• The ASX 200 closed down 16 points at 7279 (-0.22%) as early exuberance evaporated. We turned negative having been up near 60 points. Banks were the swing factor as the Big Bank Basket fell to $187.73 (-0.53%). NAB eased back 1.0%, SUN down 2.2% and MFG fell 4.3% after Hamish resigned from the board. MQG was a pinprick of green, up 0.1%. Healthcare also weaker with CSL off 1.5% as the AUD rose. Industrials mixed with WES better up 0.7% and TCL down 2.4%. Commodity stocks were firm with the exception of gold miners, NCM down 2.7% and NST off 2.4%. Iron ore stocks in demand, BHP up 0.4%, FMG up 0.8% and MGX better by 7.0%. Base metal stocks also finding buyers, S32 up 1.2% and IGO up 1.7%. Lithium stocks soared again despite moves from China to rein in prices, INR up 3.8%, LTR up 5.42% and CXO running another 9.8% higher. Oil and gas better with STO up 1.1% and WPL up 0.9%. Tech followed SQ2 higher by 9.2% with TYR rallying another 2.3%, XRO up 2.4% and 360 doing very well. The All-Tech Index rose 1.1%. 
• In corporate news, QUB announced a $400m buyback, API WES scheme approved by the court, and IMM up 7.6% on FDA approvals of its immune checkpoint. Nothing on the economic front. Asian markets mixed, Japan closed for a holiday, China down 0.1%, HK off 0.1%. Oil up 3.3% in Asia. 10-Year Yield: Steady at 2.56%.

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