The ASX 200 dropped another 136 points to finish at 8417, bring total losses for November to 5% so far – placing it on track for the worst month since September 2022. Resources were pummelled, BHP fell 3.2% on Chinese ore embargoes with RIO off 3.2% and FMG tumbling 5.5%. Gold miners were also hit hard despite bullion holding up, NEM down 6.1% and EVN off 4.5%. Lithium stocks saw selling back in aggressively, LTR down 8.4% and PLS off 6.9%. Base metal stocks and rare earths in trouble too, ELV down 11.8% and ILU down 11.6%. Energy stocks also under pressure, WDS down  2.7% and STO falling 3.0%.

Industrials were less affected, TCL down 1.4% and GMG off 3.6% with WES down 1.4% and retail falling after LOV down 13.8% on guidance and AX1 crashing 15.4% on similar negative guidance. Banks saw selling, CBA held firm, the other three off, the Big Bank Basket down to $265.65 (%). Other financial slid, HUB down 3.3% and NWL off 4.5%. Tech was mixed, WTC gained 2.4% on reaffirming guidance at the AGM. The All-Tech index falling 0.8%.

In corporate news, MYX saw its shares halted after a big fall and the Treasurer knocking back the bid. KGN rose slightly on an update, REH better despite a 18% fall in EBIT. WJL got BGH to pay 91c in the takeover battle.

In economic news, nothing locally, Japanese inflation came in stronger than expected.  

Asian markets weaker with Japan down 2.5%, China down 1.9% and HK down 2.1%.

European markets set to open weaker again.

HIGHLIGHTS

  • Winners: GQG, CAT, GTK, CHC, CCL, SHV, SRV.
  • Losers: AX1, LOV, CXO, INR, ELV, VUL, ILU.
  • Positive Sectors: None
  • Negative Sectors: Everything else.
  • ASX 200 Hi 8489 Lo 8448 For the week down 2.5%.
  • Big Bank Basket: Down to $265.65(-%)
  • All-Tech Index: Down 0.8%
  • Gold: Rallies to $6291
  • Bitcoin: Falls to US$86322
  • AUD: Eases to 64.42c.
  • Asian markets: Japan down 2.5%, China down 1.9% and HK down 2.1%.
  • US Futures: Dow down 58 Nasdaq down 12
  • 10-year yields higher at 4.45%

MARKET MOVERS

  • GQG +5.2% No AI trade here.
  • CAT +4.4% book squaring.
  • WTC +2.4% reaffirms guidance.
  • GTK +4.3% g2 win.
  • SGR +22.1% approval for strategic investment.
  • LDX +15.8% cleansing statement.
  • CXO -13.7% lithium profit taking.
  • AX1 -15.4% AGM presentation and earnings downgrade.
  • LOV -13.8% AGM presentation.
  • VUL -11.6% lithium pressure.
  • ILU -11.6% rare earths under pressure.
  • LRV -9.0% sold down hard.
  • MYX -23.1% Treasurer sides with Cossette and says no.
  • ASN -21.0% raises $14m to advance Green River.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • ASX – Total losses for November are 5% so far – placing it on track for the worst month since September 2022.
  • Japanese exports grew 3.6% year on year compared with expectations of a 1.1% growth by economists polled by Reuters. Exports to Asia climbed 4.2% and shipments to Western Europe surged 8.8% year on year. The headline inflation rate rose to 3%, staying above the BOJ’s 2% target for 43 straight months.
  • China’s state-run iron ore buyer told the nation’s major steel producers and traders to stop purchasing another grade from BHP Group, as pricing talks with the world’s top miners drag on.
  • Cathie Wood’s ARK Buys Nvidia Shares for First Time Since August.
  • The price of ARK’s flagship ETF has dropped more than 20% from a peak in October, compared with a decline of 4.3% in the Nasdaq 100 Index over the same period.
  • US sanctions could leave nearly 48 million barrels of Russian crude stranded on the water, pushing dozens of tankers to scramble for alternative destinations.
  • Trump accuses Democrats of ‘seditious behaviour’ punishable by death over video.
  • OpenAI says new GPT-5 model speeds up research in maths and science.

And finally…..

I just started a business that teaches math to short people. It’s the little things that count.

“When I told my carpenter that I didn’t want carpeted steps, he just gave me a blank stair.”

Clarence

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