Stocks rose Tuesday as investors focused on a fresh slate of earnings reports. Coca-Cola reported earnings and revenue that topped estimates, sending the stock up 2.8%. Spotify, meanwhile, popped 10% after the audio streaming giant posted third-quarter results that beat expectations.
Read MoreStocks rose Tuesday as investors focused on a fresh slate of earnings reports.
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Energy stocks benefited from the rise in oil prices, with West Texas Intermediate trading around $86 per barrel. The avoidance of a Gaza invasion by Tel Aviv temporarily eased Middle East tensions. As a result, Santos saw a 0.6% increase to $7.85, and Viva Energy rose by 4% to $2.84 after receiving a "buy" rating from UBS broker.
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It appears to be another year of forbearance for shareholders in Australia's aspiring food giant, Bega Cheese Ltd. During Tuesday's annual meeting, shareholders were advised not to anticipate significant earnings growth in the 2023-2024 financial year.
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Westgold Resources (ASX:WGX) has made quite a fuss about the commencement of work at the legendary Great Fingall mine in the WA Goldfields.
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Australian graphite stocks have experienced a significant surge after China's recent announcement of export controls on one of the crucial battery minerals essential for electric vehicles.
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A snapshot of the stocks on the move, featuring Immutep (ASX:IMM), Empire Energy (ASX:EEG) and Lincoln Minerals (ASX:LML).
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The spotlight is on RBA Chief Michele Bullock's speech scheduled for 7pm AEDT at the Global Markets Conference hosted by CBA in Sydney.
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US bond market traders don't seem to have the courage of their collective paranoia about yields. After filling reams of paper, the airwaves of TV business shows, and online commentaries with dire predictions about what would happen when US 10-year bond yields breached the 'psychologically important' 5% level, they turned around and bought heavily, driving the yield sharply lower by the close of trading on Monday.
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The Nasdaq Composite ticked higher on Monday as Treasury yields retreated from their highs and traders looked ahead to the release of corporate earnings from tech industry giants.
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The US Department of Justice is reportedly expanding its inquiry into Tesla's business practices, adding to the pressure on Elon Musk and the company's board.
Read MoreThe Nasdaq Composite ticked higher on Monday as Treasury yields retreated from their highs and traders looked ahead to the release of corporate earnings from tech industry giants.
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Despite oil prices reaching multi-year highs, Chevron Corp announced on Monday its intention to acquire its smaller US rival, Hess Corp, in a $53-billion all-stock deal.
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Chile's global lithium giant, SQM, continues to enhance its Australian holdings, having recently acquired a 30% stake in the Calidus Resources Pilbara lithium project. This move marks the latest in a series of deals in 2023 that have seen SQM aligning with promising lithium projects and their promoters.
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Lynas Rare Earths (ASX:LYC) surprised investors on Friday with news of its plan to shut down all operations in Malaysia, except for a mixed rare earth carbonate processing plant, over the December quarter.
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South32 (ASX:S32) may have reaffirmed its 2023-24 production guidance, despite an 18% drop in coking coal production in the first quarter. However, this confidence has not deterred the miner from initiating cost-cutting measures.
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Australian shares closed at their lowest level in a year on Monday, following a trend set by a weaker Wall Street. This decline was driven by concerns about an escalation of the Middle East conflict, which negatively impacted investor sentiment.
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Treasury Wine Estates (ASX:TWE) has announced its readiness to re-establish its presence in the Chinese market, particularly for the premium Penfolds wines, following the most promising sign yet of a potential reduction in the punitive 200% plus tariffs imposed by the Chinese government.
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At noon, the S&P/ASX 200 is 0.76 per cent lower at 6,848.40. This drop was in line with Wall Street's performance, driven by concerns about potential interest rate hikes by the Federal Reserve and worries about the escalation of the Middle East conflict.
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Gold, oil, and interest rates dominated commodity markets last week as all three surged for a mixture of reasons. The US dollar was stronger as well, yet the stronger greenback and higher rates failed to have their usual negative impact on the prices of these two key commodities.
