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The ASX 200 kicked off the week up 35 points to 8692 (0.4%) as optimism on a peace deal washed through. Some scepticism remains, so it was a cautious start to the week. US markets are closed tonight. Banks held firm as NAB rose 1.1% and CBA dropped 0.7%. The Big Bank Basket was steady around $275.42. Insurers slid as yields fell, QBE off 2.1% and MQG lost 1.1%. Other financials were mixed, ASX down 1.2% with HUB up 2.4%. REITs were mixed too, GMG down 0.8% but CHC doing well on an upgrade, up 6.7%. Industrials were mixed, with defensives out of favour. TLS fell 0.9% and REA off 0.3%. WOW and COL steady. Retail rose as bond yields slid, WES up 1.5% and JBH up 1.3%. Tech found its feet, WTC up 0.8% and XRO rising 1.0%, with the All-Tech Index down 0.5%.
In resources, RIO and FMG were all up around 1.6% or better. BHP rose 0.6%. Gold miners bounced hard, NST up 5.7% and EVN up 4.2%, with copper stocks also trading higher, SFR up 2.2%. Lithium and rare earths were mildly positive, LYC up 0.7% and MIN rising 2.7%. Oil and gas stocks eased back, WDS down 4.2%, and coal stocks had a great day after issues at one mine in China.
In corporate news, QAN announced the London-Sydney non-stop route would be delayed by a year. It rallied 5.8% on oil falls. CHC rallied on another earnings upgrade. BPT fell 1.3% after selling a 60% stake in its Otway Basin project.
In economic news, nothing today.
Asian markets were better, with Japan up 3.1%, Hong Kong up 0.9%, China up 0.8%, and the Kospi up modestly. US futures were better, with the Dow up 404 and the Nasdaq up 420.
European futures are opening around 0.5% lower. Oil down 5.5%


 The US and UK are closed today.


HIGHLIGHTS
Winners: PNV, BC8, RSG, WHC, GMD, IPX
Losers: ARU, DUR, CAT, NAN, KAR, VEA
Positive Sectors: Iron ore. Gold miners. Coal.
Negative Sectors: Oil and gas. Insurers. Healthcare.
ASX 200 Hi 8713 Lo 8645 – Steady and awaiting more news.
Big Bank Basket: Unchanged at $275.42
All-Tech Index: down 0.5%
Gold: Steady at $6359
Brent Crude down  5.2%
Bitcoin: Steady at US$77340
10-year yields: Drops to 4.86%
AUD: Better at 71.70c.

MARKET MOVERS

  • BC8 +11% conference presentation.
  • PNV +11.9% change in substantial holding.
  • WHC +8.7% NHC +4.7% coal squeezed.
  • GMD +8.5% gold bounce.
  • MEK +17.4% first development ore.
  • CRN +20.9% sale of Logan Mining complex.
  • CY5 +14.3% High -grade Golden Eye results.
  • ARU -9.7% placement at 26c.
  • CAT -6.2% profit taking.
  • KAR -5.7% Asian roadshow – oil price didn’t help.
  • CXO -5.1% slippage.
  • SEK -5.0% tech still on nose.
  • EOL -5.1% more falls.
  • Yesterday’s Hero: IMU -15.4%
  • Speculative Stock of the Day: ADO +77.8% still finding buyers after good week last week.

ECONOMIC AND OTHER NEWS

  • UK and US markets closed tonight.
  • NAB has tightened its home lending rules and will not include the tax effects for properties sold after 12th May.
  • The new tax regime has reduced borrowing capacity by around 30% according to mortgage brokers.
  • US consumers face looming spending squeeze as Trump tax rebates fade.
  • Nikkei 225 hits 65k – AI fever and off-exchange boom grip Japanese retail traders.
  • Uber weighs higher bid for Delivery Hero after €11.5bn offer rebuffed.
  • ECB summons banks to urge them to fix flaws exposed by latest AI models.
  • AI wealth must benefit the public, South Korea’s deputy PM says amid Samsung labour tensions

And finally….

Anyone remember the chiropractor joke I put on here about a week back?

Clarence

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