ASX 200 up 53 points to 8647 (0.6%). A solid rally driven by bullion and banks. The Big Bank Basket rallied to $278.81 (+1.2%). CBA up another 1.3%, with ANZ doing well up 1.3%. MQG rose 0.9% and IFL up 2.7% on a broker upgrade, Insurers better, SUN was out and up 2.4% with IAG doing well, rising 2.9%. REITs rallied too, GMG up 1.1% and CHC rising 3.1%. Industrials in demand across the board, JBH up 1.9% with WOW and COL better, TLS continuing to push ahead up 1.0% with QAN up another 2.0%. Healthcare mixed, SIG up 2.3% and CSL off 1.0%. Tech stocks rose, with the All-Tech Index up 0.3%. In resources, iron ore stocks drifted lower as iron ore fell on Chinese PMI. Gold miners off highs, but still strong, NEM up 4.3% with GMD gaining 4.6% and OBM up 5.9%. Lithium stocks falling again, PLS down 0.4% and MIN hit 5.5%. Oil and gas stocks rose with crude, uranium still under pressure again. DYL down 1.9% and PDN off 1.3%. In corporate news, IEL fell 48.1% on a massive downgrade and nasty outlook statement, TEA ran 8.6% on a special dividend, DMP fell 2.2% after a raft of executive changes. In economic news, the RBA minutes helped sentiment, Chinese PMI dropped to 48.3. Asian markets slightly higher, Japan up 0.1%, HK up 1.1% and China up 0.5%. 10-year yields steady at 4.26%.

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Wall Street recorded a positive, choppy session despite a backdrop of rising trade tensions between the US and China and important economic data releases such as US employment data and an ECB rate decision where it’s expected to cut. S&P 500 up 0.41%, NASDAQ up 0.67%. Dow fell at open but found strength throughout the day to end up 35 points, near high. Mainly positive sector performance. Industrials and Staples showed a little weakness but all other sectors were up. Energy best performer, followed oil up which rose after Canadian wildfires threaten supply. Materials and Utilities also did well, as did Tech. All major Tech companies were up excluding Alphabet and Tesla. Alphabet (-1.6%) will spend $500m over ten years to overhaul compliance in a shareholder settlement which highlighted internal issues. Tesla (-1.1%) continued to see EU sales plummet in May. Meta and Nvidia led the gains for Tech. Meta (+3.6%) boosted by news it will help advertisers to fully create and target campaigns using AI by the year end. Meta news took Nvidia (+1.7%) with it, another further positive update on AI developments. Resources nearly all up. US Copper jumped as Trump’s tariffs on steel and aluminium is feared to potentially extend to copper. Iron ore sole loser. China’s manufacturing activity contracted in May for second consecutive month.

ASX to rise. SPI futures up 68 points (+0.81%).

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ASX 200 fell 21 points in quiet trade to 8415 (0.1%). Most sectors showing losses as nerves crept back in on Trump and Chinese negotiations. Banks slipped with WBC off 1.2% and the Big Bank Basket down to $275.32 (-0.1%). MQG fell 1.0% with insurers better, QBE up 1.3% and MPL rising 2.1%. REITs slid, GMD down 0.9% and VCX off 0.4%. Industrials were mostly flat, WOW and COL better, WES up 0.5% and SGH doing well, up 0.7% with BXB rallying 1.0%. TLS continued to push higher, tech was mixed as WTC fell 2.3% and XRO rose 1.5% with the All-Tech Index down 0.5%. Healthcare under a little pressure, SIG off 3.2% following the sell-down last week.

In resources, iron ore down in Singapore, BHP off 1.2% and FMG sliding 2.5%. Lithium stocks under pressure following the UBS downgrade last week, MIN off 11.8% and PLS falling 8.1%. Gold miners were better as bullion pushed higher on steel tariff issues, EVN up 3.1% and NEM up 1.2%. Oil and gas stocks eased slightly and uranium stocks fell. In corporate news, SOL announced a merger with BKW to create a new $15bn top 50 stock. Both stocks rallied hard on the news, a $500m zero discount capital raising also helped sentiment. BSL jumped 4.4% on US tariff moves, APE extended the buyback, JHX rose 1.4% on securing a new debt facility. Nothing on the economic front locally, China and US ratchet up war of words. Asian markets fell, Japan down 1.3%, HK off 1.9% and China down 0.5%. 10-year yields steady at 4.26%.

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