Episode Details

ASX 200 rallies 32 points to 7769 (+0.4%) as rate-sensitive and defensives seize the day. Banks pushing onwards and upwards, CBA up 0.8% with the Big Bank Basket up to $213.81 (+0.7%). Insurers rallied for no real reason, QBE up 0.4% and SUN up 1.6%. GQG on the nose following Modi failing to win a majority in Indian elections. REITs are also in demand as 10Y remains subdued after tepid GDP helped rate-cut optimists. GMG up 1.5% with SCG up 1.3%. Healthcare also in demand, defensive maybe. CSL up 1.4%, with RMD up 2.7%. Industrials too in the green TLS up 1.4% with REA up 1.6% and CAR driving hard up 3.4%. Retail also slightly better, LOV bouncing 2.7% and SUL up 1.8%. Travel stocks finding friends and cleared for take-off., WEB up 2.4%, and CTD putting on 1.9%. It was a different story in resources as commodities were hit overnight. Iron ore majors remain under pressure, BHP down 0.9% and FMG off 0.8%. Gold miners too wallowed on bullion falls, NST down 0.3% and NEM falling 2.5%. Lithium depressed, with IGO off 3.3% and PLS down 1.1%. Energy stocks also Billy no friends. Uranium stocks were depleted, and coal stocks were not so merry. WHC down 3.7%.

In corporate news, TWE rallied 5.3% on a guidance update, MPL fell slightly as civil penalty proceedings began, SEK sold its LATAM business, and XRO fell 4.5% on a convertible bond issue. On the economic front, GDP not great, Michele Bullock in Canberra. Canadian rate decision tonight. Asian markets mixed again, HK up 0.4% with Japan off 1.4% and China off 0.5%. Dow Futures up 97 points. NASDAQ Futures down 51 points.

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