Greatland Resources, Clarity Pharma headline huge ASX 200 rebalance
The recently listed stock is expected to join the S&P/ASX 200 index in the upcoming quarterly rebalance to be announced on September 5 and take effect a fortnight later.
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Perth Now
4 hours ago
- Perth Now
S&P 500 and Nasdaq lifted by earnings, Fed hopes
The S&P 500 and the Nasdaq have edged higher, buoyed by a new round of corporate earnings, while lingering hopes that the Federal Reserve will cut rates kept markets alive. In early trading on Wednesday, the Dow Jones Industrial Average rose 2.89 points, or 0.01 per cent, to 44,114.63, the S&P 500 gained 7.58 points, or 0.12 per cent, to 6,306.64 and the Nasdaq Composite rose 43.34 points, or 0.21 per cent, to 20,959.89. McDonald's was 1.8 per cent higher after the fast-food giant's affordable menu drove global sales past expectations. Arista Networks soared 13.6 per cent as the cloud networking company projected quarterly revenue above analyst estimates. Global Payments also advanced 7.5 per cent after topping second-quarter profit forecasts, while Match Group, the parent of Tinder, jumped 11.3 per cent after surpassing revenue expectations for the same quarter. Apple Inc rose 2.8 per cent after a White House official said the company will announce a domestic manufacturing pledge of $US100 billion ($A154 billion). Bucking the trend, Advanced Micro Devices tumbled 6.4 per cent as its data centre chip revenue disappointed. Super Micro Computer plunged 16 per cent after missing fourth-quarter sales estimates, dragging rival Dell down 1.9 per cent. Walt Disney delivered a strong quarter and lifted its full-year outlook, but its shares slipped 4.6 per cent. Airbnb, DoorDash and Lyft will report their results after the market closes. "The market's waiting for the next bullish catalyst. It's digesting a lot of earnings, but it really wants to see what's going to happen with tariffs," said Adam Sarhan, chief executive of 50 Park Investments. Meanwhile, Tuesday's data showed US services sector activity unexpectedly stalled in July, highlighting the Trump administration's tariff-related strain on businesses. The setback followed last week's troubling jobs report, which showed slowing employment growth and downward revisions for previous months - fuelling concerns about a weakening labour market. As a result, traders are now betting heavily on a September Fed rate cut, with odds soaring to 89.4 per cent from just 46.7 per cent last week, according to CME Group's FedWatch tool. Traders also bet on at least two cuts by the end of 2025. Trump's tariff threats showed no signs of easing. The president on Tuesday said he would impose a "small tariff" on pharmaceutical imports before hiking it to triple-digit percentage in a year or two. Trump also announced plans for new levies on semiconductors and chips in the "next week or so." Adding to the uncertainty, Trump will decide on a nominee to replace outgoing Fed Governor Adriana Kugler by the end of the week, while saying he has narrowed the possible replacements for Fed Chair Jerome Powell to a short list of four. Meanwhile, the Fed's Neel Kashkari said on CNBC that the central bank needs to act to a slowing economy, but warned that a rise in inflation, possibly triggered by tariffs, could prompt the Fed to hit pause or even consider a hike. Advancing issues outnumbered decliners by a 1.26-to-1 ratio on the NYSE, while declining issues outnumbered advancers by a 1.24-to-1 ratio on the Nasdaq. The S&P 500 posted 11 new 52-week highs and four new lows, while the Nasdaq Composite recorded 25 new highs and 46 new lows.
