ASX 200. Henry Jennings, Australian Market Wrap. Headlines, Stocks, Bonds, Economic & Asian Market News – END of DAY REPORT.

 

ASX 200 finishes the week down 35 points at 6650. For the week up 0.65% US Futures down 24 points. Cautious end to the week as we wait for Boris. Banks slipped with CBA down 0.6% and WBC down 0.8%. Bond proxies also fell with TCL down 2% and SYD down 2.6%. Miners flat lined with mixed results as FMG rose 1.6% and BHP sold off 0.2% on CEO speculation. Consumer stocks gave back some gains this week with WES down 0.4% and WOW down 1.2%. In corporate news, WTC still suspended but brokers are running their numbers and spreadsheets running hot. SWM and PRT are merging with a sale of WA radio to SXL up 2.31%. SIQ fell 7.02% after a large shareholder sell down. The RBA is looking at an inquiry into BNPL and APT fell another 7.29% and Z1P slipped 6.25% in sympathy. 10-tyear yields unchanged at 1.10%. In the FX markets, AUD steady at 68.29c. Asian markets remain mixed on disappointing Chinese GDP data of 6%, lowest in 30 years.

Today’s Highlights

  • ASX 200 down 35 to 6650. Waiting for Boris.
  • High 6683 Low 6634. Strong volume again.
  • Banks sag. Miners stable.
  • Bond proxies fall. Consumer stocks under pressure.
  • AUD steady at 68.29c
  • GBP/AUD now 1.88
  • 10-year yields up to 1.10%
  • Aussie gold falls to $2184
  • Bitcoin rises to US$8070
  • US futures down 24.
  • Asian markets mixed with Japan up 0.3% and China down 0.6%

STOCKS

  • EOS +8.23% the bounce is in. Thin volume though.
  • BVS +7.18% Brexit hopes.
  • CGF +2.91% broker optimism on recent update.
  • SXL +2.31% SWM +1.32% and PRT merger helps. PE casting an acquisitive eye.
  • SBM -8.99% lousy update. Production down, costs up.
  • Z1P -6.25% APT-7.29% RBA inquiry.
  • SIQ -7.02% Smart Packages sells 25% at 1130c
  • CYB -3.91% Brexit nerves.
  • SYD -2.61% traffic number weaker.
  • FLC -8.91% capital raising at 44c.
  • M7T -4.24% profit taking.
  • LVT -4.76% Appendix 3B.
  • IFL +3.55% APRA case lapses.
  • NET +5.88% local rollout of VIN.
  • SDF +1.67% UBS upgrades.
  • NST -0.98% UBS cuts forecasts.
  • PFP -0.32% NZ acquisition.
  • ING +0.69% Macquarie cuts forecasts.
  • WTC – Still suspended. Brokers still keen. Stock back Monday.
  • MQG +0.13% bucks bank trend.
  • Speculative stock of the day: Kallina Power (KPO) +25.00%. Tipped in best newsletter in Australia.
  • Biggest Risers: EOS, OPT, BVS, VRL, PRU, IFL and RMS.
  • Biggest Falls: SBM, APT, SIQ, Z1P, IGO, NUF and PNI.

TODAY

Sydney Airport (SYD) -2.61% reports September traffic rose 1.4% YoY. The rise was made up of a 1.2% increase in domestic passengers and a 1.9% increase in international passengers.

St Barbara (SBM) -8.99% revises FY gold production guidance to 38-420Koz at an AISC of $1,240-$1,330/oz. Prior guidance was 310-335Koz at $1,250-1,350/oz, although these numbers excluded the Atlantic Gold contribution, which is now expected to be 95-105Koz at an AISC of $900-955/oz.

ECONOMIC NEWS

The RBA will investigate whether “policy action” is required to target BNPL operators who prevent merchants from passing the costs to customers. Questions whether there are “policy implications” from “no surcharge” rules that restrict the ability of merchants to apply a surcharge to pass costs to customers

BOND MARKET

  • 2 – year bond yields up 1bps to 0.76%
  • 3 – year bond yields up 1bps to 0.79%
  • 10 – year bond yields unchanged at 1.10%

ASIAN NEWS

  • Chinese GDP was 6% from July to September, down from 6.2% in the second quarter and below economists’ forecasts for 6.1% growth. Lowest rate of growth since 1992.
  • Japan’s consumer price growth fell to a near two-and-a-half-year low in September. Japan’s cabinet approves legislation to impose tougher rules on overseas firms investing in the stock market.

EUROPEAN AND US NEWS

General Motors strike in the balance.

  • Juul Labs will cease US online sales of its fruity-flavoured e-cigarette pods in the US.
  • Tomorrow Boris learns the fate of his cunning plan. Saturday is the vote. Failure means a general election.
  • Turkey has agreed to a 5-day ceasefire.
  • Aramco delays its float again. Must have the same advisers as Latitude.
  • The ‘Zuck’ says he will not censor politicians.
  • Trump is sending out invites to his G7 buddies to meet at his club.
  • Have backed the ‘Wobbalies’ at 3.50 to beat England. Don’t tell Marcus.

And finally…………….shout out to Richard Morrow…love yer work…

My Dearest Susan,
Sweetie of my heart. I’ve been so desolate ever since I broke off our engagement. Simply devastated. Won’t you please consider coming back to me? You hold a place in my heart no other woman can fill. I can never marry another woman quite like you. I need you so much. Won’t you forgive me and let us make a new beginning? I love you so.
Yours always and truly,
John
P.S. Congratulations on you winning the lottery.

The famous sex therapist was on the radio taking questions when a caller asked, “Doctor, I want to know why men always want to marry a virgin?”
To which the doctor handily responded, “To avoid criticism.”

At the zoo I noticed a slice of toast in one of the enclosures.
I asked the keeper, “How did that toast get into the cage?”
“It was bread in captivity,” she replied.

Clarence

XXXX

mt_tryforfree
Financial Markets and Political Commentary
 

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Henry Jennings Contact: henryjennings@mac.com // @henryj007 Has been involved in Investment Banking and Stockbroking since the early 1980's. Stockbroker - Camerons Stockbroking Macquarie Bank - Equity Capital markets Macquarie Group - Divisional Director