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February 1, 2023 14 min

 ASX 200 rose 25 points to 7502 (0.3%). Some caution crept in ahead of the FOMC meeting. Resources firmed but unspectacular, BHP up 0.3%, RIO bouncing 1.4% and FMG up 0.4%. Lithium stocks slightly better but no great shakes, PLS up 0.4% and IGO up 1.0%. Gold miners eased back especially in the second liners, SBM, DEG and SLR. NST one of the positive ones up 0.7%. Oil and gas slid with WDS down 1.4% and STO falling 1.0%. Coal stocks eased with WHC down 1.6%. In the industrials, tech was varied, WTC down 1.7% with XRO eking out some gains. REITS firmed GMG up 1.2% and GPT up 1.3%. Healthcare better, CSL leading up 1.2%, RMD up 0.4%. Banks mixed with CBA coming off record highs, WBC down 0.5% and the Big Bank Basket steady at $190.76. In corporate news, FLT returned from the cap raise and acquisition with the shorts running for cover, up 8.1%, well off highs.. CCP turned positive after 1H results up 1.7%. TRS CEO has resigned. NUF reaffirmed guidance. On the economic front RBA’s head economist said inflation had peaked in late 2022. In Asian news Caixin manufacturing PMI not as strong as hoped at 49.2 in January. Asian markets choppy on the news. Barely changed though. 10-year yields up to 3.57%.

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