End of Day Report – Thursday 30 May: BHP Stumbles as Iron Ore Falls | Banks Steady

ASX 200 drops another 37 points to 7629 (-0.5%) after a bounce off the 7600 support level. Bank held firm with small losses in CBA and NAB. The Big Bank Basket down to $205.46 (-0.1%). MQG fell 0.6% with insurers mixed, QBE up 0.1% as bond yields rose. SUN off 0.8%, with REITs down, SGP off 0.9% and GMG up slightly. Industrials saw buyers in defensives, WES up 0.8% and ALL up 0.9%, with BXB doing ok, up 0.6%. Tech mixed despite Nasdaq futures showing early losses. The All-Tech Index up 0.4%. REA, CAR and SEK all better. In the miners, BHP sank 1.7% after the bid was rejected again, RIO was down 1.5%, and FMG fell hard again off 3.1%. Gold miners dropped as bullion fell on a stronger USD, NST down 2.8% and EVN off 2.8%. Lithium and copper stocks also falling, PLS down 2.1%, and IGO dropping 4.4%. LTR pulled back 5.5%, with oil and gas stocks slipping. WDS down 1.2%, and STO off 1.8%. Uranium stocks eased back. In corporate news, quite apart from BHP news. AAC and ELD mixed on the rollback of Chinese beef tariffs. CAT lived up to its name with a 9.7% gain on a business update. On the economic front, we had building approvals. Not shooting any lights out to relieve pressure on housing. In Asian markets, a sell-off following US markets, Japan down 0.6%, HK down 1.5% and China off 0.5%. 10Y yields 4.44%.

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