The ASX 200 fell 65 points to 9082 (0.7%) as both banks and resources came under pressure after a positive week. For the week the ASX 200 rose 61 points. Resources saw selling today as the strong USD continues to weigh. BHP fell 1.3%, RIO fell 0.7%, and the gold miners also suffered, with NST down 2.8% and NEM down 2.2%, as bullion hit a one-year low. There was some respite in lithium stocks, with PLS slightly firmer, along with MIN, although rare earth stocks gave up early gains, with LYC down 1.1%. Uranium stocks fell as PDN returned to trade down 17.6% after a $525 million placement. Both WDS and STO rose slightly as crude picked up.

The banking sector eased back, led by CBA down 0.5%, MQG down 1.1%, and other financials easier as well. REITs were mixed, with GMG falling 2.0%, together with CHC falling 1.3%, and SCG down slightly. Healthcare stocks saw a little bit of selling, with CSL easing back 0.8% and COH down 1.1%. Industrials, too, were weaker, with QAN falling 2.4% together with SGH off 2.3% and REH down 1.6%. Retail stocks were also under a little pressure as bond yields rose, with JBH down 1.0%. Tech stocks were mixed, with XRO continuing to find friends, up 2.3%, though NXT fell 3.5%, perhaps on Nvidia news.

In corporate news today, we saw CSC fall 5.4% on downgraded production guidance. LLC fell hard, 8.4%, after it started its bond redemption process. And AYA signed its fifth U.S. customer. It closed down 7.3%. Nothing on the economic front as banks in Canberra for Senate hearings.

Asian markets

HIGHLIGHTS

  • Winners: GNC, WAM, BCI, XRO
  • Losers: PDN, G6M, CU6, RPL, LLC, MMS, WBT, AYA
  • Positive Sectors: Lithium.
  • Negative Sectors: Banks. Iron ore. Gold. Uranium. REITs.
  • ASX 200 Hi 9109 Lo 9057
  • Big Bank Basket: Slips to $287.15 (0.3%)
  • All-Tech Index: Down 0.5%
  • Gold: Falls to $5765
  • Bitcoin: Falls to US$68839
  • 10-year yields: Rallies to 5.12%.
  • AUD: Eases to 67.92.

MARKET MOVERS

  • XRO +2.3% broker upgrades.
  • WAM +3.0% director buying.
  • IEL +1.2% takeover news.
  • PDN -17.6% capital raise.
  • CU6 -11.5% profit taking.
  • RPL -10.4% under pressure.
  • WBT -7.8% sentiment slips.
  • LLC -8.4% bond deal.
  • TLG -6.7% investor presentation.
  • CTT -6.0% heading back down again.
  • Speculative Stock of the Day: BRI +40.5% takeover deal.

ECONOMIC AND OTHER NEWS

  • NAB CEO says Australia must end property obsession for prosperity.
  • Fund manager Allan Gray throws support behind Majority Capital Partners’ takeover of GEM.
  • Bitcoin slips below US$70,000.
  • According to Bloomberg, Anthropic’s IPO is about six times oversubscribed.
  • Samsung in talks to acquire data centre cooling firm Modine Manufacturing
  • Microsoft outage continues.
  • Howard Lutnik is under pressure. India scan widens.
  • U.S. home sales fall to lowest level since 2010 as mortgage rates soar.
  • Kalshi cuts ties to Donald Trump Jr. after Democrats’ midterm sweep.
  • UK Prime Minister Andy Burnham targets a deal with the EU that will deliver real benefits for the UK.
  • Russian diesel exports double after Trump lifts sanctions.
  • Manchester United sack head coach Michael Carrick.

And finally….

I used to think that orthopedic shoes were a joke

But now I stand corrected

Clarence

xxxx