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The ASX is set for a very tough open after Wall Street went down heavily and dragged the ASX futures down with it. It was the biggest one day fall for the SP500 and Nasdaq for over a month. It’s a similar story to the ASX yesterday with the prospect of rate cuts becoming fainter. In the US, the odds of a cut were 70% last week. Their only 47% now. The Nasdaq was down 2.2% and the SP500 1.66%. Volume lifted back to 20.8 bn shares after the recent lull, and the VIX jumped 16% to hit 20 again. Some notable movers were Nvidia, which fell 3.6%, Telsa off 6.6% and Intel down 5.2%. Bitcoin was down 3% too.  

SPI futures down 136 points. ASX set to open lower. 

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 The Dow Jones Industrial Average rose to new heights on Wednesday, extending its gains from the previous session, as Wall Street looked ahead to a potential end to the record-breaking U.S. government shutdown.

The 30-stock Dow was last up 334 points, or 0.7%, and hit a fresh intraday high in the session. The S&P 500 traded around the flatline, while the Nasdaq Composite dropped 0.3%. 

SPI up 11 - Australia’s October labour force report is due at 11.30am. 

Results expected on Thursday from Graincorp, Orica, Xero, Catapult Sports and Infratil.

Companies scheduled to host annual meetings include Arena REIT, AUB Group, Computershare, Catalyst Metals, Greatland Resources, Guzman Y Gomez, Ingenia Communities Group, Inghams Group, Nextdc, Pexa Group, SGH, Superloop, Servcorp and Strike Energy.

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The ASX 200 slipped again by 19 points to 8800 (0.2%) as CBA continued to weigh, off another 3.1% with the Big Bank Basket down to $279.76 (-1.6%). Joining in the casualty list were 360 off 13.1% on disappointing numbers and ALL down 7.5% as it came up lemons. Our dismal tech sector continues to slide as XRO head lower still, off 2.2% and WTC down 0.8%. REA fell 2.5% and CAR down 1.0%. Industrials were ok, TCL up 0.5% and WES gaining 0.7% with COL and WOW better, TLS gained another 0.4%. GYG continue to be wrapped lower, down 2.0% and TPW also fell hard today, off 4.4%.

In resource land, iron ore improved in Asian trade, BHP up 0.6% and RIO sprinting 2.3% ahead. Gold miners were modestly better, NST up 1.4% and EVN up 2.0%. Lithium stocks better, LTR up 6.1% on its new auction platform, MIN roared 9.2% ahead on selling part of its lithium business to POSCO. LYC slid 2.7% with uranium stocks weaker. Oil and gas stocks better with WDS up 1.4%. Coal stocks weaker. 

In corporate news, FLT rose 1% on an earnings update, NWL fell 0.4% after surviving a protest vote at the AGM, MP1 resumed trade after capital raising. A1N dropped 9.7% on much weaker ad revenue. DMP rose 1.8% after an AGM update.

In economic news, investor loan numbers, in Asia hopes for more Chinese stimulus helped iron ore prices higher.

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A quiet session for US markets overnight. The bond market was closed for Veteran’s Day. There was also light volume on the share market, with only 15.3bn shares traded. The average over the last month is 20bn. That said, the Dow Jones index closed at a record high, while the Nasdaq slipped 0.25% with Nivida and other AI related firms closing lower. CoreWeave took a big 16% hit after it lowered its revenue forecast. The VIX continued to moderate down. Positive sentiment continues to flow from a likely resolution to the US government shutdown. US government officials from across the country are heading to Washington to vote in the House of Representatives on Wednesday. A deal will extend funding through to January 30.

SPI futures are up 15 points. ASX set to open higher. FLT update - ALL results

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The ASX 200 fell 17 points to 8824 (0.2%) as CBA stumbled 6.6% lower on trading update.  Every 1% is a 10-point fall. This wiped any thoughts of gains off the table. The Big Bank Basket fell to $284.31 (-3.8%). WBC bucked the trend in the banks, up 1.3%. Financial generally flat, MQG up 0.7% and QBE rising 0.6%. Industrials generally firmer, TCL up 1.0%, WES up 0.6% and WOW and COL slightly firmer. REITs firmed, GMG up 1.5% and SGP rising 1.3%. TLS also had a good day up 1.0%. Tech remained becalmed,.XRO flat and WTC off 0.3%. The All -Tech Index flat. 

