End of Day Report – Thursday 6 June: CBA Hits Records | ECB Awaits

ASX 200 pushes another 53 points higher to 7822 (+0.7%), with banks leading us ever higher. CBA hitting records up 1.1% as they started making Ai chips (joking), the Big Bank Basket up to $215.88 (+1.0%). MQG also doing well, with financials generally in the green, insurers up around 1.5% and REITs better on rate cut hopes and falling yields. Industrials too up, WES up 1.0% and WOW and COL up around 0.7%. TLS gained 0.6%, and tech stocks are in demand. All-Tech Index up 0.6%, with WTC and XRO both doing well. Resources were a mixed bag, BHP quietly firm, RIO slipped 0.9%, and FMG down 0.3%. Gold miners drew strength from the bullion price, with NST up 1.3% and EVN up 2.1%. Lithium and base metals stocks mixed, PLS up 1.4% and MIN down 0.3%. Uranium stocks still sold off, PDN down 0.4% and NXG off 3.1%. In corporate news, IEL dropped 7.5% on an update following government moves to curb international students. SKC suspended its dividend in a trading update, MFG revealed some stability in FUM, gaining 1.3%. On the economic front, we had building approvals and lending, which showed room to move for the RBA perhaps. Meanwhile, Asian markets were better Japan up 0.3%, China down 0.5% and HK down 0.1%. 10Y yields at 4.22%, and the Aussie dollar edged higher 0.2%. Dow Futures down 17 points. NASDAQ Futures up 4 points.
 
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