And it is still 2.5% off of its 52-week high.

I'll end the blog on that note of optimism.

See you all next Monday.

The biggest loser was Yellow Ltd and Boss Energy down 18.7% and 13% each. I'll be here a bit longer to bring you some extra analysis about one of the worst day's of trade this year.

All 11 sectors are lower today. The session's top sector, Utilities, is lower by -0.37% but up +0.98% for the last five days. The banks and the broader financial index have lost more than 2.5%!

This from AAP:

Friday's selloff on the ASX comes after monthly manufacturing data out of the US showed its sharpest contraction since November 2023, and after jobless claims came in over expectations. 

Pepperstone head of research Chris Weston said all the focus now falls on the monthly US non-farm payrolls report due Friday night AEST, and Asia- based traders were moving to de-risk.

The local share market has plunged, with traders moving to take profits from days of strong gains after weaker-than-expected US economic data raised concerns about the health of the world's biggest economy.

At midday the S&P/ASX200 index was on track for its worst single-day performance since a 2.3 per cent drop 16 months ago, just two days after its biggest rally in 20 months sent it to a new record high.

This is from Dow Jones Newswires:

Shares of Australian uranium companies fell sharply Friday after the world's top uranium producer, Kazatomprom, reported higher first-half output and raised its production guidance for the year.

Changes to production expectations at Kazatomprom, Kazakhstan's state uranium company, reverberate through the global market given it accounts for roughly a quarter of world uranium mine output.

Earlier this year, prices for the nuclear fuel surged to a 16-year high in part due to concerns that Kazatomprom would fall short of its production targets. The miner has cited difficulties sourcing enough sulfuric acid, used to leach uranium from ore.

On Thursday, the company said it now expects to produce between 22,500 metric tons and 23,500 tons of uranium in 2024, up from an earlier estimate of between 21,000 tons and 22,500 tons. That extra uranium would top up the company's inventories, Kazatomprom said.

In Sydney afternoon on Friday, shares in Paladin Energy, which recently restarted its Namibia mine and agreed to buy Canada's Fission Uranium, were down by around 11%.

Boss Energy, which has reopened a mine in Australia and bought a stake in a Texas operation that's also restarting, was down by roughly 13%. Deep Yellow and Bannerman Energy were down by 18% and 14%, respectively.

Honestly, only time will tell. 

Very sweet of you. I one day hope to know everything that is possible about finance and business news, but for now that honour is held by our guru Ian Verrender. 

I found this note you were referring to. Complicated reading for a Friday afternoon, but I'm always willing to learn. And right you are that the Global X Uranium ETF is down more than 7%. Do you work in nuclear energy?

With it up more than 5% on its latest forecasts.

Pinnacle is next with about 3%. And then the rest are all 1% or less on the ASX 200 today.

Mercer has come back with this statement:

We accept the Court’s decision handed down today regarding five marketing statements that were overly broad. We acknowledge the need for accurate information concerning the sustainable nature and characteristics of superannuation investment options. We have cooperated with ASIC and undertaken a comprehensive review of our internal marketing processes and procedures.

These issues were not intentional and we apologise to our members and clients.

Members’ funds will not be used to pay the penalty.

Worth noting the Court didn't just find the company's statements were "overly broad".

It specifically found the company's Sustainable Plus options had investments in companies involved in industries the website statements said were excluded. 

You can see which ones in my previous post.