The ASX 200 limped around most of the day closing up 39 points to 8940 (0.4%) with a conviction less rally. Banks found their feet with CBA up 0.4% and the Big Bank Basket up to $299.13 (+0.5%). MQG had a rare good day up 3.8% with insurers and other financials better, ZIP rose 9.9%. REITs were mixed, GMG up 2.4% and SCG off 0.5%. In industrials, WES continue to flop, down another 0.7%. Retail was flat, Healthcare better led by CSL up 2.5% and RMD up 0.8%. Tech had a good day too. WTC up 7.1% and XRO up 4.3% with the All-Tech Index up 3.4%.

Resources were a hodge-podge. Gold miners slid again with small across the board losses, EVN down 2.1% and NST down 1.9%. Iron ore majors were mixed, BHP down 1.0% and RIO up 1.2%. Lithium stocks better, higher oil prices push many towards electrification. PLS up 1.5% and LTR rising 2.3%. Copper stocks not doing much. Uranium stocks were better, PDN up 2.2% and NXG rising 3.2%. Both VEA and ALD had solid days on petrol price rises. WDS eased 1.0% and STO up 1.0%. Coal stocks were bid up, WHC up 4.3% but NHC down 1.8%.

In corporate news, SGR unchanged as the Court ruled that ASIC failed to prove its case. TLC down 0.7% after bringing in a new operating model.

On the economic front, China held its Congress with new targets. Iron ore rose as China renewed a pledge to tackle overcapacity and locally household spending was slightly subdued. Annual growth came in at 4.6%.

Asian markets bounce back. Japan up 2.1%, HK up 0.8% and China up 1.3%. Korea up close to 11%!

10-year yields jump to 4.79%

US Futures down DJ off 132pts and Nasdaq down 35

HIGHLIGHTS

  • Winners: LIN, VEA, WBT, CU6, MFG, CAT, DRO, ZIP
  • Losers: SRL, SIQ, SYL, MND, EQR, MI6, GMD
  • Positive Sectors: Banks. Tech. Financials.
  • Negative Sectors: Gold miners.
  • ASX 200 Hi 8964 Lo 8906 relatively narrow range.
  • Big Bank Basket: rises to $299.13 (+0.5%)
  • All-Tech Index: Up 3.4%
  • Gold: Drifts to $7332
  • Bitcoin: Jumps to US$72,739
  • 10-year yields: Higher at 4.79%
  • AUD: Rises to 70.52c.

MARKET MOVERS

  • MFG +10.5% bounces hard.
  • WBT +11.7% chips are up.
  • ZIP +9.9% solid bounce.
  • DRO +10.1% solid bounce.
  • CAT +10.3% no dead cat bounce?
  • AT4 +14.8% Tungsten. Follows EQR
  • SRL -6.6% don’t let the …go down on me!
  • SIQ -6.3% not so smart. Ex dividend.
  • SYL -6.0% low volume loss.
  • SGR unchanged court findings.
  • MI6 -4.3% appointment of general manager and profit taking.
  • GMD – 4.2% weaker again.
  • EOS -3.1% becoming a substantial shareholder.
  • Speculative Stock of the Day:  OD6 again up 20.9% was yesterday’s too.

ECONOMIC AND OTHER NEWS

  • Monthly Household expenditure – Rose 0.3% month-on-month on a current price, seasonally adjusted basis.
  • Balance of Trade – The seasonally adjusted balance on goods decreased $742m in January.

China sets lowest growth target since 1991 at 4.5% -5%. Not that anyone believes it anyway.

  • Mark Carney (the PM formerly known as BoE head) says that Canada won’t rule out military action if conflict escalates.
  • Chinese overcapacity in steelmaking and oil refining is once again in the government’s crosshairs with promises of orderly reductions in capacity.
  • South Korean benchmark Kospi jumped as much as 11% at the open. Best day since 2008. Worst day yesterday.
  • US congressional panel votes to subpoena Pam Bondi over Epstein files.
  • Dubai evacuation costs rise as high as $250,000 as more families flee.
  • Gulf insurance costs soar 12-fold despite Trump guarantee.

And finally…..

A courtroom artist was arrested today for an unknown reason…details are sketchy.

Clarence

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