Resources were firm. BHP, RIO and FMG were steady, but gold miners showed strength, NST up 3.2%, NEM up 4.3% and GMD rising 2.8%. Lithium stocks were also very strong, PLS up 7.5% and MIN up 6.0%. Oil and gas better, WDS up 1.6% and uranium stocks steady. 

In corporate news, CBA was the focus. Comments from Matt Comyn on competition and a reduction in NIM sent the stock down %. SCG rose 0.7% on a trading update. BEN also falling hard on cash earnings of $120,7m down 8.5%.  COL flat on CEO comments at the AGM. EDV announced a new head of Dan Murphy’s.

Westpac-Melbourne Institute Consumer Sentiment Index surged 12.8% to 103.8 points in the past month. 

Asian markets easing back slightly. 

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A good night for markets in the first session for the week. Both the SP500 (+1.5%) and the Nasdaq (2.4%) rose. Nvidia punched back 6% after its recent wobble. Tesla lifted 3.7%, with investors apparently not concerned about Elon Musk’s new pay deal.  

The Dow lifted 389 points. It’s a risk on move. Stronger conviction around the end of the US government shutdown this week helped sentiment as we await the delayed US data due. Bitcoin’s now rallied back to US$106,000 per BTC. Gold lifted a strong 2.7%.

SPI futures are up 43 points. The ASX is set to open higher. Gold and commodities up strongly.

Metals in London were solid too with copper and the rest of the industrial metals all up. Lithium and gold stocks rallied strong. BHP and RIO were up 1.4% respectively. The VIX retreated 7.7%. Volume across the US exchanges was 17.9bn shares, relatively light compared to the average in recent trading.

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The ASX 200 kicked 66 points higher to 8836 (0.8%) as news of a Senate vote to end the shutdown brought risk appetite back. ANZ results helped the banking sector as the market warmed to the transformation story, with the stock hitting record highs, up 3.2%. The Big Bank Basket rose to $295.69 (0.2%) with CBA slipping slightly.

Financials were better, as MQG found some analyst love and ZIP rose 4.5% on Nasdaq listing news. NWL rallied 2.4%, with XYZ bouncing hard, up 6.9%. Insurers firmed; REITs were mixed, with GMG down 1.3% and SCG up 0.7%.

Healthcare was also mixed as CSL fell 0.1% and RMD rose 0.6%. Industrials perked up after a lacklustre start, TLS up 0.6% with QAN rallying 2.3%, and the tech space doing well — WTC gained6.2 % and XRO rose 1.0%, with the All-Tech Index up %.

Resources were also in demand — gold miners kicked higher, NST up 3.5% and EVN up 3.9%. Lithium stocks enjoyed a day out, PLS up 9.2% and MIN gaining 4.0%. Rare earth stocks were back in favour, LYC up 4.8% and ARU rallying 7.8% to its SPP price. Energy stocks were also in demand, WDS up 1.2% and PDN rose 7.9%, with LOT up 5.9% as uranium found favour.

In corporate news, MND rose 11.0% on a trading update, DOW hit a five-year high on a solid opening higher $750m Chevron deal, and DNL exploded 7.8% higher on improved results. AUB flat on news that CVC Asia joined the fray. AGL rose 1.6% after it agreed to divest its stake in Tilt Renewables. MYX fell 5.9% on news Cosette will appeal the court decision.

Asian markets – HK up 0.9%, China off 0.1% and Japan up 1.3%.  US futures strong on shutdown hopes. Nasdaq up 307 Dow up 98. European markets set for a strong opening. 

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The ASX smashed lower to finish the week off 59 points at 8770 (0.7%), with the week down 1.2%. Felt like a lot more really!  Banks came under pressure, coming off all-time highs as MQG was dumped 5.7% and WBC and CBA fell hard. The Big Bank Basket dropped to $295.13 (-1.1%). Financials and wealth managers continued to fall, with NWL off 2.6% and AMP down 2.9%. REITs were a mixed bag — GMG steady, while CHC slipped 1.2%. Industrials slid, with SGH down 1.6% and ALL off 2.0%, while the tech sector came under serious pressure — WTC down 2.7% and XRO off 2.5%. The All-Tech Index fell 2.2%.TLS bucked the trend on defensive buying, up 1.2%, while QAN landed 6.6% lower after an update. Resources were weaker too, as the big miners sold off — BHP down 0.8% and RIO off 1.3%. Gold miners were mixed, with NEM up 1.8% and EVN down 0.7%. Some buying appeared in rare earths, but uranium came under a little pressure.

