The ASX 200 meandered around waiting for the test to start. At the close, the index was up 23 points to 8618 (0.3%) in a narrow trading range. Banks found some buyers with the Big Bank Basket rallying to $266.71 (0.8%) as ANZ continued higher, up 1.7%. Financials generally were on hold, REITs slid with GMG down 2.7% as higher bond yields took their toll after household spending showed renewed strength. Industrials too were wishy washy, ALL down 0.7% and COL off 1.7% with retailers falling, JBH down 2.1% and TPW falling another 2.4%. STP fell hard on a trading update. Tech stocks were slightly firmer, WTC did better after the investor day yesterday, up 1.7%, with 360 also better. The All-Tech Index drifted 0.3% lower.

Resources were all about copper. BHP up 3.6% with RIO joining the fun and rising 3.9%. Gold miners slipped as a stronger AUD took its toll. Lithium stocks are also coming off the boil with VUL copping it on the capital raise and ex-entitlement. Oil and gas are modestly higher, with uranium stocks mixed.

In corporate news, BEN is in the frame with job cuts, REG sold some aged care homes, and GEM updated the market on its former employee facing an additional 83 charges.

On the economic front, stronger-than-expected household spending reignited rate rise fears.

Asian markets, Japan recovered 1.8% with HK up 0.2% and China up 0.3%.

10-year yields pushed higher again to 4.69%.

HIGHLIGHTS

  • Winners: DVP, CSC, LIN, HMC, SGR. AEL, AYA, AIS
  • Losers: VUL, DTR, TVN, PNR, MI6, SBM, LTR
  • Positive Sectors: Copper. Banks
  • Negative Sectors:  REITs. Gold miners. Lithium.
  • ASX 200 Hi 8619 Lo 8567
  • Big Bank Basket: Higher at $266.71(0.8%)
  • All-Tech Index: Down 0.3%.
  • Gold: Eases to $6346
  • Bitcoin: Steady at US$93490
  • AUD: Higher at 66.13c.
  • Asian markets, Japan recovered 1.9% with HK up 0.1% and China up 0.2%.
  • 10-year yields are higher at 4.69%.

MARKET MOVERS

  • DVP +9.4% base metal exposure.
  • CSC +8.0% copper exposure.
  • HMC +5.0% bargain hunters.
  • S32 +3.9% base metal exposure.
  • HCH +14.2% copper exposure.
  • HAV +13.5% Back door into SFR.
  • NYR +7.6% volatility continues.
  • CTT +15.6% decent bounce.
  • VUL -20.0% ex-entitlement and cap raise.
  • DTR -15.8% down after rise yesterday.
  • 4DX -4.2% giving some back after Wednesday move.
  • LTR -6.0% profit taking.
  • BOC -29.1% slipping.
  • BML -8.8% Appendix 4Y.
  • LKE -8.3% corporate presentation.
  • Speculative Stock of the Day: Nothing on any volume today. Cricket has started!

ECONOMIC AND OTHER NEWS

In October 2025, household spending:

  • Rose 1.3% month-on-month on a current price, seasonally adjusted basis.
  • Rose 5.6% compared with October 2024.
  • Discretionary spending surged this month, led by goods, as promotional events saw households spend more on clothing, footwear, furnishings and electronics.
  • Balance of Trade – The seasonally adjusted balance on goods increased $678m in October.
  • DroneShield (DRO) was the most traded stock on the ASX in October by retail investors.
  • Equifax says first home buyer activity spiked in October, driven by the Federal Government’s expanded 5 per cent FHB Deposit Scheme,
  • The Bank of Japan can only estimate within a wide range where the so-called neutral interest rate might reside, Governor Kazuo Ueda said.
  • Japanese 10-year bond yields rise to the highest level since 2007.
  • Shanghai copper hit a record high on Thursday, boosted by a sharp rise in London Metal Exchange warrant cancellations. The most-active copper contract on the Shanghai Futures Exchange was up 2.45% at 91,150 yuan ($US12,893.96) per metric ton, as of 0240 GMT, after hitting an all-time high of 91,400 yuan earlier in the day.
  • Goldman Sachs Group Inc. says copper’s surge past $11,000 a ton will prove short-lived as there’s still more than enough metal to meet global demand.
  • Meta poaches senior Apple designer to support AI glasses push.
  • Trump proposes slashing fuel efficiency goals for cars.

And finally….

I was in Woolies this morning when a man started to throw cheese, butter, and yogurt at me. How dairy! There was De Brie everywhere!

A man goes to the doctor with a carrot up his nose, and a parsnip in his ear, the doc said, “clearly you’re not eating properly.”

Clarence

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