The ASX 200 is down 35 points in mid-morning trade after a triple-whammy ECBmeeting. Defensive sectors best. Banks and Materials worst IVC trading halt/cap raising, S&P rebalance. Chinese trade and US jobs ahead. #ausbiz


  • Ex-dividend – Ryder Capital (RYD) 1.0c, Sonic Healthcare (SHL) 33.0c, Tamawood (TWD) 33.0c, Vista Group International (VGL) 1.7c, Wisetech Global (WTC) 1.5c, Yancoal Australia (YAL) 28.6c
  • Economic data – HIA New Home Sales
  • Japanese data – Household Spending, Current Account, GDP Growth Rate
  • Chinese – Balance of Trade, Imports/Exports



  • UK – Consumer Inflation Expectations Q1
  • US economic data – Nonfarm Payrolls, Nonfarm Private Payrolls, Avg. Hourly Earnings, Unemployment Rate, Average Workweek


  • Chinese inflation data (see expectations above)


  • Invocare (IVC) – 2 announcements today. Trading halt due to capital raising. In place until 12 March. Also  “disappointed to hear the allegations of inappropriate behaviours in the funeral industry featured on A Current Affair on Channel 9 on Thursday 7 March 2019. We want to reassure all Australians that our funeral brands are in no way involved in, or associated with these actions.”
  • OceanaGold (OCG) – Investor Day Presentation


All changes are effective at the open on 18 March.

  • S&P/ASX20 – No change
  • S&P/ASX50 – No change


  • Addition – Pinnacle Investment Management Group Limited (PNI), HUB24 Limited (HUB)
  • Removal – Infigen Energy (IFN), Automotive Holdings Group Limited (AHG)


  • Addition – AUB Group Limited (AUB), Carnarvon Petroleum Limited (CVN), Redcape Hotel Group (RDC), Mount Gibson Iron Limited (MGX), Jumbo Interactive Limited (JIN), Ramelius Resources Limited (RMS), Macmahon Holdings Limited (MAH), Baby Bunting Group Limited (BBN), Paladin Energy Ltd (PDN), Silver Lake Resources Limited (SLR)
  • Removal Webster Limited (WBS), Servcorp Limited (SRV), Blue Sky Alternative Investments Limited (BLA)

All Ordinaries

  • Addition – Coronado Global Resources Inc. (CRN), Spotless Group Holdings Limited (SPO), Redcape Hotel Group (RDC), Carnarvon Petroleum Limited (CVN), Evans Dixon Limited (ED1), Paladin Energy Ltd (PDN), Nickel Mines Limited (NIC), Livetiles Limited (LVT), Synlait Milk Limited (SM1), Comet Ridge Limited (COI),Over The Wire Holdings Limited (OTW), Tungsten Mining NL (TGN), Terracom Limited (TER), Clover Corporation Limited (CLV), Stanmore Coal Limited (SMR), Auscann Group Holdings Ltd (AC8), City Chic Collective Limited (CCX), Phoslock Environmental Technologies Limited (PET), Sheffield Resources Limited (SFX), Audinate Group Limited (AD8), Seafarms Group Limited (SFG), Schaffer Corporation Limited (SFC), Volpara Health Technologies Limited (VHT), Meridian Energy Limited (MEZ), Avita Medical Ltd (AVH), Australian Ethical Investment Limited (AEH), Byron Energy Limited (BYE), Gazal Corporation Limited (GZL), Rhipe Limited (RHP), Vitalharvest Freehold Trust (VTH), Aeon Metals Limited (AML), Bellevue Gold Limited (BGL), Supply Network Limited (SNL), Helios Energy Ltd (HE8), Isignthis Ltd (ISX), Genesis Energy Limited (GNE), Millennium Minerals Limited (MOY), Engenco Limited (EGN), A Horizon Oil Limited (HZN), Opthea Limited (OPT), Reef Casino Trust (RCT), Pivotal Systems Corporation (PVS), Australian Vintage Ltd (AVG), Kina Securities Limited (KSL), Consolidated Operations Group Limited (COG), McPherson’s Limited (MCP), Paradigm Biopharmaceuticals Limited. (PAR), Strike Energy Limited (STX), APN Property Group Limited (APD), Galilee Energy Limited (GLL), Wattle Health Australia Limited (WHA), Elmo Software Limited (ELO), Shine Corporate Ltd (SHJ), People Infrastructure Ltd (PPE)
  • Removal – Australian Mines Limited (AUZ), Brainchip Holdings Ltd (BRN), Rand Mining Limited (RND), ImpediMed Limited (IPD), Boart Longyear Limited (BLY), Bionomics Limited (BNO), BSA Limited (BSA),Credible Labs Inc. (CRD), SomnoMed Limited (SOM), Netcomm Wireless Limited (NTC), Tpi Enterprises Limited (TPE), Berkeley Energia Limited (BKY), Alkane Resources Limited (ALK), Nzme Limited (NZM), Donaco International Limited (DNA), Eden Innovations Ltd (EDE), Ovato Limited (OVT), Gascoyne Resources Limited (GCY), Artemis Resources Limited (ARV), Getswift Limited (GSW), Reva Medical, Inc (RVA), Blue Sky Alternative Investments Limited (BLA), Adacel Technologies Limited (ADA), Medlab Clinical Limited (MDC), Reckon Limited (RKN), Xanadu Mines Ltd (XAM), Onemarket Limited (OMN), Silver Chef Limited (SIV), Retail Food Group Limited (RFG), Blue Energy Limited (BUL), Yojee Limited (YOJ), Titan Minerals Limited (TTM), Isentia Group Limited (ISD), Airxpanders Inc. (AXP)