In corporate news, XYZ dropped 15.8% on a Q3 revenue miss, QAN fell again on a trading update, and OML slipped 6.0% after warning of a weaker finish to the year. REA came under pressure on results, but NWS rallied slightly on its own. AQZ crash-landed 42.7% after a voluntary suspension ended with a large profit drop and the MD stepping down. MQG became the latest blue-chip loser to be skewered, on disappointing results.

On the economic front, nothing locally, but Chinese trade numbers disappointed and iron ore dropped again in Singapore trade.

Asian markets - HK down 1.1%, China off 0.2% and Japan down 2%.  US Futures off lows, Nasdaq up 40 Dow up 50. European markets set for a slightly lower opening. 

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US stocks down overnight, with SP500 down 1.1% and the Nasdaq off 1.85%. The VIX sprang back 11% to close just under 20. Bitcoin can’t lift strongly either.  Big Tech under some pressure, with TSLA -3% as shareholders sweat the Musk pay deal. Meta and Amazon were both off over 2%, and Nvidia is now down 9% in 3 sessions. Apple managed to weather the selling and stay flat. Some recent (private) data shows a grim statistic for American workers. October saw the most job cuts for that month in two decades. Technology and warehousing were the leading sectors shedding jobs. The AI impact continues. 

SPI futures are down 14 points. ASX set to open lower. MQG results - Gold steady - Bitcoin falls.

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The ASX 200 managed to cling to small gains today, up 26 points to 8828 (0.3%).

NAB fell 3.3% after results saw some profit-taking on low growth, WBC down 1.2% as it went ex-dividend. Insurers were better, with QBE up 1.7% and MPL up 0.8%, while other financials remained sloppy and weak.

Industrials generally mixed — TLS up 0.6%, TCL up 0.8%, and ALL rising 1.3%, with WES slipping 1.2% again, and JBH falling 3.1%. Travel stocks also fell, WEB down 2.7% and FLT losing altitude, off 1.4%.

One bright spot was LNW, up 8.2% on a better-than-expected quarterly. DMP also gained 4.7% as shorts covered, just in case. Tech was slightly firmer as WTC rallied 0.6% and XRO up 0.5%, with the All-Tech Index up %.

Resources firmed — BHP up 1.6% despite iron ore falling again, RIO also doing well. Gold miners were better on a bullion price increase, NST up 2.8% and NEM rising 2.8%. Rare earths were still under some pressure, as was the uranium space, while oil and gas firmed, WDS up 1.6%.

In corporate news, ZIP fell 4.2% after its AGM reaffirmed guidance — perhaps the market was looking for another upgrade. JHX tumbled again, down 12.7%, as it went into a trading halt and blamed index rebalancing for the earlier sell-off. TAH dropped 3.0% as Aware Super sold down, and AMC rallied 5.0% on first-quarter results.

On the economic front, Balance of Payments data was released today, showing the seasonally adjusted balance on goods increased by $2.827bn in September.

Asian markets - HK up 1.6% China up 1.3% and Japan bouncing 1.6% 10-year yields squeezed to 4.36%.

US Futures, Nasdaq down 19. Dow up 13. Tesla vote tonight.

European markets set for a flat opening.

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The Dow Jones Industrial Average gained 225.76 points, or 0.48%, to close at 47,311.00. The S&P 500 rose 0.37% to finish at 6,796.29, while the Nasdaq Composite advanced 0.65% to settle at 23,499.80. Investors were paying attention to the Supreme Court hearing Wednesday regarding President Donald Trump’s tariffs. 

Some encouraging data on the economy Wednesday with better-than-expected ADP payrolls data and a stronger-than-expected ISM services economy reading. However, the strong data did give a boost to yields, something that some investors may not like to see with expectations growing for a third Federal Reserve rate cut in December.

COMMODITIES

• Beijing lifts some tariffs on US farm goods but soybeans stay costly
• Unprecedented volume of oil stored on ships due to Western sanctions, Gunvor CEO says
• Gold gains on risk aversion despite strong US payrolls data
• Dalian iron ore extends falls on China demand concerns
• Copper rises after four days of falls, but China demand worries cap gains

SPI up 66 - NAB results and AGM season continues.

