End of Day Report – Thursday 4 December: ASX 200 closes near high, up 23 | Banks firm, copper shines

The ASX 200 meandered around waiting for the Test to start. At the close, the index was up 23 points to 8618 (0.3%) in a narrow trading range. Banks found some buyers with the Big Bank Basket rallying to $266.71 (0.8%) as ANZ continued higher, up 1.7%. Financials generally were on hold, REITs slid with GMG down 2.7% as higher bond yields took their toll after household spending showed renewed strength. Industrials too were wishy washy, ALL down 0.7% and COL off 1.7% with retailers falling, JBH down 2.1% and TPW falling another 2.4%. STP fell hard on a trading update. Tech stocks were slightly firmer, WTC did better after the investor day yesterday, up 1.7%, with 360 also better. The All-Tech Index drifted 0.3% lower.

Resources were all about copper. BHP up 3.6% with RIO joining the fun and rising 3.9%. Gold miners slipped as a stronger AUD took its toll. Lithium stocks are also coming off the boil with VUL copping it on the capital raise and ex-entitlement. Oil and gas are modestly higher, with uranium stocks mixed. 

In corporate news, BEN is in the frame with job cuts, REG sold some aged care homes, and GEM updated the market on its former employee facing an additional 83 charges. 

On the economic front, stronger-than-expected household spending reignited rate rise fears. 

Asian markets, Japan recovered 1.8% with HK up 0.2% and China up 0.3%.

10-year yields pushed higher again to 4.69%.

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