US EQUITIES – S&P 500 -23 (-0.81%), Dow -200 (-0.78%), NASDAQ -84 (-1.13%)

Main themes

ECB meeting dovish – expended term of low rates, new refinancing operations and reduced growth forecasts

Utilities the only sector to rise.

EUROPEAN MARKETS – All weaker. STOXX500 -0.43%, UK FTSE -0.53%, German DAX -0.60%, French CAC -0.39%.


  • The USD is significantly stronger at 9760, also bossted by a weaker Euro
  • The Aussie dollar is lower at US70.18.

BONDS – 2-yr: -5 bps to 2.46%, 3-yr: -6 bps to 2.44%, 5-yr: -6 bps to 2.44%, 10-yr: -6 bps to 2.64%, 30-yr: -5 bps to 3.03%


  • Oil – WTI futures were up US44c at US$56.66. Production cuts and sanctions outweighed by macro issues
  • Iron Ore – IRESS reports iron ore up US$1 to US$88.00 a tonne. CommSec reports iron ore was up US$1.45 or 1.7% to U$87.05.
  • LME metals – Mostly weaker. Copper -0.22%, nickel -3.04%, aluminium -0.61%


  • ECB meeting – Will maintain current level of rates through the end of 2019 (3 months longer than expected) and launch new targeted longer-term refinancing operation (TLTRO-III) in September (Reports from November indicated that the ECB would only resort to launching a new TLTRO in the event of a serious economic shock.) Also lowered its 2019 GDP growth forecast for the eurozone to 1.1% from 1.7%
  • US economic data – Initial Claims 223,000 (consensus 224,000; prior 226,000), Continuing Claims 1.755 mln (prior 1.805 mln), Q4 Unit Labor Costs 2.0% (consensus 1.5%), and Q4 Productivity 1.9% (consensus 1.7%); January Consumer Credit $17.00bn (consensus $17.00bn; prior $16.60bn)
  • Aussie rate cut expectations – UBS has joined JPMorgan, Macquarie, and Westpac in expecting the Reserve Bank of Australia to cut its cash rate this year.
  • Brexit – EU officials are reportedly skeptical of a breakthrough in Brexit negotiations while British Prime Minister Theresa May’s cabinet expects that the prime minister’s deal will be defeated by about 100 votes next week.


“People’s jobs are the biggest asset that they have. The net present value of your job is worth more than your house or your stock portfolio. As people decide whether they’re going to buy a car, they’re more concerned about whether they have a job and are likely to have a job next year.” – David Malpass, American economist born this day in 1956.


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