The ASX 200 closed down 31 points at 9,233 (0.3%), with the banking sector weighing on the market following the WBC Q3 trading update. Signs of a significant slowdown in the mortgage market are taking their toll, with WBC down 5.9% and CBA down 2.1% ahead of its results on Wednesday. The Big Bank Basket fell to $288.28 (-2.6%) The insurance sector also slipped, with QBE down 2.1% and IAG down 3.2%.

The industrial space was somewhat mixed, with WES falling 0.6% and QAN down 1.1%, while healthcare stocks were slightly better, led by CSL, up 1.7%, and RMD, up 4.2%. In the technology space, XRO rose 1.6%, while CAR reported numbers broadly in line with expectations, together with an improved outlook, and rose 9.9%, with SEK following in its footsteps.

Retail stocks were easier, with HVN down 2.0%, NCK down 0.5% and MYR down 2.3%.

Resources were firm. BHP rose 0.9% and RIO rose 0.8%, with lithium stocks also pushing higher, led by PLS and LTR. The gold sector was also firm, with EVN up 2.4% and NEM up 4.4%, while critical metals also had a better day, with SRL rising 16.1% on the back of the US Department of War loan commitment. Oil and gas stocks eased back slightly, while coal and uranium stocks pushed higher.

Plenty was going on today on the corporate front, with OML soaring 4.4% on the back of a new takeover bid, while FPR also received a fresh bid and BET was bid for by TAH. TWE jumped 4.2% on US write-downs and ARF fell hard on rental issues.

There was little locally on the economic front as we wait for the RBA, with the meeting kicking off today. US CPI is also due this week, while Chinese inflation appears to have eased more than anticipated as energy prices slid.

Asian markets were mixed, with the Nikkei 225 up 2.0%, Hong Kong up 0.6%, China down 0.7%, and Korea flat. US futures were mixed with the Dow down 17 points and the Nasdaq up 81.

Europe opening flat.

HIGHLIGHTS

  • Winners: LIN, SRL, FPR, CAR, PNV, ARU, MI6, CXO
  • Losers: ARF, WBC, CDA, BPT, AXQ, TPW, SXE
  • Positive Sectors: Iron ore. Gold miners. Uranium. Healthcare.
  • Negative Sectors: Banks. Industrials. Insurance. Oil and gas.
  • ASX 200 Hi 9267 Lo 9205
  • Big Bank Basket: Falls to $288.28(-2.6%)
  • All-Tech Index: Up 1.4%
  • Gold: Higher at $6144
  • Bitcoin: Steady at US$65032
  • 10-year yields: Steady at 5.00%
  • Oil up 0.2% Gold up 0.2%
  • AUD: firms to 70.65c

MARKET MOVERS

  • LIN +18.4% acquires additional 49% in SARECO
  • SRL +16.1% DoW backing.
  • FPR +12.1% new NBIO.
  • CAR +9.9% solid results and improved guidance.
  • PNV +8.0% follows AVH.
  • SEK +6.9% gets in the CAR trade.
  • BET +33.3% TAH takeover offer.
  • AVH +31.8% presentation.
  • MTM +15.8% another strong day.
  • ARF -22.0% rental issues.
  • WBC -5.9% mortgage falls.
  • SXE -3.8% data centres fitouts drift.
  • AXQ -4.5% sold down again.
  • TPW -4.0% give back.
  • Yesterday’s Hero: AT4 +17.7%
  • Speculative Stock of the Day: BET +33.3% TAH takeover at 24c.

ECONOMIC AND OTHER NEWS

  • South Australia to launch Royal Commission into AI.
  • Chinese CPI hit lowest level in six months. PPI up 3.5% in July.
  • U.S. reaffirms grip on Hormuz blockade, turning away 55 ships as talks stall
  • Europe faces rocket launcher shortage by 2030, space agency chief warns.
  • Netanyahu rejects Trump’s Gaza disarmament plan.
  • Burnham promises to tackle false discounts in latest cost-of-living pledge.
  • Copper holds $14,000 as weaker US rate outlook boosts metals

And finally,,,,

Clarence

XXXX