The ASX200 shrugged off U.S. volatility to close up 24 points at 9,153 (0.3%). Resources rebounded strongly from early losses, with BHP up 0.9% and lithium stocks also finding some buyers, with PLS up 6.5% and LYC up 1.6%. Oil and gas stocks pushed higher, led by WDS up 0.5% and STO up 1.2%. Gold miners shrugged off early losses to be mixed, with GMD up 1.3%, EVN up 1.3%, but NEM down 2.5%. Uranium stocks, too, fought back from early losses, with PDN up 0.2%.

The banks were mixed, with CBA down 1.2% following a quarterly update. ANZ rallied 1.4%. Insurers also were better, with QBE up 0.8%. MQG fell slightly, and GQG plunged 19.6% on the latest funds under management numbers, showing money still leaking out the door. Reits were mixed, with GMG up 0.9% and the SGP down 0.9%. Industrials, though, were generally firmer, with BXB up 0.6%, CPU up 0.7%, and REA doing well with an 0.6% rise. Supermarkets were flat, and retail was mixed, with WES up 0.8%. Technology stocks firmed despite Wall Street weakness, with WTC up 2.5%, XRO up 1.8%, and the All – Tech index rising 0.9%.

In corporate news today, we saw IEL do very well on the back of a potential bid from Brookfield at $3.00. Saw bargain hunters back in after the falls yesterday, and PXA fell 3.4% after it slashed forward guidance. ADH also slipping 2.0% after it flagged a more challenging consumer environment. CBA results landed with a ‘ho’ and a ‘hum’, showing once again a solid set of numbers, but somewhat uninspiring.

On the economic front, we did see the new home loans slumping in its biggest fall on record. We also saw CBA mortgage arrears at the highest in 14 years.

Asian markets mixed, Japan up 1.3%, CSI 300 down 0.3% and HK down 0.8%

HIGHLIGHTS

  • Winners: IEL, 360, ELV, CXO, SRL, MND, AMI, PLS
  • Losers: GQG, DPM, BC8, G6M, VMM
  • Positive Sectors: Lithium (finally). Iron ore. Tech. Utilities. Oil and gas.
  • Negative Sectors: Banks.
  • ASX 200 Hi 9150 Lo 9085
  • Big Bank Basket: Unchanged at $284.84
  • All-Tech Index: Up 1.0%
  • Gold: Falls to $5909
  • Bitcoin: Falls to US$73605
  • 10-year yields: Rallies to 5.05%.
  • AUD: Eases to 68.40c.

MARKET MOVERS

  • IEL +16.3% Brookfield makes NBIO.
  • 360 +10.1% solid bounce back.
  • CXO +8.0% lithium stirring.
  • SRL +7.7% pushing higher again.
  • PLS +6.5% stirring. Shorts worried.
  • MND +7.2% broker upgrades.
  • MTM +10.2% MT write up this morning.
  • MYG +9.9% no reason.
  • GQG -19.6% boys having no FUM!
  • DMP -0.3% stuffed crust.
  • BNZ -4.0% profit taking.
  • Speculative Stock of the Day: Nothing on any volume.

ECONOMIC AND OTHER NEWS

  • The value of new home loans – including those for owner-occupiers – was down 15.5%, the largest quarterly fall on record, Australian Bureau of Statistics data showed. The ABS series began in 2002.
  • The ANZ Economics team says the RBA is likely finished with raising rates, but there may still be some hard choices to come.
  • Macquarie admits failures in savings rates promotion.
  • David Jones to close half its stores.
  • Anthropic bankers prepare to increase the valuation to US$1.5 trillion.
  • The U.S. House of Representatives has blocked the impeachment of Pete Hegseth.
  • South Korea fines bond dealers a record $1.8bn over collusion.
  • CoreWeave plans multi-billion-dollar chip-backed debt deal.
  • Scott Bessent apparently moved to a military base over Iranian threats on his life.
  • The White House vows to press ahead with tariffs despite backlash over rising prices.

And finally….

Clarence

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