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The ASX fell another 12 points to 8802, well off lows, as resources were slammed hard. The market finished well off the lows of the day as US futures recovered from heavy early losses. Banks held up again, CBA up 1.3% and the Big Bank Basket up to $297.93 (+0.9 % ). MQG dropped 0.4%, and financials were mixed — ASX up 1.6% and GQG off 1.7% again. Insurers saw small gains, SUN up 0.6% and MPL up 1.2% on an acquisition. Industrials were mixed, TLS rose 1.5% with BXB recovering slightly, WOW and COL rose, and TCL up 0.8%. Tech stocks fell, XRO off 0.9% and WTC continuing to fall off 1.4%. The All-Tech Index was down 1.7%. Healthcare stocks were mixed — CSL fell 0.4% despite a briefing on vaccines this morning, RMD up 0.6%, and PME slipping 1.4%.

Resources tumbled, BHP off 0.5% with FMG down 2.5%, though well off the lows. Gold miners saw small losses even as bullion pushed higher. Lithium stocks fell hard, PLS down 3.3% and MIN off 3.4%. Rare earths saw heavy losses, LYC off 3.3% and ILU down 3.6%. Second-liners like ARU fell 5.7%, well below the SPP placement price of 28c.

In corporate news, TYR appointed Nigel Lee as new CEO, GMG fell 3.4% on an AGM update. WDS looking to boost cashflow.

Nothing on the economic front here. Asian markets crumbled in places — the Nikkei 225 dropped the most since April, as tech valuations came under scrutiny.

Asian markets - HK up 0.1% China up 0.1% and Japan down 1.5% 10-year yields 4.31%. US Futures off lows, Nasdaq down 52. Dow up 56.

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Stocks fell on Tuesday, pressured by declines in artificial intelligence-related names like Palantir, as investors grew increasingly concerned about valuations in the bull market-leading shares.

The S&P 500 declined 1.17% to close at 6,771.55, while the Nasdaq Composite traded down 2.04% to finish at 23,348.64. The Dow Jones Industrial Average lost 251.44 points, or 0.53%, to 47,085.24.

• Wall St falls as bank CEOs warn of possible pullback, sparking tech bubble jitters
• Norwegian opposition complicates Musk's path to $1 trillion pay deal
• UK's Reeves paves way for tax rises in her next budget
• Wall Street heavyweights flag risk of pullback in equity markets

COMPANIES

• Amazon's $38 billion OpenAI deal shows it is no longer an AI laggard
• Pfizer, Novo Nordisk escalate bidding war for obesity drug developer Metsera
• Starbucks' bet on local expertise could help it regain ground in China
• Uber operating profit hit by legal expenses, shares fall

Commodities slip - Gold sold down again - Bitcoin down below $100k - SPI up 18!

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The ASX 200 dropped another 81 points to 8814 (0.9%) as the RBA kept rates unchanged as expected. Banks and iron ore miners synchronised falls, with the Big Bank Basket down to $295.15 (-0.4%). WBC saw buyers up 1.5% on broker comments post the result. CBA down 0.8%. Insurers and financials slid, MQG down 0.8% and QBE off 0.7%, with SOL continuing to flounder off another 1.7%. REITs under pressure again, GMG off 1.9% and SGP falling 1.1%. Industrials weaker with some exceptions, DMP, LNW and PWH in the green. WES lost another 0.8% with JBH off 1.9% and SUL falling 2.8%. Tech eased back again, XRO down another 1.6% and WTC falling 1.5%.

In resources, iron ore miners under pressure with prices off in Asia. BHP down 1.9% and FMG dropping 2.7%. Lithium and rare earths seeing profit taking, LYC down 1.2% and MIN off 2.3%. Gold miners were generally steady. Oil and gas eased, WDS down 0.7%, and uranium stocks fell back to earth.

In corporate news, GEM fell 13.0% on an earnings update, LNW to delist from Nasdaq, CCX jumped 8.8% on positive momentum in trade. NVX crashed 10.6% as Stellantis pulled out of its agreement.

On the economic front, the RBA left rates unchanged. Capital Economics believes the Reserve Bank will still lower interest rates twice next year, with the first reduction coming in the third quarter.

Asian markets mixed, HK up 0.2%, China down 0.4% and Japan down 0.5%.
 10-year yields 4.34%. US Futures easing back, Dow off 189 and Nasdaq falling 218.

