The ASX 200 fell 67 points to 8,772, leaving the market down around 25 points for the week. Once again, we saw money flowing out of resources, industrials and the technology sector, and back into the relative safety of the banking sector. The Big Bank Basket rose to $288.03 (+1.2%). CBA rose 1.0% and NAB gained 1.5%, while insurers also benefited from higher bond yields, with QBE up 1.4%. MQG continued to push higher following the CEO retirement announcement, but other financials slipped, with HUB down 3.1% and IFT falling 1.2%. REITs were mixed, with GMG down 2.7% while SGP edged slightly higher.

Industrials were well and truly on the nose yet again, with WES down 1.0%. Retail stocks generally drifted lower, with most names down around X%. The technology sector was once again battered and bruised, with REA down 3.7%, XRO falling 4.5%, and WTC also hit hard.
Healthcare was no refuge either, with CSL down 1.3% and RMD falling 0.4%.
Resources were not spared, with BHP down 2.9% and RIO off 1.7%. Gold miners were once again under pressure as the bullion price looked to be testing US$4,000 an ounce yet again. NST fell 3.9% and EVN dropped 2.4% Lithium stocks were also depressed, with LTR falling hard and PLS down 2.1%. Rare earth and copper stocks were also in the doghouse, while uranium stocks continued to slide.
Energy stocks were one of the brighter spots, with both WDS and STO firmer, while KAR enjoyed a good day following a broker upgrade.
Corporate News, COH edged higher after confirming it would not be subject to the new US tariffs. ASX fell after announcing the retirement of its CFO.There was nothing of note on the local economic front.The US tariff saga continues, with Australia hit by 12.5% tariffs on products linked to alleged “forced labour” issues.
Asian markets were weaker, Nikkei 225 down 2.9%, HK down 1.4% and China off 1.3% – Korea down 6.0%. US futures drifting.

HIGHLIGHTS
Winners: KAR, BNZ, GNG, NUF, SHV, RXL
Losers: AXQ, DTR, TCG, CNI, CU6, IPX, DRO
Positive Sectors: Banks. Oil and gas.
Negative Sectors: Resources. Tech. Industrials. Healthcare.
ASX 200 Hi 8816 Lo 8741 – Down 25 for the week.
Big Bank Basket: Rises to $288.03 (+1.2%)
All-Tech Index: Down 2.9%.
Gold: Falls to $5771
Bitcoin: Falls to US$65240
10-year yields: Higher at 5.08%
AUD: Lower at 69.75c
Oil down – US Futures steady.

MARKET MOVERS
KAR +10.8% broker upgrades and oil price.
GNG +4.6% contract win.
TWE +2.6% Livewire Article.
BNZ +8.3% defies resource gravity.
CCE +% power play.
AXQ -11.1% smashed again.
DTR10.8 -10.7% sold down.
LTR -7.4% lithium depressed.
FRS -7.5% response to bidder’s statement.
JGH -16.5% smacked down.
MYE -1.1% profit taking.
Yesterday’s Hero: CTS -12.1%
Speculative Stock of the Day: UM1 +45.0% not huge volume – 40m at 1.9g/t AU at O’Phaly.
ECONOMIC AND OTHER NEWS
OpenAI’s Hugging Face hack triggers ‘AI Kill Switch’ bill in Congress.
South Korean stocks fell as funds cut exposure to chipmakers after losses in US peers, while factoring in a Chinese rival’s imminent share sale and rising Middle East tensions.
COH has announced it will be able to import its products into the United States duty-free following the completion of a government investigation.
Intel posts fastest growth in 15 years as AI data centres demand fuels sales.
ECB’s Joachim Nagel says ECB in a good position on next rate move.
Meta faces higher borrowing costs in latest $12bn data centre financing.
Chinese AI models will slash adoption costs, says Singapore’s GIC.

And finally….

Clarence

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