The ASX 200 fell 12 points to 8959 (0.1%) in quiet trade again ahead of the US reporting season. Down 29 points for the week. Banks were firm as CBA rose 0.6% and NAB up 0.6% with ANZ being in trouble for its culture again. The Big Bank Basket rose to $286.43 (0.5%). MQG lost 0.8% on a GS downgrade. L1G continued to fly following its FUM and merger with PTM. NWL rose 5.3% as a broker upgraded. ZIP ran 2.1% and PNI rose 3.5%. REITs steady, industrials were better, QAN up 1.9% and JBH rising 2.3% with some tech stocks rallying, TNE up 2.4% and XRO finding some support rising 1.2%. The All-Tech Index up 1.3%. TLS continued to push higher. Resources were under pressure with BHP down 2.1% and RIO off 1.7%. Gold miners suffered as bullion dropped back below $4000. NST down2.1 % and NEM off 2.9%. Most gold miners rallied off earlier lows. Rare earths also came in for some profit taking as its Friday. LYC down 3.8% and ILU off 3.2%. Lithium stocks slipped too. No good news in oil and gas either, WDS down 1.2%. Uranium stocks mixed, DYL up 2.5% and PDN off 1.6%.

In corporate news, MIN saw a new NED, DGT gained 1.3% on the CEO stepping down. MAC to be delisted following the Harmony Gold takeover.

In economic news, Michele Bullock appeared before a Senate Committee.

Asian markets ease, Japan down 1.2%, China down 1.4% and HK down 1.1%.

10-year yields up to 4.36%

HIGHLIGHTS

  • Winners:  FML, L1G, AD8, CRN, DTR, WBT, TPW, SLX.
  • Losers: PNR, CHN, EOS, ALK, ELV, TCG, C79
  • Positive Sectors: Banks. Healthcare. Industrials. Tech.
  • Negative Sectors: Gold miners. Iron ore. Rare earths. Oil and gas.
  • ASX 200 Hi 8978 Lo 8938. Down 29 for the week.
  • Big Bank Basket: Rallies to $286.43 (+0.5%)
  • All-Tech Index: Up 1.3%
  • Gold: falls to $6054
  • Bitcoin: Falls to US$121163
  • AUD: falls to 65.67c.
  • In Asian markets – Japan down 1.2%, China down 1.4% and HK down 1.1%.
  • 10-year yields rise to 4.36%.
  • US futures – Dow up 50. Nasdaq up 25.
  • European markets set to open slightly firmer.  

MARKET MOVERS

  • FML +20.2% pushing ahead again.
  • L1G +16.2% rerating continues. Up 40% in a week.
  • AD8 +12.0% on a roll.
  • DTR +9.1% corner turned – gold and REE.
  • WBT +7.0% chips
  • SLX +5.5% keeps on rising.
  • SBM +2.6% broker upgrade.
  • NWL +5.3% broker upgrade.
  • SYR +15.3% critical metals.
  • ARR +12.4% rare earth exposure.
  • NVX +27.3% no reason. Critical metals winner?
  • EUR +15.4% CRML holding.
  • PNR -10.4% gold miner.
  • EOS -7.62% profit taking.
  • CHN -8.6% platinum profit taking.
  • ELV -6.8% profit taking.
  • DRE -7.1% capital raising.
  • Speculative Stock of the Day: DTM +50.0% High-grade antimony.

ECONOMIC AND OTHER NEWS

  • The Australian Office of Financial Management which oversees debt issuances said it will not allow ANZ to lead any of its bond deals until it sees significant cultural change at the bank.
  • Reserve Bank governor Michele Bullock says the central bank expects unemployment to rise further this year, and that inflation could also return if household consumption continues to grow. “The last national accounts demonstrated that the private sector and private demand was starting to drive growth, and we’re expecting that to continue.”
  • Israel’s government approved a deal for Hamas to release remaining hostages in Gaza in exchange for more than 2,000 prisoners.
  • President Donald Trump said he’ll travel to Israel to be on hand for the release of hostages under the terms of deal ending the war with Gaza.
  • China has tightened its controls on rare earth exports ahead of an expected meeting between President Xi Jinping and President Donald Trump.
  • SK Hynix shares jumped 10% while Samsung Electronics rose nearly 6% to hit fresh records after the holiday season comes to an end.
  • In the US, October consumer sentiment is out tonight from the University of Michigan.
  • Investors are watching for more reports of exposure to First Brands, the auto parts maker, after it went bankrupt. This week Jefferies and UBS both said they had exposure.
  • Investors flock to ‘ex-US’ stock funds in drive to diversify.
  • Some irony here, due to the shutdown, the US Blue Angels can’t fly in San Francisco’s Fleet Week, so the Royal Canadian Air Force’s Snowbirds will fly instead.

And finally…..

A grasshopper walks into a bar and the barman says to him “far out man we have a cocktail named after you” and the grasshopper looks at him oddly and says “what? Kevin?”

People who say their wedding day was their best day ever, have obviously never had two KitKats fall out a vending machine.

Clarence

XXX