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The big deals just keep coming over in the USA. Amazon hit all time highs on the news that OpenAI has signed a seven year deal to buy services from Amazon’s cloud division AWS. It’s worth $38bn. Amazon rose 4%, lifting again after its quarterly report last week. That helped the Nasdaq rise 0.45%. Tesla also rose 2%, momentum starting to form after the wobble around it quarterly update back on October 22. Nvidia also rose 2%. Its most advanced AI chips remain reserved for US companies. That’s not all. The firm behind consumer brands Huggies and Kleenex, Kimberly-Clark, is going to spend $40bn to buy a company called Kenvue, makers of Tylenol. This kind of action tends to come after a strong bull run. The SP500 finished up 0.16%.  

SPI futures are down 9 points. The ASX set to open lower. RBA and Cup in focus. Victorian holiday.

Not much fun for resource investors overnight. Spot uranium fell and dragged down the sector, with Cameco off 1.2% and NexGen Energy -6.3%. Copper stocks were weak as the copper bull run takes a breather. Lithium shares were generally down too. US financials and the VIX were flat.

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The ASX 200 started badly down some 40 points but rallied to close up 13 at 8892 (0.2%). Once again it was the banks that led the turnaround with WBC numbers pleasing and the sale of the RAMS Home Loan book also a positive. The bank closed up 2.8% with the Big Bank Basket at $297.33 (+2%). CBA kicked up 2.3% and other financials were mixed. REITs slid with GMG down 0.2% and SGP off 0.8% and insurers also fell, QBE down 1.2%. Industrials ended up mixed, after a sluggish start, WES up 0.3% and REA bouncing 1.1%. Tech stocks did better, WTC up 0.6% and XRO rallying 2.3%. In the healthcare space, RMD fell 4.3% on its results, CSL continued to drag the sector down, off another 1.7%.

Resources were weaker on Chinese data, BHP down 0.2% and rare earths spluttered lower, LYC off 8.1% and lithium depressed, PLS down 5.2% and LTR off 0.4%. Gold miners eased back as bullion tested $4000, NST down 2.0% and EVN off 2.5%. Oil and gas stocks rose as crude pushed ahead, WDS up 1.3% and STO up 1.1%, uranium drifted lower, PDN down 2.0%.

In corporate news, DRO steady on a Latin American order, DMP rose 0.2% after selling its printing business.

Asian markets mixed, HK up 0.1%, China up 0.2% and Japan up 0.9%.

10-year yields 4.35%. US futures slightly higher.

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Wall St ended slightly higher as positive Amazon results outweighed falling odds for a rate cut in December. Tech sector down overall yet the Nasdaq performed best up 0.61%. S&P 500 up 0.27%. Closing off highs on average volume. Dow up 41 points. Amazon up 9.6% (had been +13% after hours) took not just the Cyclicals sector up but the entire S&P by ~0.45%. Apple lost all its after hours gain to finish down 0.4%. Meta continued its slide. Now down nearly 14% since reporting. S&P (ex-Amazon) finishing in the red after Fed heads reinforced Powell’s hawkish commentary. Bostic saying another rate cut not locked in and Hammack saying she opposed Thursday’s cut because inflation is too high. Markets still pricing in a 70% chance of a cut before year’s end. Down from 90% at the start of the week. Bond yields down overnight but recorded a large weekly gain. US10Y up 8bp. 2Y up 9bp. Australian yields with even bigger moves post the Wednesday inflation print. AU10Y up 18bp. 2Y up 20.5bp.

SPI down 5 - WBC Results - RBA in focus tomorrow.

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US shares were down overnight, with the NASDAQ off 1.57% and SP500 (-0.99%) also weakening. Meta fell 11.3% as the market reacted further to their earnings update yesterday. Most of the other big players also down, with Tesla -4.6%, Microsoft -2.9% and Nvidia -2%. Two brighter spots were Amazon, which is up a powerful 11.6% in the after market after its update showed its AWS division had the strongest growth in three years. Apple’s quarterly revenue also came in higher than expectations, with new iPhone models and AI enabled hardware like AirPods giving the sales outlook a strong boost.

Apple and Amazon up substantially after hours on results.

SPI futures up 13 points. The ASX to open higher. EDV update - AGMs and Quarterlies.

Gold lifted 2% after its recent weakness, likely helped from the recent rate cut from the Fed and ongoing demand. Gold stocks responded, with Newmont up 3.3%.  Industrial metals in London were generally down. 

