I've compiled a source file, but the listing file shows no generated assembly. What's wrong?

If you chose to generate an object file (.OBJ), the compiler will not generate executable assembly code. The object file is an intermediate format, suitable for linking with BClink, or through Absolute Code Mode; in either case, code generation is always the last step. Even if you selected an executable (hex dump) format, the compiler will not generate assembly when it generates an object file.