The ASX 200 rose 51 points to 8589 (+0.6%). Banks were strong again with CBA up 0.8%, the Big Bank Basket up to $284.27 (+0.8%). Financials were firm with MQG up 0.4% and PNI up 1.8%. Insurers were mixed with MPL up 1.2% and NHF better. REITs firmed with GMG up 0.9% and VCX up 1.2%. Industrials better as BXB rallied 1.5% with TCL up 1.0% as CPU up 2.1%. Tech was mixed, with the All -Tech Index unchanged. Retail better too, JBH up 1.4% and LOV up 5.1% TPW up 1.8%. Resources better, led by BHP up 1.2% and FMG up 1.9%. Gold miners bounced back with NEM up 1.5% and PRU up 3.2%. Lithium stocks were also better with LTR up 6.7% and MIN up 3.7%. Uranium stocks eased again, BOE down 3% with PDN down 2.0%. In corporate news, IMR down 15.1% as approvals had fallen behind, AEL with board appointments.

On the economic front, building approvals out today.

Asian markets were mixed, with Japan down 0.7%, HK up 0.4% and China up 0.7%.

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The ASX 200 fell 52 points to 8539 (0.6%) as losses accelerated in the afternoon. Banks helped relatively firm with CBA losing only % with the Big Bank Basket down to $281.96 (-0.1%). MQG dropped 2.5% and insurers losing steam, SUN down 0.8% and IAG off 1.2%. Healthcare under pressure, CSL down 0.9% on US tariff moves, SIG fell 3.3% and TLX bucked the trend rising 5.6% on good US code news. REITS stumbled lower as yields rose, GMG down 2.6% and SGP off 1.5%. Industrials also eased back, TCL down 0.9% with BXB off 0.6% and SGH falling 1.1%. Retail a little better and tech easing back. In resources, gold miners got walloped as AUD bullion prices staggered lower, NST fell 3.4% with EVN off 7.0% and GMD down 5.6%. The big iron ore miners slipped, BHP down 1.0% and RIO down 0.6%. Lithium stocks better, PLS up 1.7% and LTR rising 5.6%. Oil and gas stocks a little better, coal too and uranium falling hard, PDN down 8.3% and BOE off 7.6%.

In corporate news, LIC crashed 37.3% on the recent court ruling. TLX jumped on Gozellix news.

Nothing locally on the economic front. In China, PPI fell more than forecast. Asian markets mixed with five new IPOs listing today in HK. 10-year yields jumped to 4.34%.

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Wall Street was mixed and choppy as markets awaited further clarity on US trade policy and country specific tariffs. Trump also announced he would place a 50% tariff on imported copper. S&P 500 down 0.07%, Nasdaq up 0.03%. Dow seesawed throughout the early hours of the open but settled from about 1pm toward the low. Finished down 166 points. Mixed sector performance. Energy and Materials the best two performers after being amongst the three worst yesterday – correction after sell-off. Healthcare also did well despite Trump stating that pharmaceutical tariffs could reach 200%. Tech was rather flat. Financials sold off, with Utilities behind them after being the best performer in the previous session.

Another slow day regarding major corporate news. Will pick up during earnings season. Tesla rose 1.3% after seeing its single steepest daily fall in a month on Monday. Moderna jumped 8.8% as leading medical organisations filed a lawsuit that Robert F Kennedy and the Department of Health’s Covid-19 vaccine policies pose a threat to public health. Wendy’s (-0.1%) CEO Kirk Tanner left his post to join Hershey’s (-3.2%).

Resources mostly up. Oil hit two-week high after EIA announces US is to produce less oil this year than expected. US Copper shot up 10% after Trump announced his intention to tax imported copper 50%. News boosted base metal generally, zinc and aluminium both rose.

ASX to fall. SPI futures down 9 points (-0.1%).

