Episode Details

The ASX 200 rose just 15 points to 8,680 (0.2%) today in listless trade ahead of the RBA and a big week for US Fed chiefs. The banking sector was firm, with CBA up 0.5% and MQG also having a good day, up 2.3%, with the insurers better on higher bond yields. Financials generally were slightly firmer, although PNI fell 2.0% after news from one of its funds on private credit exposure. A slight upward bias to the industrial space, with TLS up 0.6%, WOW up 1.0%, and COL up 0.8%. Tech was mixed, as WTC rose 1.7%, with TNE down 0.4%. Utilities were also in demand on defensive buying, with ORG up 1.0% and APA up 1.3%.

The healthcare sector was once again firm, with CSL continuing to push ever higher and COH also doing well, up 2.0%. REITs were also slightly firmer despite yields increasing, with SGP up 1.7% and SCG up 0.9%.

In the resource space, we saw BHP, RIO and FMG all under pressure on fears of lower iron ore prices, and gold miners also falling on the back of higher yields and inflation concerns. EVN fell 3.0%, and NEM fell 2.4%. We also saw selling in the rare earths space, with LYC down X%, while lithium stocks drifted lower.

In the energy space, WDS rose slightly, as did STO, up 0.2%, but KAR had a nasty day on the back of production guidance being cut due to electrical issues at Baúna. Uranium stocks also slipped slightly, with PDN down 2.0%.

In corporate news, NST rejected a takeover offer from Gold Fields, with a mixture of scrip and cash proving not generous enough. We also saw three ASX-listed private credit funds suspended on valuation concerns.

Nothing locally on the economic front as we await the decision from the RBA, which looks like a laydown for another 25-basis-point rise tomorrow afternoon.

Asian markets drifted lower with Japan down 0.2%, HK up 0.6% and China down 2.4%.

10-year yields at 5.4%. US Futures lower. Nasdaq down 260 and Dow off 190.

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