ASX 200 gave up its gains to be up only 15 points to 7866 (0.2%) after being skewered by jobs data and iron ore prices in Singapore. Economic data showed the jobs market was still tight despite the headline number rising to 4.2%. Iron ore slid again in Singapore on Chinese steel news, BHP fell 1.0% and RIO was off 3.6%, including its dividend. FMG down another 2.9% with MIN falling 3.0%. Lithium sector off again, despite PLS bidding for LRS. Scrip bid and PLS dropped 3.9% on the news. Gold miners slid with EVN giving up some recent gains, NST down 0.7% and uranium and coal stocks easing back again. Banks were firm with WBC and ANZ taking up the running. CBA steady and the Big Bank Basket up to $229.33 (0.8%). MQG rallied 1.3% with the ASX bouncing back 0.9%. MFG results out and an acquisition boosted fund managers. GQG up 4.8%. TLS did well on results up 2.1% with many industrials in the green. Healthcare was an interesting space, COH was dumped 7.3% on lower guidance and CSL drifted. Tech mixed, APX down 4.2% and WTC off 0.5%. In other corporate news, ORG fell 9.4% on pessimistic outlook news, GMG beat estimates but not enough to keep it positive, down 1.3%. NUF fell 9.8% on a trading update and TWE reported as expected with the de-premiumisation charge. On the economic front, local jobs numbers came in at 4.2% slightly higher than expected but participation increased. In China, more dismal data and steel companies pulling back hurt commodities. Asian markets slightly better, Japan up 0.7%, China up 0.8% and HK unchanged. UK GDP in focus.

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The NASDAQ and S&P 500 finished 0.03% and 0.38% higher, extending their winning streak to five sessions. US Inflation data reassured the markets the Fed would start cutting rates next month. The Dow advanced 243 points (+0.61%). Up 303 points at best. Down 28 points at worst. Small firms Russell 2000 eased 0.52%, and the VIX dropped 12.53% as sentiment improved. Treasury yields were mixed. 10Y yield was little changed down 0.7bps and the 2Y yield rose 2.4bps. Markets are now pricing a 37% probability of a 50bps cut and 63% probability of a 25bps cut in September. Megacap tech stocks ended mixed Google fell 2.4% on reports the DoJ is considering breaking up the search engine. While Telsa -3.1%, Microsoft +0.7% and Nvidia +1.7%.

ASX to rise. SPI Futures up 28 points (+0.36%).

• Oil prices in the red after US crude inventories rose unexpectedly. WTI -1.68% and Brent Crude off 1.35%.
• Base metals are broadly higher on rate cut prospects. Copper +0.25%, nickel -0.06%, aluminium +0.60%, zinc +0.93%, lead +0.75%, and tin +0.30%.
• Iron ore down 2.29%, hitting a more than one-year low on disappointing credit data from China dampened sentiment.
• Uranium flat, and lithium down 0.82%.
• Bullion down 0.71%.

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ASX 200 rose another 24 points to 7851 (+0.3%) as iron stocks fell hard on Asian price falls. BHP, RIO and FMG dragging the index back from 7910 high. BHP down 2.8% and FMG crashing 4.6%. Iron ore futures in Singapore sank a further 2.3% to $US96.25 a tonne. Other resource sectors pulled lower. Lithium tried hard to rally, but PLS was unchanged and MIN off 4.6%. Gold miners mixed, RED off 1.4% and BGL down 2.5% with EVN presenting a good set of numbers and rose 6.6%. Oil and uranium not doing too much. Results dominated in industrials; CBA produced a beat and a higher dividend, up 1.3%, with the Big Bank Basket up to $227.58 (+0.7%). MQG rose 0.8%, with insurers slightly firmer, and ASX fell 3.7% as ASIC launched legal proceedings. CSL bounced 2.0%, and healthcare generally was better, with SHL up 2.0% and RHC up 1.0%. PME results delighted the bulls, up 7.2%. Elsewhere, retailers were still in favour, SUL up 2.4% and APE rose 2.1%. Gaming stocks better too, ALL up 1.4% and LNW rising 2.0%. Tech rose, the All-Tech Index up 1.7% with WTC up 2.6% and XRO up 0.5%. REITs also better, GMG up 3.1% with REA up 3.5% too. In corporate results, SVW showed the benefit of owning BLD up 6.8%, ORA rose 5.3% on better results and more M&A interest, and BVS also dId well, up 11.1% on results. Nothing locally on the economic front. RBNZ cut rates as the economy stalls, and the Japanese PM announced he would be stepping down. Asian markets lower, HK and China down 0.5%. 10Y yields fell to 3.93%.Dow and NASDAQ Futures up 0.1%.

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