Episode Details

The ASX 200 finished the week on a sour note as the index fell 61 points to 8621 (-0.7%), ending the week down 1.2%. Banks were ugly today after Morgan Stanley downgraded the sector outlook. The Big Bank Basket fell to $266.42 (1.5%), with CBA off 1.7% and WBC sliding 1.2%. Other financials held up better, with MQG unchanged, ASX up 1.5% and ZIP rising 1.7%. Insurers also found some friends again. REITs were better too, with CHC up 1.1% and SGP rising 1.1%. Industrials pushed higher, with WES up 0.4%, while WOW and COL also performed well. Retailers were mixed, with JBH up 1.0% and APE drifting lower. Healthcare stocks were back from the ICU. CSL had its biggest one-day rise since 2022, up 5.8% as the rotation into the sector gathered pace. Even RMD enjoyed a very positive session, gaining 4.3%. PME rose 4.0% and COH added 5.6%.

In the tech space, MP1 soared 15.2% after its capital raising, with Citi upgrading its price target by 41%. The All-Tech Index rose 0.7%, with CPU also trading higher.

Resources, however, remained in a world of pain as profit-taking continued in BHP and RIO, with FMG down 2.3%. Rare earths and critical minerals stocks also unwound as the AI trade ran out of steam and copper prices fell. LYC dropped 2.9%, MIN fell 5.1% and SFR lost 1.2%. Gold miners drifted lower once again, with NST down 2.5% and NEM off 1.2%. Energy stocks were weaker, with WDS falling 1.3% and STO down 0.6%, while coal stocks slipped and uranium stocks found some nervous support.

In corporate news, NHF rose 2.5% on the sale of an insurance business. RSG fell hard following its production report, while AGI rallied 16.8% after two directors resigned.

Asian markets mixed. Japan down 1.0%, Hong Kong down 1.0%, and China down 0.7%. South Korea eases back around 1.6%

US futures: Dow up 8 and Nasdaq down 280. Oil unchanged. NFP tonight.

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