The ASX smashed lower to finish the week off 59 points at 8770 (0.7%), with the week down 1.2%. Felt like a lot more really!  Banks came under pressure, coming off all-time highs as MQG was dumped 5.7% and WBC and CBA fell hard. The Big Bank Basket dropped to $295.13 (-1.1%). Financials and wealthmanagers continued to fall, with NWL off 2.6% and AMP down 2.9%. REITs were a mixed bag — GMG steady, while CHC slipped 1.2%. Industrials slid, with SGH down 1.6% and ALL off 2.0%, while the tech sector came under serious pressure — WTC down 2.7% and XRO off 2.5%. The All-Tech Index fell 2.2%.TLS bucked the trend on defensive buying, up 1.2%, while QAN landed 6.6% lower after an update. Resources were weaker too, as the big miners sold off — BHP down 0.8% and RIO off 1.3%. Gold miners were mixed, with NEM up 1.8% and EVN down 0.7%. Some buying appeared in rare earths, but uranium came under a little pressure.

In corporate news, XYZ dropped 15.8% on a Q3 revenue miss, QAN fell again on a tradingupdate, and OML slipped 6.0% after warning of a weaker finish to the year. REA came under pressure on results, but NWS rallied slightly on its own. AQZ crash-landed 42.7% after a voluntary suspension ended with a large profit drop and the MD stepping down. MQG became the latest blue-chip loser to be skewered, on disappointing results. On the economic front, nothing locally, but Chinese trade numbers disappointed and iron ore dropped again in Singapore trade.

Asian markets – HK up 0.1%, China off 0.1% and Japan down 0.9%.  US Futures:, Nasdaq up 45. Dow up 50. European markets set for a slightly lower opening.

HIGHLIGHTS

  • Winners: LRV, AUB, ASX, TRA, NWS, LYC, IPH
  • Losers: XYZ, WBT, FFM, SLX, ELV, ZIP, QAN
  • Positive Sectors: Telcos. Supermarkets.
  • Negative Sectors:  Banks. Tech. Iron ore.
  • ASX 200 Hi 8835   Lo 8756
  • Big Bank Basket: Falls to $295.13(-1.1%)
  • All-Tech Index: Down 2.2%
  • Gold: kicks to $6171
  • Bitcoin: Bounces a little, US$102293
  • AUD: Falls to 64.75c.
  • In Asian markets – HK down 1.1%, China off 0.2% and Japan down 2%.
  • 10-year yields lower at 4.34%.
  • US futures – Dow up 19 Nasdaq down 1
  • European markets set to open lower.

MARKET MOVERS

  • AUB +6.3% EQT bid still on?
  • LRV +6.6% antimony.
  • NWS +3.0% better numbers.
  • LYC +2.9% end of week bounce.
  • SS1 +8.9% near surface antimony.
  • XYZ -15.8% results bring sellers.
  • WBT -10.4% unwinding fast.
  • FFM – 9.5% profit taking.
  • QAN -6.6% AQZ falls hard
  • ZIP -6.7% debt facility.
  • DRO -5.3% EOS -4.2% sell off continues.
  • DMP -5.8% stuffed crust.
  • ELV -7.5% lithium sell down.
  • AQZ -42.7% trading update. Not good. MD resigns.
  • LDX -12.5% profit taking.
  • EUR -11.4% under pressure again.
  • Speculative Stock of the Day:  Nothing unsurprisingly.
  • Casualty of the Day: AQZ -42.7% trading update. Not good. MD resigns.

ECONOMIC AND OTHER NEWS

  • Iron ore continues to slide. Down more than 4% so far this week. Iron ore on the Dalian Commodity Exchange was on track for its lowest level since July.
  • US adds silver and copper to ‘critical minerals’ list.
  • China’s steel market is entering a seasonally-subdued period amid a lack of new macro catalysts to sustain prices.
  • China’s exports unexpectedly contract in October, marking the first decline since March 2024.
  • Chinese outbound shipments decreased by 1.1% in October in U.S. dollar terms compared to a year earlier; imports rose 1%, missing the estimated 3.2% growth.
  • Japan’s largest tech fund asserts that AI stocks are not in a bubble and have potential for further growth.
  • Trump states that India has ‘largely stopped’ purchasing Russian oil and hints at a potential visit to the country next year.
  • Elon Musk celebrates victory in the $1 trillion Tesla pay vote.
  • US may be in the process of blocking Nvidia’s sale of scaled-back chips to China.
  • North Korea fired a ballistic missile off its east coast, according to South Korea’s military on Friday.
  • The three largest US airlines are set to cancel hundreds of flights due to shutdowns.
  • US money market may face a new bout of stress, according to Wall Street banks.

And finally……

You know there’s no official training for trash collectors? They just pick things up as they go along.

Clarence

XXXXX