The ASX 200 dropped another 41 points to 8886 as interest rate sensitive stocks fell and WES dropped 7.1% on AGM comments. Banks held firm as we await details from APEC on the Trump/Xi Meeting which was all over in 90mins. The Big Bank Basket held at $289.37 (+0.1%), with insurers slipping and financials a little wishy washy. REITs tumbled as rates rose, GMG down 1.3% and SCG off 2.9% on rate rethink. Industrials were also weaker, ALL fell 2.2% with WOW gaining 3.3% at the expense COL down 2.6%. REA continued to fall, down 2.6%. TLS off 1.4% and tech stocks fell again, XRO down 2.6% and WTC down another 2.6%. TCL slid 2.4% with JBH under pressure following a trading update. CSL found some friends, up 5.2% but RMD and COH fell.

In resources, a mixed picture, gold miners were spotty. Some ok, some not, NEM gained 1.3% and RRL up 1.2% with uranium stocks still in fashion (for now). PDN up 5.9% and lithium stocks benefitting from broker upgrades to the lithium price. PLS up 5.4% and LTR gaining 11.2%.

In corporate news, MIN soared 13.7% on much better-than-expected results, UNI fell 4.3% after an update and L1G returned to trade after capital raise and soared 11.7%. CIA also doing well on a quarterly in the iron ore space, up 9.9%.  JHX fell 3.1% after losing the chair to a vote.

In economic news, the BoJ held rates unchanged, Trump met Xi for 90 minutes to talk trade. Not sure that is long enough to really get into the ‘nitty gritty’, but China seems to be happy to buy soybeans. Tariffs reduced from 57% to 47%. Not a huge deal really.

Asian markets mixed, HK up 0.5% China unchanged and Japan down 0.3%

10-year yields 4.30%. US Futures not doing much really.  

HIGHLIGHTS

  • Winners: MIN, L1G, LTR, CIA, EQT, PDN, 29M  
  • Losers: DTR, NVX, LRV, WES, DTL, ARU, LIN, EOL
  • Positive Sectors: Lithium. Iron ore. Uranium.
  • Negative Sectors: Retail. REITs. Old skool platforms.
  • ASX 200 Hi 8919    Lo 8876
  • Big Bank Basket: Rose to $289.37 (+0.1%)
  • All-Tech Index: Down 1.6%
  • Gold: rises to $6004
  • Bitcoin: falls to US$109048
  • AUD: Steady at 65.91c.
  • In Asian markets – HK up 0.5% China unchanged and Japan down 0.3%
  • 10-year yields higher at 4.30%.
  • US futures – Dow up 45 Nasdaq up 25
  • European markets set to open lower.

MARKET MOVERS

  • MIN +13.7% beats forecasts – denies under pressure to sell lithium assets.
  • LTR +11.2% lithium forecasts raised.
  • CIA +9.9% good quarterly.
  • 29M +5.8% going well.
  • PDN +5.9% uranium back in fashion.
  • PLS +5.4% lithium forecasts. Broker upgrades.
  • BOC +16.0% thin and illiquid.
  • NYR +11.9% kicks again.
  • HGO +5.9% delivers ore reserve extension.
  • DTR -12.7% volatility continues.
  • NVX -9.7% broker research.
  • LRV -7.6% sinking slowly.
  • WES -7.1% run ends as AGM unfolds.
  • UNI -4.3% trading update.
  • ARU -6.7% cap raising weighs.
  • EUR -12.8% falls again. Change in substantial holding.
  • KSN -17.9% quarterly report.
  • DUG -11.2% profit taking.
  • IPO of the Day: SNM +55% on debut – Gold explorer in Montana.
  • Speculative Stock of the Day:  MRD +47% building on yesterday’s 41% rise.

ECONOMIC AND OTHER NEWS

  • Trump and Xi meet for 90-minutes. A soccer game lasts longer with time added!
  • Air Force One takes off as Trump heads home! Going to China in April.
  • Trump orders US to resume nuclear weapons testing!
  • BoJ sits tight on rates.
  • G7 set to announce critical minerals alliance to counter China.
  • Liberal D66 party set to win Dutch parliamentary elections, exit poll suggests.
  • US set to speed up approval for some generic drugs in blow to Big Pharma.
  • Trump administration quietly pays overdue WTO fees.

And finally….

At school I was told not to worry about spelling, because in the future there will be autocorrect…

For that I am truly grapefruit.

Chinese takeout: $25. Getting home and finding out part of your order is missing: riceless.

Carpenter ants are just like regular ants except for one little difference…Rainy days and Mondays always get them down.

Clarence

XXXXX