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ASX 200 down 91 points to 8779 (1.0%) as losses accelerated across Asia. South Korea was smashed over 5% on AI spending fears and gold and silver fell hard as did oil, as selling spilled over to other assets. Here the banks held up on defensive buying and CBA regained its crown as Number 1. Up 1.4%. The Big Bank Basket unchanged at $270.11. Other financials under some pressure, MQG falling 0.2% with QBE down 1.0% and SOL falling 2.6%. REITs dipped, GMG down 0.1% and SCG off 1.0%. Healthcare too under pressure, RMD down 1.3% and CSL dropping 2.4%. Tech once again skewered, WTC down 2.7% and TNE falling 0.9%. The All -Tech Index fell 1.2%.

Resources bore the brunt of the selling, BHP down 2.3% as copper fell in Asia, RIO off 1.0% and the gold miners under serious pressure, although there were some signs of buying. NST dropped 8.1% and EVN down 5.6% with NEM falling 10.0%. Most arrested declines although failed to bounce. Base metals, copper and lithium stocks also under pressure, LYC down 0.9%, LTR falling 4.0% and MIN dropping 1.5%. Oil and gas stocks under pressure too as crude unravelled on more optimistic Trump tweets on Iran. WDS fell 1.8% and STO down 3.3%. Uranium stocks slid too, as shorts stepped back in.

In corporate news, CTD founder and CEO resigned. The stock is still in a trading halt. GNC crashed 14.0% after a guidance update to 30% below consensus on EBITDA. KMD fell 5.2% despite an upbeat sales guidance release.

On the economic front, all eyes on the RBA tomorrow. HSBC says it will be the first G10 country to raise rates.

Asian markets fell as risk unwound. South Korea fell 5% amidst concerns about the sustainability of AI-related spending.

HIGHLIGHTS

  • Winners: NEC, A4N, TVN,  DRO, QAL
  • Losers: GNC, NVA, DTR, LOT, SVL, SBM, KCN, NEM
  • Positive Sectors:  Banks. Airlines.
  • Negative Sectors: Gold miners. Iron ore. Uranium. Lithium. Healthcare. Tech.
  • ASX 200 Hi 8839 Lo 8746
  • Big Bank Basket: Steady at $270.11
  • All-Tech Index: Down 1.2% Again.
  • Gold: Crashes to $6748
  • Bitcoin: Falls to US$75920!
  • AUD: Slips to 69.39c.
  • Asian markets mixed Japan down 0.5%, HK down 2.4%, China down 1.1%  

MARKET MOVERS

  • NEC +6.6% broker upgrades.
  • DRO +3.9% bargain hunters.
  • WHC +3.3% coal stocks bucking trend.
  • A4N +5.5% research report.
  • WTM+14.6%  chairman’s address.
  • GNC -14.0% guidance downgrade.
  • LOT -12.1% profit taking, no longer deferred settlement.
  • SVL -12.0% silbver exposure.
  • NEM -10.0% gold falls.
  • SBM -11.6% gold falls.
  • BTR -21.4% capital raise.
  • SS1 -% silver exposure.
  • MKR -15.0% eases again.
  • Speculative Stock of the Day:  Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • Trump says Iran negotiating ‘seriously’ on nuclear weapons.
  • Bitcoin fell as much as 2.5% to $74,541, just shy of its lowest level seen since Donald Trump retook the White House a little more than a year ago.
  • China’s manufacturing activity improved in January, according to a private survey, a rare encouraging sign for an economy that’s been losing momentum. The RatingDog China manufacturing purchasing managers index rose to 50.3 from 50.1 in December.
  • Chinese-language crypto networks moved $16.1bn in illicit funds, about 20% of the global crypto crime market. These networks, known as CLMNs, accounted for roughly one-fifth of the illicit cryptocurrency ecosystem in 2025, which Chainalysis valued at over $82bn.
  • Sentiment in Korea was dented by comments from Jensen Huang that the proposed $100bn investment in OpenAI was “never a commitment.”
  • Trump to shut Kennedy Center for 2 years of renovations.

And finally…..

I just saw two huge back birds stuck together…they must be velcrows.

Clarence

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