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Happy New Year.

Clarence is back!

ASX 200 kicked off the week with a 42-point rise to 8759 (0.5%) as banks pushed higher. CBA up 0.6% and the Big Bank Basket up to $269.67 (%). Some flight to safety as the US administration moves against Jerome Powell. Insurers slipped on recent weather events, QBE down 1.4% and IAG off 3.6%. REITs were mixed, GMG up 0.4% and VCX slipping 0.7%. Industrials firm, WOW up 0.8% and COL up 2.4% despite price gouging inquiries in the wind. WES rallied 1.4% and TLS up 0.4%. The tech sector was slightly firmer with TNE up 0.9% and the All-Tech Index rose 0.4%. In resources, the big three iron ore miners slipped with BHP down 2.5% and FMG off 1.4% on some downgrades and fears of another Anglo bid from BHP. Gold miners rallied hard as gold hit record highs, NEM up 5.8% and GMD up 2.6%. Lithium also firm, PLS continuing higher, and uranium stocks slightly better. Oil and gas majors better as crude rises.

In corporate news, DMP rose 3.1% on a new Australian CEO, RPL rose 4.7% on a trading update. CUV also up 1.4% on a new preclinical study. SUL dropped 5.3% On the economic front, November household spending rose 1%. More than expected.

Asian markets firmed, Japan closed for another holiday and US futures down on the Powell news.

HIGHLIGHTS

  • Winners: DTR, LNW, IMR, USL, PWH, CRN, LRV, RXL
  • Losers: SRL, MSB, 4DX, SUL, QOR, CXO, DRO
  • Positive Sectors:  Banks. Gold. Consumer and retail.
  • Negative Sectors: Iron ore. Insurers.
  • ASX 200 Hi 8786 Lo 8730
  • Big Bank Basket: Up to $269.67 (0.8%)
  • All-Tech Index: Up 0.4%
  • Gold: Flies to $6824
  • Bitcoin: Rallies to US$92085
  • AUD: Higher at 66.94c.
  • Asian markets:  Japan closed for ‘coming of age’ day China up 1.6% and HK up 0.9%.
  • 10-year yields slip to 4.75%.
  • Dow Futures down 243 Nasdaq down 203 on moves against Powell.

MARKET MOVERS

  • DTR +18.2% drilling update.
  • LNW +17.8% settlement with ALL.
  • IMR +17.1% FDA clears VISION -MR Diagnostic catheter.
  • LRV +8.8% Amoco Gold -Antimony Update.
  • EUR +14.9% CRML exposure. Sold some CLE.
  • EQR +17.0% cleansing notice.
  • GRX +19.5% Singapore court dismissal.
  • ARU +8.5% rare earth focus.
  • MKR +23.1% Good volume.
  • 4DX -7.1% profit taking.
  • SUL -5.3% trading update.
  • QOR -4.7% LW article on stocks to avoid.
  • DRO -4.2% LW article on stocks to avoid.
  • ETM -15.4% no reason. Big volume.
  • NVX -7.1% application of quotation for securities.
  • Speculative Stock of the Day:  ITM +33% high-grade gold and antimony.

ECONOMIC AND OTHER NEWS

  • Household spending rose a solid 1% in November, boosted by Black Friday sales and major sporting and music events. Furnishings and household equipment led monthly gains, up 2.2%, followed by clothing and footwear, up 2.0%. Annual spending jumped 6.3%, the fastest growth since September 2023, suggesting the rise reflects more than seasonal trends.
  • US attorney opens a criminal charge against Jerome Powell! The US dollar declined the most in almost three weeks as the Federal Reserve faced grand jury subpoenas from the Justice Department, reviving concerns over political interference in monetary policy.
  • The US will host a gathering of G-7 ministers to discuss rare earths this week, underscoring the shared push to develop alternative supplies in an industry dominated by China.
  • Gold has risen to a record high after US jobs data left expectations for additional interest rate cuts intact.
  • ‘Hundreds’ more agents head to Minnesota, says homeland security secretary.
  • Trump vows to cut off Cuba’s oil supply from Venezuela.
  • Police chief says London is ‘extraordinarily safe’ as murder rate hits historic low.

And finally…..

My friend, a magician, asked his wife to “pick a card, any card.”

So she took his Visa.

Clarence

XXXX