numbers.
  • MSB +9.4% positive sentiment following recent sales numbers.
  • MI6 +12.7% I know the reason but would have to kill you!
  • L1G +8.2% new fund manager in L! Capital.
  • DRO +7.8% pushes higher again.
  • WBT +5.2% Hello Mr Chips.
  • DXB +7.6% positive trial results.
  • NVX +11.8% no reason.
  • ACE +6.6% speeding ahead.
  • DTR -25.2% profit taking bites.
  • GEM -2.9% buyback update.
  • SRL -17.2% inevitable profit taking.
  • 4DX -2.2% taking the top off.
  • EOS -3.8% consolidating.
  • TMG -12.5% geological breakthrough at antimony canyon.
  • Speculative Stock of the Day:  XST +167% – Diona 1 Operations Update.

ECONOMIC AND OTHER NEWS

  • New Zealand’s central bank on Wednesday cut benchmark interest rates by 50 basis points to 2.5%, bringing the policy rate to its lowest level since July 2022 as growth worries loom.
  • Copper fell as US Federal Reserve officials cautioned against rapid loosening of monetary policy. Analysts at Citigroup Inc. see copper rising to $12,000 a ton in the first half of next year, driven by cuts to supply and supportive macro trends, including a weaker dollar.
  • The yen slid further on Wednesday after touching the weakest level since February against the dollar, as Sanae Takaichi’s surprise win as the new leader of Japan’s ruling Liberal Democratic Party continued to weigh on the currency.
  • Tesla introduced new versions of its top-selling models priced at under $40,000.
  • Bullion hits US$4000. J.P Morgan famously said in his 1912 congressional testimony that “Gold is money, everything is credit.” 
  • Insurers balk at multibillion-dollar claims faced by OpenAI and Anthropic.
  • Cocoa price tumbles to 20-month low as record rally ends.

State Street’s flagship S&P 500 ETF suffers record $32bn outflows.

  • xAI is raising more financing than initially planned, tapping backers including Nvidia to lift its ongoing funding round to $US20bn. The financing includes equity and debt in a special purpose vehicle that will buy Nvidia processors and rent them to xAI for use in its Colossus 2 project.

And finally….

An opinion without 3.14 is just an onion. Don’t worry, you’ll get it.

I accidentally drank some straight food coloring. I’m doing ok, but I feel like I dyed a little on the inside.

Clarence

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