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A snapshot of the stocks on the move, featuring Immutep (ASX:IMM; NASDAQ:IMMP), Chimeric Therapeutics (ASX:CHM) and Sayona Mining (ASX:SYA; OTCQB:SYAXF).
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Stocks retreated Friday as a surge in the 10-year Treasury yield prompted broader concerns about the state of the economy. The yield on the benchmark 10-year Treasury crossed 5% for the first time in 16 years on Thursday, a level that could ripple through the economy by raising rates on mortgages, credit cards, auto loans and more. Not to mention, it offers investors an attractive alternative to stocks.
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Last week's 'me too' ASX sell-off, following Wall Street's decline, is expected to persist today, with the futures market projecting a 65-point drop as trading resumes this morning.
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Interest rates are once again in the spotlight this week, with two public appearances by the new Reserve Bank Governor, Michelle Bullock, and two crucial updates on inflation. Despite a surge in bond yields last week, the possibility of a rate increase at the Melbourne Cup meeting of the Reserve Bank board is not set in stone.
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Last week, US bond yields surpassed 5%, jumping 30 points in just a week. This week, interest rate concerns are poised to remain the primary driver of market dynamics, with significant contributions from tech giants such as Amazon, Meta, and Alphabet.
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The two companies, the only listed wine companies on the ASX, have seen their share prices impacted by punitive tariffs on wine imports from Australia. Despite Treasury Wine Estates' successful expansion into other markets through a radical business reshaping, their share prices have been depressed.
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Crunch week this week and next, as the six of the so-called "Magnificent Seven" stocks – Apple, Microsoft, Alphabet, Amazon, Nvidia, and Meta Platforms – release their latest quarterly figures.
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Dr Shane Oliver, Head of Investment Strategy & Chief Economist at AMP, discusses developments in investment markets over the past week, economic activity trackers, major global economic events and Australian economic events.
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James Powell – General Manager – Investor Relations, Corporate Affairs and Sustainability – Rural Funds Group (ASX:RFF) is Australia's first ASX-listed diversified agricultural Real Estate Investment Trust.
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James Walker – Chair – BluGlass (ASX:BLG) delivers cutting-edge custom laser and LED development across the industrial, defence, display, and scientific markets.
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BlueScope Steel (ASX:BSL) has, at long last, downgraded first-half earnings, weeks after US-based steel rivals revealed cuts to their forecasts and actuals due to weakening margins and spreads as demand softens.
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In August, Chinese investors recorded their highest selling activity of US bonds and stocks in four years, amounting to $21.2 billion, with a focus on treasuries and equities, as per data from the US Department of the Treasury. Additionally, Japanese investors have also been selling US securities, driven by the weakening yen and the strategy to bolster their currency by selling treasuries for dollars.
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A snapshot of the stocks on the move, featuring Way2VAT (ASX:W2V), Liontown Resources (ASX:LTR) and Chimeric Therapeutics (ASX:CHM).
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With Newcrest Mining (ASX:NCM) set to be acquired by Newmont in the coming weeks, Evolution Mining (ASX:EVN)and Northern Star (ASX:NST) emerge as the remaining local majors, gaining increasing attention from investors seeking direct exposure to gold and copper.
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In the September quarter, Rio Tinto (ASX:RIO) once again secured its position as the world's largest iron ore shipper. Meanwhile, Vale, its Brazilian rival, reclaimed its title as the largest miner for the three-month period.
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US 10-year bond yields came within a hair’s breadth of breaching the 5% level on Thursday, and gold futures prices moved closer to the $2,000 level after Fed Chair Jay Powell again underlined that the central bank would be “resolute” in its commitment to the 2% inflation target.
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The Australian Competition and Consumer Commission (ACCC) has scored a significant victory over Qantas as the airline called off its $611 million takeover of the smaller rival fly-in, fly-out operator, Alliance Aviation Services.
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According to media reports this morning, Liontown Resources (ASX:LTR) is in some trouble with funding, as evidenced by discussions of "emergency" equity and debt raises.
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Stocks slid on Thursday as Wall Street parsed commentary from Federal Reserve Chair Jerome Powell while monitoring a key milestone for a closely followed bond yield.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
• Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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