The ASX 200 fell another 19 points to 8785 (0.2%) as resources were once again under pressure. Well off the lows though of around 120 pts down. BHP fell 2.3% on potential strike action, RIO dropped 2.6% and FMG held up relatively well. Lithium plays remained depressed, with PLS down 3.3% and LTR falling 4.3%. Gold miners were also under pressure, although well off their lows, with NST down 1.7%, EVN crashing 4.2% and GMD also in trouble. LYC managed a small gain, as did BSL. Oil and gas stocks were a bright spot as crude prices rose, with WDS up 3.2% and STO rising 5.8%. Coal stocks also fared better, with WHC up 2.1% and YAL rising 4.0%. Uranium stocks were mixed.

The banks were once again a safe haven, with the Big Bank Basket rising to $279.89  (0.98%) as CBA added 0.9% and ANZ jumped 1.2%. MQG slid 0.5%, while other financials were also under the pump, with NWL dropping 3.9%. Insurers were firmer on higher bond yields. REITs also pushed ahead, with SGP up 5.1% and SCG rising 0.8%. Healthcare took a breather today, with RMD dropping 0.8% and SIG falling 0.7%. The tech space was once again unloved, with WTC giving back recent gains, falling 7.3%, and XRO dropping another 1.2%. NXT fell 1.0%, while TLS eased % as a serious outage damaged the brand. The All-Tech Index down 1.4%. Retailers firmed, with WES up 0.5% and JBH gaining 1.9%.

In corporate news, RMD sold a software business, GGP appointed a new COO, and ADH warned of a $43m loss driven by impairments.

On the economic front, the RBNZ raised rates for the first time in three years. Locally, dwelling commencements fell 11.2%.

Asian markets were weaker. The Nikkei 225 fell 1.5%, Hong Kong up 3.1%, China dropped 0.1%, while the Kospi fell 5.5%. European futures were slightly weaker.

US futures were also softer, with the Dow down 99 points and the Nasdaq off 42 points.

HIGHLIGHTS

  • Winners: KAR, TVN, STO, SGP, YAL, LLC, PDI
  • Losers: MI6, IPX, CXO, GNP, EOS, WTC, C79, 4DX
  • Positive Sectors: Banks.  REITs. Oil and gas. Coal.
  • Negative Sectors: Iron ore. Gold. Lithium. Tech. Telcos.
  • ASX 200 Hi 8785 Lo 8677
  • Big Bank Basket: Rose to $279.89 (+0.9%)
  • All-Tech Index: Down 1.4%.
  • Gold: Steady at $5943
  • Bitcoin: Falls to US$62555
  • 10-year yields: Rises to 4.82%
  • AUD: Steady at 69.40c
  • Oil up 3.3%. European futures ease.

MARKET MOVERS

  • STO +5.8% crude price.
  • TVN +5.8% cleansing notice.
  • YAL +4.0% HKEK monthly return.
  • PDI +3.8% production update.
  • NTU +7.7% bouncing around.
  • IPX -14.1% offering of ADRs
  • MI6 -16.5% PFS and MRE
  • 4DX -7.2% profit taking.
  • WTC -7.3% reverses recent gains.
  • EOS -7.4% under pressure.
  • CXO -12.1% lithium on the nose.
  • GNP -8.1% no involevment in Telstra outage.
  • TLS -3.0% outage.
  • INR -6.5% MOU signed with KIND and Hyundai.
  • ILA -7.4% Ebola Clinical program
  • Speculative Stock of the Day: CPN +25% High grade tin intercepted at Kelpie.

ECONOMIC AND OTHER NEWS

  • Total dwellings commenced fell 11.2% to 48,012 dwellings. New private sector houses commenced fell 3.5% to 27,658 dwellings.

Farage by-election gambit undercut by rivals’ refusal to participate.

Trump tells NATO he wants Greenland or he pulls US troops from Europe.

Korean Kospi turns down again. Peak to trough now 20% down.

The Kospi was up about 116% this year through its peak, but has now pared that advance to about 73%. It’s still the world’s best performing benchmark.

US launches powerful attacks on Iran. Iran vows revenge.

U.S. lawmakers are considering strategies to halt the growing adoption of Chinese AI models by homegrown companies.

Chinese autonomous-driving firm Momenta rises 3% in Hong Kong stock debut.

Japan’s borrowing costs soar to 30-year high on debt fears.

Meta tests ‘super sensing’ AI glasses that can record every moment.

New Zealand raises rates for the first time in 3 years

Chinese stocks in Hong Kong advanced as investors rotated into less-crowded parts of the global market, while reports that local AI model makers are developing their own chips boosted confidence.

And finally….

Soon, I’ll be sharing some jokes about library books. They are long overdue.

Clarence

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