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The ASX 200 dropped another 41 points to 8886 as interest rate sensitive stocks fell and WES dropped 7.1% on AGM comments. Banks held firm as we await details from APEC on the Trump/Xi Meeting which was all over in 90 minutes. The Big Bank Basket held at $289.37 (+0.1%), with insurers slipping and financials a little wishy washy. REITs tumbled as rates rose, GMG down 1.3% and SCG off 2.9% on rate rethink. Industrials were also weaker, ALL fell 2.2% with WOW gaining 3.3% at the expense COL down 2.6%. REA continued to fall, down 2.6%. TLS off 1.4% and tech stocks fell again, XRO down 2.6% and WTC down another 2.6%. TCL slid 2.4% with JBH under pressure following a trading update. CSL found some friends, up 5.2% but RMD and COH fell.

In resources, a mixed picture, gold miners were spotty. Some ok, some not, NEM gained 1.3% and RRL up 1.2% with uranium stocks still in fashion (for now). PDN up 5.9% and lithium stocks benefitting from broker upgrades to the lithium price. PLS up 5.4% and LTR gaining 11.2%.

In corporate news, MIN soared 13.7% on much better-than-expected results, UNI fell 4.3% after an update and L1G returned to trade after capital raise and soared 11.7%. CIA also doing well on a quarterly in the iron ore space, up 9.9%. JHX fell 3.1% after losing the chair to a vote.

In economic news, the BoJ held rates unchanged, Trump met Xi for 90 minutes to talk trade. Not sure that is long enough to really get into the ‘nitty gritty’, but China seems to be happy to buy soybeans. Tariffs reduced from 57% to 47%. Not a huge deal really.

Asian markets mixed, HK up 0.1% China down 0.3% and Japan up 0.5%

10-year yields 4.23%. US Futures not doing much really. Yet.

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Big night for Wall Street as the SP500 finished flat but the Nasdaq rose 0.5%. Focus on US company earnings and the Fed meeting. Rates cut 0.25% but pushed back against any assumption of another one in December. Bond yields and USD up. US10Y up 10bp. Gold initially up over 1.5% before losing all gains. Equities took an initial hit before recovering. The odds of a December cut dropped from 90% to 71%. The Fed also announced an end to its “QT” policy. Aimed at easing pressure in the short term lending market.

Mega cap tech stocks reported after the bell. Meta down 6.7% after market despite posting record revenue in the third quarter. Net income was below expectations because of a one off, $16bn tax hit. Alphabet rose 5% after posting sales at a record $102 billion. Net income was up 33% on the previous year. Microsoft down 3% despite its Azure cloud division growing by 40% and operating income increasing 24%. Caterpillar shares went up 12% in their steepest rise since 2009, driven from power generator demand from data centres. Nvidia also topped $5 trillion in value – the first company to do so. Other notables included ServiceNow (in FANG) up 3% after hours, UBS down 1%, KLA Corp (Chip stock) up 2.4% and Boeing down 4.4%.

The SPI is down 32 points. ASX set to open lower. 

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The ASX 200 dropped 86 points to 8926 (-1.0%) as inflation came in hotter than expected and snuffed out any rate cut hopes for next week. The banks bore the brunt, CBA down 2.1% and WBC falling 3.1% with the Big Bank Basket falling to $289.08 (-2.1%). Insurers fell, QBE down 1.6% and SUN off 2.0%. Other interest rate stocks fell, TCL down 1.9% and REITs under pressure, GMG down 1.4% and SGP off 3.9%. Industrials eased back, WES dropped 1.7% and ALL off 1.6% with WOW up 2.4% as COL fell 1.9%. CSL continued to decline down 4.0% and XRO falling 2.0% with the All-Tech Index off 1.4%. In resources, iron ore rallied, BHP up 1.3% and FMG up 1.0% and the gold sector doing much better, EVN up 2.4% and NST up 2.4%. Rare earths still under some pressure, ARU off 20.0% as the capital raise weighed, lithium stocks trying to push higher, PLS up 1.6% and the uranium sector soaring on a Cameco deal in the US and BOE jumped 19.8% on quarterly numbers, PDN up 11.3% and oil and gas flat.

In corporate news, NCK gained 12.7% on strong Q1 ANZ sales. WOW up 2.4% on quarterly sales, SDR rose 2.5% on a trading update. On the economic front, underlying inflation came in stronger than expected at 3%. Rate cuts are off for 2025. Trimmed mean of 1% QoQ. Well above the forecast 0.6%.

Asian markets generally firm, Nikkei 225 up 1.9%, HK up 0.1% and China up 0.4%. 

10-year yields 4.23%. US Futures mixed. 

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