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ASX 200 rose 1 point to 8591 as the RBA kept rates on hold. Bullock's press conference calmed nerves and prompted a late recovery from small losses. The AUD jumped and yields pushed higher on the news, but the reaction was relatively muted. Banks were steady with CBA up 0.8% and the Big Bank Basket up to $282.25 (+0.6%). Insurers were weaker, QBE down 0.6% and SUN off 0.6% as financials drifted lower. Industrials too drifted lower, SGH down 1.5% with PMV off 2.3% as WOW and COL slumped around 1.3%. REITs too fell as yields rose. SCG down 1.3% with GPT off 1.2%. Tech stocks slightly better, WTC up 0.4% and TNE up 1.1% with the All-Tech Index up 0.6%. Resources were mixed with BHP leading the iron ore miners down, off 0.9% with lithium slightly firmer, PLS up 2.1% and gold miners in demand again, NEM up 2.4% and GMD up 2.9% with OBM bouncing hard, up 8% after a huge sell-off. Oil and gas fell, uranium producers firmed, PDN up 0.8% and DYL up 2.6%. In corporate news, PTM rose 3.0% after agreeing to a merger with L1 Capital. On the economic front, the NAB business survey was better than expected. RBA on hold again. Timing, not direction the issue. 10-year yields 4.26%

Asian markets better with Japan up 0.3%, China up 0.7% and HK up 0.6%.

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Wall Street stumbled as Trump announced new tariff rates on Japan and South Korea of 25%, effective from August 1st, as tariffs return to the forefront of investors’ minds. S&P 500 down 0.79%, Nasdaq down 0.92%. Dow fell at open, and continued to fall until about 1pm, remaining steady from there. Finished toward lows, down 422 points. All sectors excluding Utilities in the red. Cyclicals the worst performer, Tesla dragging it down after dropping 6.8%. Musk said he was stepping away from politics earlier this year to focus on a struggling Tesla and his recent U-turn, launching a new political party, has not been taken well. Energy and Materials second and third worst performer, economically sensitive sectors, global slowdown fears reignited by latest tariffs.

Resources mostly down. Oil jumped after the announcement of US tariffs on Japan and South Korea. Dollar strengthened after announcement of tariffs which weighed down other resources. Nickel, aluminium, zinc and tin all shed over 1%.

ASX to fall. SPI futured down 44 points (-0.51%).

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ASX 200 drifted 14 points lower to 8589 (0.1%). CBA held up with the banks drifting slightly lower. The Big Bank Basket is down to $280.46 (-0.2%). Financials firmed in places, IFT up 3.1% and NWL rising 1.5%. REITS soft with GMG down 0.5% and SCG off 0.8 %. Industrials mixed, SGH up 1.0% with QAN rising 1.0% with retails slightly firmer as RBA looks to cut tomorrow. ORG was a standout up 6.8% on an Octopus update from the UK. In resources, Gold miners took a hit with production and costs weighing on NST, off 8.7%. Other golds follow lower with the bullion price off too. EVN down 2.2% and OBM falling 6.8%. Lithium once again depressed, PLS off 4.3% and LTR falling 5.3%, shorts back and selling. Uranium stocks mixed, BOE down 2.4% and DYL up 0.9% with coal better, Oil and gas mixed, WDS off 0.8% and STO up 0.4%. In corporate news, S32 down 0.6% on news of the sale of its Cerro Matso nickel project. MIN fell 2.0% as it named two new independent directors.

Nothing on the economic front. Asian markets eased with Japan down 0.6%, China down 0.5% and HK off 0.3%.

10-year yields rising to 4.19%.

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European markets finished mixed Friday. Wall Street shut for the Independence Day Holiday. STOXX 600 down 0.48%. FTSE flat and Germany down 0.61% as EU envoys failed to reach a breakthrough on US trade negotiations. Banks and mining stocks the worst performers. Nasdaq up 1.6%. S&P 500 up 1.7% as the ‘buy everything’ narrative continued this week which saw Trump’s Bill signed into law, the US labour market show unexpected strength, and the financial year wrap up.

• Commodities mixed Friday. US copper shut but LME finished down 0.8%. Flat over the week, global copper stocks holding onto last week’s huge gains (WIRE was up 8%).
• Brent down 0.5% as OPEC raised production. Middle East conflict all but forgotten.
• Iron ore gained for the 2nd week in a row on improved Chinese sentiment. BHP up 3.2% while RIO finished the week flat.

SPI up 9 - US Futures ease Sunday night.

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