The ASX 200 fell 100 points to close at 8686 _1.1%), with losses across the board. Banks held up better, with CBA down 0.6%, and WBC the worst of the bunch, down 1.7%, with MQG also falling 1.1%. The Big Bank Basket dropped to $270.46 (-1.8%). Insurers were better as bond yields rose, with QBE up 1.2% and the rest of the financials losing ground. Tech stocks were struggling today, with XRO falling back to earth by 4.2% and the All-Tech Index falling 1.4% as profit-taking moved in after the recent bounce. In the industrials, we saw TLS fall 2.9%, although defensive stocks bucked the downtrend, with WOW and COL both positive, along with utilities ORG and APA. Healthcare stocks were showing some signs of life, with RMD finding a bottom, at least temporarily, up 2.6%, and CSL up 0.4%.

The real damage, though, today was done in the resource sector, as the iron ore price came under pressure and profit-takers moved into the iron ore stocks, with BHP down 3.3%, RIO down 3.3%, and FMG down 4.1%. Elsewhere in the gold space, we saw selling again in NST, off 6.1%, and EVN falling 3.0%, with lithium and rare earth stocks all under pressure. PLS dropped 4.5%. Big losers today as well were the big winners yesterday in the uranium sector, with PDN falling 8.2% and DYL down 5.2%. The oil and gas space was modestly higher, with both Woodside and Santos rising, together with coal stocks, with WHC rising 3.0%.

In corporate news today, PME secured a five-year renewal in the U.S. TWE had a very good day as it presented to investors with no downgrades and some optimistic outlook statements. IPX fell 4.6% after its DFS study for its Critical Minerals project in Tennessee.

Nothing significant on the economic front, although we did have some international goods trade data out, showing exports increased 7.2%, driven by metal ores and minerals.

Asian markets mixed. Japan down 1.5%, Hong Kong down 1.4%, and China down 0.6%. South Korea eases back around 1.6%

US futures: Dow up 26 and Nasdaq down 141. Oil up 1.0%.

HIGHLIGHTS

  • Winners: TWE, TLX, SHA, DPM, ALD, EDV
  • Losers: AGI, EOS, FFM, VUL, PNR, PDN, ELV
  • Positive Sectors: Insurers. Utilities. Supermarkets.
  • Negative Sectors: Resources. Banks. Tech.
  • ASX 200 Hi 8746 Lo 8652
  • Big Bank Basket: Lower at $270.46 (-1.8%)
  • All-Tech Index: Down 1.4%
  • Gold: Bounces to $6269
  • Bitcoin: Falls to US$63238
  • 10-year yields: Rose to 4.91%
  • AUD: Lower at 71.32c.

MARKET MOVERS

  • TWE +13.1% Investor Day comments.
  • TLX +5.7% positive vibes.
  • RF1 +3.1% Buyback.
  • ALD +4.1% broker upgrade.
  • C79 +3.7% $200m debt facility.
  • RAC +10.0% Options proceeds.
  • CRN +14.8% results of meeting.
  • EOS -9.2% rally unwinds.
  • VUL -8.6% lithium sell-off.
  • PDN -8.2% shorts back.
  • AIS -6.5% copper sell-off.
  • APX -8.1% Change of director’s interest.
  • Yesterday’s Hero: DXN -10.3% No reason.
  • Speculative Stock of the Day: BLG +34.3%

ECONOMIC AND OTHER NEWS

  • DeepSeek closing in on a historic funding round.
  • The Republican-led House voted to halt the US war with Iran, breaking with President Donald Trump on an unpopular foreign conflict. The House vote won’t end US military attacks on Iran, as the Senate would still have to pass the resolution and provisions in the 1973 War Powers Act are legally controversial.
  • Quantinuum said on Wednesday it has raised $1.68bn in its U.S. initial public offering after pricing shares at $60 apiece.
  • Broadcom loses more than $300bn in market value as revenue forecast disappoints.
  • Trump to nominate his former lawyer as US attorney-general.
  • World Cup sparks betting battle between sportsbooks and prediction markets.

And finally….

Please send jokes!

Clarence

XXXX