The ASX 200 had a late surge to finish the month with a gain today of 25 points to 8435. ASX records best month since January. Up 3.8%. Banks yet again showed the strength as CBA rose 0.9% with the Big Bank Basket up to $275.55 (1.1%). WBC surged 2.7% and NAB up 1.3% with some month end window dressing. Insurers slid slightly, QBE down 1.3% with REITS up. GMG up 1.3% and VCX rising 1.2%. Industrials found a footing, BXB up 1.0%, WOW and COL firmed, and ORG up 2.1%. Tech slipped slightly with WTC down 1.5% and XRO off 0.8%. Healthcare mixed, In resources, mixed in the majors, BHP up 0.3% and FMG down 1.9%. Gold miners were better, NST up 3.2% with GMD up 4.4%, VAU up 3.5% as some window dressing helped. Lithium stocks slid on a broker downgrade to carbonate prices, PLS down 5.7% and IGO off 5.4%. WDS fell 2.1% and STO off 0.9%. Uranium stock eased back, coal miners fell, WHC off 1.8%. In corporate news, HCW leapt on rent relief for Healthscope, NWH up on a RIO contract and FND down nearly 9% on results. In economic news, retail sales slipped. Asian markets fell with Japan down 0.9%, China down 0.3%, and HK down 1.5%. 10-year yields at 4.28%.

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Wall Street recorded a positive session following Nvidia’s strong after-market results Wednesday. Markets had a lot to digest as a US trade court challenged Trump’s ability to impose tariffs, a move later overruled for the time being by the appeals court. Biggest legal challenge to Trump yet and will escalate. S&P 500 up 0.40%, NASDAQ up 0.39%. Dow rose at open, continually dropped until midday, and found strength to rise and end near high. Up 117 points. All sectors saw green. REITS biggest beneficiaries as yields fell following appeals court reinstatement of tariffs. Financials also benefitted. Energy up despite oil falling. Defensives in general were the best performing sectors. Growth sectors like Cyclicals and Tech, while positive, were the biggest laggards. Nvidia the biggest gainer following earnings, up 3.2%. Despite US curbs on chips to China, positive sentiment from Nvidia boosted other chips. Dell (-0.1%) also raised full year profit forecast on strong AI server demand, adding further fuel to the AI train. Netflix down 2.0% on no major news. Mixed performance from the other large Tech names, either modest gains or losses. Costco (-0.4%) missed earning expectations as consumer discretionary spending fell amidst economic uncertainty. Tariffs will be felt more by companies come Q2 earnings – Gap (-1.0%) flagged as much in their earnings report. Resources struggled. Despite the dollar slipping further, base metals fell. Nickel and tin both down over 2.5% as economic uncertainty once again came to the forefront following the various legal challenges, and then supports, on Trump’s tariff policy.

ASX to fall. SPI futures down 22 points (-0.26%). Gold back up - Oil down. Quiet session in store.

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The ASX 200 limped to a 13-point rise at 8410 (0.2%) missing out on the US fun as the tariffs got knocked back and Nvidia ran on results. Banks were slightly better with NAB and WBC doing ok, CBA unchanged and the Big Bank Basket up to $272.57 (+0.4%). Financials were strong, MQG up 1.7% and XYZ rising 3.0%. REITs fell, GMG down 1.4% and SCG off 1.1%. Industrials firmed, TCL up 0.4%, WES up 0.2% and TLS pushing ahead up 0.8%. Tech was better but not stunning, WTC up 1.2% and the All-Tech Index up 0.6%. Retail better, TPW up 1.9% and BRG rising 0.4%. Resources were weighed down by BHP and RIO, the ugly sisters, LYC fell 2.1% and S32 off 1.0%. Gold miners were mixed, NST down 0.7% and EVN up 0.8% after a rocky start. Bullion fell on trade news, GMD rose 0.9% as broker upgrades came through. WDS kicked 2.8% on broker optimism on NW shelf deal and oil prices kicking up. Uranium back in the doghouse with DYL off 3.2% and PDN down 5.0%. In corporate news, CIA up 0.5% on record results, RSG fell another 2.4% despite seeking further information from Guinea government. ELD up 1.1% as the ACCC voiced concerns on its acquisition of Delta. Nothing on the economic front, Asian market rallied on the US news. 10-year yields steady at 4.37%.

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