The ASX 200 rose 36 points to 8269 (0.4%). 11-week high. Disappointing in some respects as defensive stocks saw sellers move to more leverage assets. Banks slipped with ANZ Ex-dividend, the Big Bank Basket down to $261.90 (-0.5%). MQG pushed another 3.7% ahead, with other financials doing well. HMC is up 3.7%, and RPL is rallying 5.7%. ZIP was the standout, up 8.8%, with XYZ bouncing 5.9%. REITs sold off as rates moved higher, 10-year yields up to 4.43%. Defensive industrials fell, COL and WOW went down hard, TCL fell 2.2%, and TLS dropped 2.6%. Tech did well but off highs. WTC is up 4.9% and XRO modestly higher, up 1.7%, with the All-Tech Index up 3.1%. In resources, iron ore drifted back a little, BHP up 2.1% and FMG up 2.7% with base metal stocks also in demand, MIN up 9.8% and LTR up another 3.5%. S32 had a great day up 5.6%. Gold miners were sold off on bullion weakness. NST was down 4.6%, with NEM down only 1.8% as EVN fell 5.3%. LYC dropped 3.8%on rare earth supply from China resuming. Oil and gas stocks are better, WDS up 3.7%, and STO rallying another 2.9%. Uranium stocks paused. Coal was a happy place, WHC up 3.2%. In corporate news, RIC successfully raised $125m to buy DNL’s fertilizer distribution business. PNV is doing well on diabetes trials, and ALD rose 2.2% as it sold an NZ business. ASK rejected a takeover offer from Ki. On the economic front, consumer sentiment lifted on election results. Asian markets mixed, Japan up 1.7% with China flat and HK sliding back 1.5%.

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Wall Street jumped as the US and China agreed to cut tariffs for 90 days. Chinese imports are cut from 145% to 30%. US imports are cut from 125% to 10%. S&P 500 up 3.26%, NASDAQ up 4.35%. Dow jumped at open at inched upward throughout the session. Closed up 1161 points, just 8 off high. Broad rally. All sectors up except Utilities. Flat. Cyclicals and Tech best performers. Amazon (+8.1%) and Tesla (+6.7%) boosted the former. Defensive sectors were the laggards as risk-on sentiment reigned. Still recorded gains. Healthcare was up despite Trump's executive action to lower drug prices. Seen as vague and difficult to enforce. Pfizer rose 3.6%, Eli Lilly up 2.9%, Moderna jumped 6.0%. Investment banks up as outlook for risk assets improved. Goldman Sachs, Morgan Stanley and Citigroup all recorded gains of over 4%. Apple up 6.3% on tariff news. Same day it announced it would use AI to help preserve iPhone battery life. Resources mixed. Some jumped on news – Aluminium, Iron Ore. Others down. Nickel down 1.4%, Lithium down 1.0%.

ASX to rise. SPI futures up 97 points (+1.17%).

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ASX 200 kicks higher, just up 2 points to 8234 (+0.0%) after losing momentum as the day wore on. US futures are up strongly on hoped-for details on US/China trade negotiations. Dow futures up 1.1%, Nasdaq futures up 2.1%. Gold fell, miners under pressure with GMD down 5.7% and EVN off 3.7%. Base metals and lithium stocks are better, MIN up 8.3% and LTR roaring ahead, up 12.6%. S32 is also having a good day on CEO retirement. The stars were for iron ore stocks on China hopes, BHP up 2.3% and RIO up 2.1%, with FMG only managing half that rise. Oil and gas stocks were also better, with WDS up 2.0% and KAR up 5.1%. Uranium stocks also firmed again. Banks were flat as NAB went Ex-dividend. Down 2.3% and the other three mixed. The Big Bank Basket is down to $263.16 (-0.2%). MQG rose 2.1% as its run continued, GQG had a great day up 8.0%, and REITs were a little underwhelming. GMG rose 1.6% on a broker upgrade. Industrials mixed, WOW fell 1.5% after announcing price cuts. Drug companies fell on news that Trump was going to cut drug prices in the US.

In corporate news, DNL rose 2.0% as it sold the fertiliser distribution business to RIC. Nothing on the economic front. Asian markets were firm again. Japan up 0.3%, HK up 1.4%. 10-year yields rose to 4.37%.

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