ASX 200 fell back to earth, dropping 73 points to 8995 (0.8%). Hot air is escaping from hot sectors today. Banks slid a little with the Big Bank Basket down to $286.96 (-0.2%). ANZ down 0.5% and MQG falling 1.0%. Insurers were smashed on 10-year yields plunging, QBE down 9.3% and IAG off 6.2%. Financials also under some end of week pressure, GMG gave back some gains falling 2.4% and industrials slid. WES down 0.9% and ALL off 1.4%. Tech under pressure again, WTC down 1.8% and XRO off 0.4%. The All-Tech Index off 1.8%. Resources were a mixed bag, gold hit more records, 9 straight weeks of gains! NST up 2.3% and EVN up 1.9% with rare earth companies coming unstuck. LYC fell 5.7%, at least off lows, ILU withdrew guidance, dropping 2.4% and copper stocks fell. BOC having run hard and collapsed today, off 33.8%. Serious profit taking in the hot stocks today, uranium stocks also under some pressure. Oil and gas stocks slipping again, STO  off 3.3% and WDS down over 2.6%.

In corporate news, NXG fell 6.1% after raising C$1bn in a global equity offering, VUL dropped 7.7% after a partnership with JordProxa was announced. ERD collapsed 33.6% on an impairment charge related to the US business and guidance downgrade. BHP slipped 0.4% as inventories of Jimblebar fines built up at Chinese ports.

On the economic front, nothing today. Albanese set to meet Trump next week.

Asian markets fall, Japan down 1.4% China down 1.5% and HK down 1.9%.

10-year yields fell to 4.09%.

European markets opening 0.5-1% lower.

HIGHLIGHTS

  • Winners: NVA, SX2, EMR, TWE, JIN, WGX, WBT
  • Losers: BOC, MTM, LOT, BMN, PNV, EOS, PNV, QBE, 4DX
  • Positive Sectors: Gold miners. Iron ore miners.
  • Negative Sectors: Insurers. Rare earths. Copper stocks. Oil and gas. Healthcare.
  • ASX 200 Hi 9050 Lo 8990 – And breathe. Up 37 points for the week!
  • Big Bank Basket: Falls to $286.96 (-0.2%)
  • All-Tech Index: Down 1.8%
  • Gold: flies to new record at $6746. Crazy. Up $300 in a day!
  • Bitcoin: rises to US$109247
  • AUD: falls to 64.69c.
  • In Asian markets – Japan down 1.3% China down 1.3% and HK down 1.6%.
  • 10-year yields fell to 4.08%.
  • US futures – Dow down 154 Nasdaq down 124.
  • European markets set to open 1% lower.  

MARKET MOVERS

  • NVA +16.7% volatility continues.
  • WBT +3.0% becoming a substantial shareholder.
  • EMR +4.1% Annual report.
  • SX2 +4.6% gold price helps.
  • TWE +3.7% finding friends.
  • WGX +3.4% gold price.
  • IRE +3.0% third parties enter data room.
  • GL1 +3.3% plans to spin out gold assets via IPO.
  • BOC -33.8% profit taking.
  • MTM -17.7% profit taking.
  • BMN -12.4% LOT -14.3% pullback.
  • EOS -9.4% DRO -8.0% pullback continues.
  • QBE -9.3% crunch! Bond yields?
  • FFM -5.0% profit taking.
  • ERD -33.6% trading update – focus on ANZ Opportunities.
  • COB -19.6% change of director’s interest.
  • ARR -13.7% quarterly report.
  • AVH -16.0% CEO transition. Jim Corbett out.
  • Speculative Stock of the Day: HWK +106% Reinstatement to quotation. $5m placement and option over scandium project.
  •  

ECONOMIC AND OTHER NEWS

  • Gold on track for its best weekly rise in 17 years. Up 8.5%.
  • Stocks of a type of iron ore supplied by BHP are piling up at major Chinese ports to the highest levels in three months, with trade stalled.
  • China’s Ministry of Commerce accused the U.S. of creating “panic” over Beijing’s controls on rare earth exports.
  • Alibaba says its AI spending in e-commerce is already breaking even
  • AI Boom Sparks Billion-Dollar Data Centre Race in Nigeria.
  • Trump’s former national security adviser John Bolton indicted by justice department.
  • Ferrari cuts UK deliveries to stem hit to values after non-dom change.

And finally….

They told me I’d never be any good at poetry because I’m dyslexic but so far I’ve made 2 jugs and a vase!

What’s the best part about living in Switzerland?I don’t know but the flag is a big plus.

Clarence

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