The ASX 200 slipped 10 points in quiet trade to 8624 (0.1%). Banks eased slightly with ANZ and NAB down around 0.7%. The Big Bank Basket up to $269.33 (0.3%). Other financials and insurers were firm, QBE up 1.1% and ZIP doing well, up 5.7%. Industrials wafted around, retailers fell with JBH and WES showing modest losses. REITs were slightly better, led by GMG and TLS had a good day as did REA. Technology stocks were mixed, WTC up 0.8% and XRO continuing to fall, off another 0.6%. The All-Tech Index rising 0.1%.

In the miners, iron ore majors came under a little pressure, with RIO off 0.9%. Gold miners too were under some pressure as bullion drifted lower, NST down 1.4% and EVN off 2.1%. Lithium stocks were on a roll. PLS up 6.1% and LTR blasting 14.8% ahead on UBS upgrades and short covering. Uranium stocks down, modest losses only. BOE the exception falling 4.5%.

In corporate news, NSR got an agreed bid from Brookfield-GIC at 286c. S&P have downgraded their credit outlook for ASX Ltd to “negative” from “stable”. TNE have backed the new CFO following his time with CTD.

On the economic front, RBA meeting tomorrow, and almost a shoe-in for no change to rates. The AUD is trading at a 3-month high.

Meanwhile in Asia, Japan up 0.5%, HK down 1.0% and China up 0.7%.

10-year yields steady at 4.70%.

US Futures – DJ up 18 points and Nasdaq up 66.

HIGHLIGHTS

  • Winners: LTR, AYA, PLS, ZIP, QOR, SX2, BAP, AIS, FPR
  • Losers: NVA, SRL, SLX, RAC, MTM, TVN, BRE
  • Positive Sectors: REITs. Telcos. Lithium.
  • Negative Sectors:  Healthcare. Gold miners. Rare earths.
  • ASX 200 Hi 8630 Lo 8596 Narrow range. Quiet.
  • Big Bank Basket: Higher at $269.33 (0.8%)
  • All-Tech Index: Up 0.1%.
  • Gold: Eases to $6342
  • Bitcoin: Slips to US$91353
  • AUD: Higher at 66.44c.
  • Asian markets, Japan flat, HK down 1.1% and China up 1%.
  • 10-year yields are steady at 4.70%.

MARKET MOVERS

  • LTR +14.8% UBS upgrades and short covering.
  • QOR +5.4% tech bounce.
  • PLS +6.1% UBS upgrades and short covering.
  • ZIP +5.7% no reason.
  • AIS +3.9% copper exposure.
  • BAP +4.4% Appendix Z.
  • NYR +11.8% volatility continues.
  • NVA -18.4% upcoming webinar.
  • SRL -17.7% reverses some of last week’s run.
  • SLX -7.7% uranium exposure.
  • RAC -7.0% continues lower.
  • CHN -5.4% Investor presentation.
  • VUL -3.6% heading to issue.
  • TM1 -15.4% multiple reefs and sulphides found at Southwest.
  • STM -9.1% raises $8m in share placement.
  • HAS -9.3% notification of unquoted securities.
  • Speculative Stock of the Day: BAS +97.1% executes gas sales with Origin.

ECONOMIC AND OTHER NEWS

  • RBA may have ‘cut too far’, says HSBC’s Paul Bloxham.
  • S&P have downgraded their credit outlook for ASX Ltd to “negative” from “stable” because of what it described as risk management “lapses”.
  • Chinese exports surged 5.9% in November in U.S. dollar terms from a year earlier, topping economists’ forecast for a 3.8% growth. Imports growth of 1.9%, however, missed expectations for a 3% rise.
  • Principal Asset Management chief global strategist Seema Shah says 2026 will be shaped by continued growth amid policy upheaval, AI investment and fiscal stimulus, even as late-cycle risks persist.
  • AI-related capital expenditure accounted for nearly half of US GDP growth in the first half of 2025, Shah noted.
  • Brent oil futures edged toward $US64 per barrel amid doubts over a Ukraine-Russia ceasefire.
  • Yardeni Research is now recommending effectively going underweight the magnificent seven mega-cap technology stocks versus the rest of the S&P 500.
  • ANZ economists expect the US Federal Reserve to cut the federal funds rate this week by a quarter of one percentage point to a range of 3.50 to 3.75%. Same as here.
  • President Donald Trump raised potential antitrust concerns around Netflix Inc.’s planned acquisition of Warner Bros. Discovery Inc., noting that the market share of the combined entity may pose problems.

And finally….

I switched all the labels on my wife’s spice rack.

I’m not in trouble yet, but the thyme is cumin.

The sweater that I just bought had so much static that I returned it.

They gave me another one, free of charge

Clarence

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