Market Updates

The ASX 200 finished up 30 points at 8887 (0.3%) after giving up the morning gains before the RBA's decision to raise rates. Trading was relatively quiet ahead of the Cup and the RBA decision, with CBA up 1.0%, whilst the other three banks drifted slightly. The Big Bank Basket closed at $285.36 (0.6%). MQG had a good day, up 1.2%, and other financials did well, with SOL up 1.9% and PNI up 3.1%. HUB had a very good day, up 4.8%. AMP continued to stumble around, falling another 9.4%, and insurers were a little weaker. Industrials were strong, with retail doing well on the back of the RBA decision. JBH were up 3.1%, WES up 1.7%, and the tech sector got a boost despite Nasdaq's falls. WTC up 3.2% and NXT up 5.4%. The defensive supermarkets rose, with WOW up 1.1% and COL up 1.7%, together with TLS rising too. In the REITs, we saw good gains, as it may be that rates have peaked, with GMG up 2.4% and SCG up 3.7%.
 Meanwhile, it was a mixed picture in resources: BHP, RIO, and FMG not doing much, with the gold miners slightly firmer, with GMD up 0.8% and NEM up 1.2%. Some tentative moves higher in lithium stocks, but rare earths still wallowing. Oil and gas stocks inevitably fell after the crude price fell, with WDS down 3.5% and STO down 1.8%. Uranium stocks remain toxic, and the fallout continues. Even coal stocks had a bad day, with WHC down 5.1% and NHC down 5.4%.
In corporate news, ARF upped its distribution guidance and rose 3.8%. AMP fell again after Barrenjoey cut its rating on the stock to neutral, and CEH unchanged on AGM comments.
In economic news, we saw, once again, consumer confidence fall, and the RBA grasped the nettle and raised rates by 25bps, as Michelle Bullock laid out the case for keeping rates on hold further down the track. Midterms in focus tonight.
Asian markets mixed, Japan closed for Culture Day. 
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The Nasdaq Composite and S&P 500 fell on Monday, giving up earlier gains, as investors continued to move out of tech stocks and add exposure to other parts of the market.
The tech-heavy Nasdaq dipped 1.07% to end at 25,164.32, while the S&P 500 shed 0.51% to close at 7,541.40. Both benchmarks were up as much as 1.4% and 1.1%, respectively. The Dow Jones Industrial Average outperformed, rising 213.67 points, or 0.41%, to 51,983.98.
Shares of Nvidia and Meta Platforms each dipped 1%. Apple, which reports earnings after the bell, closed nearly 2% lower. Marvell Technology shares dropped almost 13%, while Lumentum shed 18% after the companies announced that Marvell is buying Lumentum in a $115 billion deal. 
SPI up 58 - Oil drops 7% - Gold rallies - Apple results
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The ASX 200 gave up some early strength to close down 52 points at 8,857 (0.6%), with the banks turning negative despite a solid result from WBC, which rose 1%. Elsewhere, CBA, NAB, and ANZ all slid. The Big Bank Basket fell to $283.71 (0.8%). Financials elsewhere were mixed. MQG fell 0.4% ahead of results later this week, AMP was sold down 7.5% on no news, GQG also suffering as tech stocks in the US fell. Insurers also drifted lower, led by QBE down 1.4%. REITs were mixed with GMG down 1.3% and CHC making up some ground. Healthcare eased, RMD fell 5.8% on results, CSL managed a small rise, FPH also falling 3.5%.
Industrials were mixed, ALL up 1.0% and TCL doing better, CPU dropped 1.2% and WOW and COL found sellers. Tech stocks eased, WTC down 0.7% and XRO off 0.7%. The All - Tech Index fell 0.2%. In resources, weakness continued, with BHP down 1.4% and RIO down 1.2%. Lithium stocks drifted somewhat lower, and the gold miners were also easier, led lower by NST down 4.8%. Bullion prices rose in Asian trade, helping some to be only modestly lower. Oil and gas stocks fell, with WDS down 1.9%, and coal stocks also eased, with WHC down 1.2%. Uranium was slightly firmer as bargain hunters emerged on stronger spot prices.
In company news, Westpac WBC results were solid but uninspiring. KMD looks to be in takeover talks with the U.S. aggressor.
In economic news, Chinese factory activity expanded at a slower pace for the first time since July, and we saw both NAB and CBA cut estimates for local economic growth.
Asian markets firmed, Japan up 0.4%, China up 1.3% and HK up 0.6%.
US Futures pushing higher.
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US stock indices closed sharply lower on Friday amid a major selloff in technology shares. The S&P 500 fell 1.8%, the Nasdaq tumbled 3.5%, and the Dow lost 572 points following disappointing tech earnings. Intel plunged 28.6% after issuing weaker-than-expected guidance. Amazon fell 1.4% after Q3 results missed expectations and it announced higher capital spending. Signs of a slowdown in AI-related business growth have sharpened scrutiny of the durability of AI demand and whether the huge sums being invested in the technology will generate sufficient returns. Among chipmakers, Nvidia fell 4.2%, AMD slumped 11%, Broadcom shed 5.5%, and Micron lost 5.3%. Among hyperscalers, Alphabet extended losses by 1.4% after a slump of 12.6%. Elsewhere, ExxonMobil gained 2.2% and Chevron advanced 1.7% as both topped Q3 forecasts. For the week, the S&P 500 fell 0.9%, the Nasdaq shed 2.4%, and the Dow lost 1.2%. For the month, the S&P 500 declined 0.9%, the Nasdaq lost 6.6%, while the Dow added 1.7%.
SPI down 4 - WBC results - Gold falls hard - Bitcoin drops on Binance news
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The ASX 200 built on a solid open, but as we approached a shortened week next week, the index sold back off to close only 16 points up at 8,908 (0.2%). ASX 200 up 1.3% this week. not a bad effort, all things considered, as it does appear that Australia, given its limited AI exposure, is being bought as a defensive haven currently.
Once again, though, it was a ‘Dickens’ of a market, with the best of times and the worst of times. Resources certainly were experiencing the worst of times, with BHP, RIO, and FMG all losing ground, but the real damage was done in the likes of LYC and PLS as lithium and rare earths once again came under pressure. We did also see the gold miners slip again: NEM down 2.0% and EVN down 2.0%. Meanwhile, uranium stocks saw selling, with oil and gas better, as WDS and STO both rose. Banks held relatively steady, with CBA up 0.2%, but WBC slipping 1.1%. Insurers also gained, led by QBE, and the REIT sector was also back in demand, although GMG slipped 1.1%. Industrials and defensives were back in the shopping cart today, as TLS rose 0.8%, TCL rose 0.9%, and WES led retailers higher, rising 3.6%, with JBH also having a good day, up over 6%. Technology shares were once again under pressure, with XRO down 2.4% and TNE down 1.4%. The All-Tech Index slid 0.8%. Healthcare stocks were looking in rude health again, with CSL up 1.6% and RMD up 0.4% after quarterly results pleased the market.
In corporate news, DXN tumbled 47.2% after a US contract was cancelled. COL slumped 7.7% on sales numbers. 
Nothing on the economic front. US futures lower. 
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