ASX 200 down 2 to 8596 on a volatile day as banks saw selling and money move to BHP and other resources. CBA was down for another day, as its now four out of five down days closing off % with the Big Bank Basket down to $282.16% (-1.6%). ANZ outperformed up 0.5%. Financials under pressure across the board, MQG down 0.8% and insurers falling hard. QBE off 2.2% and SUN down 3.4%. Defensives generally on the nose, TLS down 1.2% and REA off 3.4% with WES falling 2.0% together with WOW and COL. Tech mixed as XRO fell again and WTC up 1.2% despite more front-page news! Healthcare mixed, CSL up 0.5% and PME racing 7.8% ahead on news of two contract wins. Resources were the stars today, at least BHP up 5.6% with RIO and FMG also up but more modestly, around 1.8%. Gold miners finding some friends, NEM up 1.4% and WAF up 1.3%. Lithium stocks better, PLS up 11.3% with LTR rising 5.0%, MIN up 7.8% with coal stocks also back in favour, WHC up 8.2%. Uranium stocks eased back. WDS and STO slightly better.

In corporate news, GLF rose 4.1% on its debit. VGN sinking 1.9% towards issue price. RPL ran 9.3% on $35m performance fee. On the economic front we had the trade balance numbers. Asian markets mixed, Japan unchanged, China up 0.6% and HK down 0.8%.

10-year yields rising to 4.18%

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Wall Street reached new highs as Tech stocks rallied and a trade agreement with Vietnam helped to calm nerves about a prolonged trade war. S&P 500 up 0.47%, Nasdaq up 0.94%. Dow fell at open, recovered and rose further, peaking at midday, and finished the session in the middle of its range. Down 11 points. Most sectors up. Energy led the charge, following oil up which rose 3% as Iran suspended cooperation with the UN nuclear watchdog. Materials also up, rising as the Vietnam trade deal eased global trade concerns – economically sensitive sector. Tech and Cyclicals also did well. Chip stocks bounced, Nvidia rising 2.6%, while Apple continued its good week, up 2.2% without major news. Tesla also rallied 5%, a partial recovery from yesterday’s losses, despite the headlines surrounding the EV maker continuing to be negative with focus on how this year will be the second year of shrinking sales. Healthcare, Utilities and Cyclicals were all in the red. Uptick in yields hurt the latter two.

SPI down 17 - Iron ore up 2.5% on Chinese moves - Resources to shine

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