The ASX 200 finished at a three-week low down 56 pts at 8711 (0.6%). Broad-based losses again, Banks managed to hold firm, the Big Bank Basket flat at $289.43 (). CBA rose 0.9% and ANZ up 0.3%. Insurers eased, QBE dropped 1.2% and REITs also under pressure, GMG off 1.8% and SGP falling 2.2%. Tech and industrials also fell, WTC down 1.9% and XRO off 2.0% with the All-Tech Index down 1.6%. TLS succumbed to some profit taking, off 0.9%, WES continued to fall off another 2.1% with ALL falling hard. Healthcare remains in ICU with CSL dropping again, down 2.2% and COH falling 2.4%.4DX continued to unwind its gains, PME also fell. In resources, BHP fell 1.3% and gold miners were under pressure as bullion fell, EVN down 3.0% and NST off 2.9%. Lithium and rare earths found friends, LYC up 3.5% and PLS rising 3.0% as UBS upgraded the sector. Oil and gas also in demand, WDS up 0.8% and coal stock better together with uranium stocks better. PDN up 0.6% and WHC rising 3.9%.

In corporate news, RWC reaffirmed guidance rising 3.6% and DMP stuffed again off 10.7%, after the US parent dropped nearly 9% on disappointing numbers. ORG fell 3.9%, again after a downgrade following yesterday’s numbers.

On the economic front, the BoJ held rates at 0.75% with the Fed Meeting kicking off today.

Asian markets ease, Japan down 1.3%, China off 0.3% and HK off 1%.

US Futures ease, Nasdaq down 74. Dow up 2. Europe expected to open slightly higher.

HIGHLIGHTS

  • Winners: ARU, ELV, AEL, ELS, NXL, MIN, LTR
  • Losers: EIQ, PNR, DMP, SMI, DTR, WAF
  • Positive Sectors: Banks. Oil and gas. Uranium. Rare earths. Critical metals.
  • Negative Sectors: Gold miners. Tech. Healthcare. REITs. Industrials.
  • ASX 200 Hi 8733 Lo 8693
  • Big Bank Basket: Rises to $289.43(+0.3%)
  • All-Tech Index: Eases 1.6%.
  • Gold: Eases to $6454
  • Bitcoin: Slips to US$76951
  • 10-year yields: Drifts to 5.02%
  • AUD: rises to 71.77c.

MARKET MOVERS

  • ELV +6.3% lithium upgrades.
  • ARU +7.3% rare earths going well.
  • RWC +3.6% reaffirms guidance.
  • LTR +4.0% keeps going higher.
  • EUR +45.6% CRML takeover offer.
  • HCH +6.2% copper back.
  • FTI +19.6% Strategic placement
  • EIQ -14.0% EchoSolv deployed into Mount Sinai.
  • DTR -7.8% continues lower.
  • PNR -11.3% quarterly report.
  • DMP -10.7% stuffed crust.
  • DXB -38.5% timeline pushed out.
  • AI1 -24.5% profit taking.
  • IVZ -15.6% bouncing around.
  • Yesterday’s Hero: PAT -12%.
  • Speculative Stock of the Day: 14D +133% – Now trading halt.

ECONOMIC AND OTHER NEWS

  • Fed meeting kicks off. Powell’s last?
  • Novartis results below expectations.
  • China’s state planner has decreed that Meta Platforms Inc. must cancel its acquisition of AI startup Manus, a deal that was sealed four months prior.
  • South Korea now the eighth biggest stock market. Surpasses UK.
  • China’s state planner has decreed that Meta Platforms Inc. must cancel its acquisition of AI startup Manus, a deal that was sealed four months prior.
  • OpenAI recently failed to meet its own goals for new user acquisition and sales, fueling internal concerns that the company may struggle to support its astronomical spending on AI infrastructure.
  • BoJ keeps rates on hold. The bank raised its core inflation forecasts to 2.8% from 1.9%.
  • CATL plunges more than 8% as the Chinese battery maker unveils $5 billion share placement.
  • European markets set to open slightly higher.

And finally….

I asked the surgeon if I could administer my own anesthesia. He said, “Sure. Knock yourself out.”

Clarence

XXXXX