The Advertiser
9 hours ago
- The Advertiser
ASX faces listing competitor after damaging TPG blunder
Companies will be able to list their shares on a separate stock exchange to the ASX, in a plan that will provide a competitor to the embattled share market operator after another embarrassing error. Financial regulator ASIC revealed on Wednesday it was "in the final stages" of considering an application by Cboe Australia to set up a new listing market in direct competition to the ASX. Foreign investment rules would also be relaxed to allow Australian investors to access Cboe's US and Canadian exchanges as well as providing foreign investors greater access to companies listed in Australia. The move would improve Australia's attractiveness as a destination for foreign capital, Treasurer Jim Chalmers said he hoped. "Making our markets more competitive will make our economy more prosperous and productive," he said. "If it goes ahead, this will mean more investment in Australian businesses and that means more jobs and opportunities for Australian workers." ASIC has been looking at ways to promote companies listing publicly in Australia amid a rising number of firms opting to go private. On Wednesday, the ASX bungled the latest instance of a private equity firm buying out a listed company. US-based TPG Capital announced a deal to acquire automotive software provider Infomedia for $651 million. But the exchange attributed the purchase to the unrelated TPG Telecom, causing the telco's shares to drop more than four per cent. The ASX owned up to its error and automatically cancelled subsequent trades, returning more than $400 million to the telco's market cap. The bungle will further focus ASIC's scrutiny of the ASX, which is already undergoing a governance probe by the regulator following a breakdown in its settlements system and a breach of market transparency rules. The regulator is also growing increasingly impatient over a lack of progress to modernise its electronic clearing house and a scrapped plan to upgrade it with blockchain technology in 2022. ASIC chair Joe Longo said the move to boost competition in Australia's public markets fits in with the government's productivity agenda. "This is important work. Our capital markets are healthy and strong but face intensifying global competition for capital and listings," he said. Dr Chalmers also flagged moves to ease regulation requirements for small banks in a bid to level the playing field in the Big Four-dominated sector. The government accepted in principle eight out of nine recommendations by the Council of Financial Regulators, which is made up of Treasury, ASIC and fellow financial regulators the Australian Prudential Regulation Authority and the Reserve Bank. He will also seek feedback on implementing a "lighter touch framework" for very small banks. Companies will be able to list their shares on a separate stock exchange to the ASX, in a plan that will provide a competitor to the embattled share market operator after another embarrassing error. Financial regulator ASIC revealed on Wednesday it was "in the final stages" of considering an application by Cboe Australia to set up a new listing market in direct competition to the ASX. Foreign investment rules would also be relaxed to allow Australian investors to access Cboe's US and Canadian exchanges as well as providing foreign investors greater access to companies listed in Australia. The move would improve Australia's attractiveness as a destination for foreign capital, Treasurer Jim Chalmers said he hoped. "Making our markets more competitive will make our economy more prosperous and productive," he said. "If it goes ahead, this will mean more investment in Australian businesses and that means more jobs and opportunities for Australian workers." ASIC has been looking at ways to promote companies listing publicly in Australia amid a rising number of firms opting to go private. On Wednesday, the ASX bungled the latest instance of a private equity firm buying out a listed company. US-based TPG Capital announced a deal to acquire automotive software provider Infomedia for $651 million. But the exchange attributed the purchase to the unrelated TPG Telecom, causing the telco's shares to drop more than four per cent. The ASX owned up to its error and automatically cancelled subsequent trades, returning more than $400 million to the telco's market cap. The bungle will further focus ASIC's scrutiny of the ASX, which is already undergoing a governance probe by the regulator following a breakdown in its settlements system and a breach of market transparency rules. The regulator is also growing increasingly impatient over a lack of progress to modernise its electronic clearing house and a scrapped plan to upgrade it with blockchain technology in 2022. ASIC chair Joe Longo said the move to boost competition in Australia's public markets fits in with the government's productivity agenda. "This is important work. Our capital markets are healthy and strong but face intensifying global competition for capital and listings," he said. Dr Chalmers also flagged moves to ease regulation requirements for small banks in a bid to level the playing field in the Big Four-dominated sector. The government accepted in principle eight out of nine recommendations by the Council of Financial Regulators, which is made up of Treasury, ASIC and fellow financial regulators the Australian Prudential Regulation Authority and the Reserve Bank. He will also seek feedback on implementing a "lighter touch framework" for very small banks. Companies will be able to list their shares on a separate stock exchange to the ASX, in a plan that will provide a competitor to the embattled share market operator after another embarrassing error. Financial regulator ASIC revealed on Wednesday it was "in the final stages" of considering an application by Cboe Australia to set up a new listing market in direct competition to the ASX. Foreign investment rules would also be relaxed to allow Australian investors to access Cboe's US and Canadian exchanges as well as providing foreign investors greater access to companies listed in Australia. The move would improve Australia's attractiveness as a destination for foreign capital, Treasurer Jim Chalmers said he hoped. "Making our markets more competitive will make our economy more prosperous and productive," he said. "If it goes ahead, this will mean more investment in Australian businesses and that means more jobs and opportunities for Australian workers." ASIC has been looking at ways to promote companies listing publicly in Australia amid a rising number of firms opting to go private. On Wednesday, the ASX bungled the latest instance of a private equity firm buying out a listed company. US-based TPG Capital announced a deal to acquire automotive software provider Infomedia for $651 million. But the exchange attributed the purchase to the unrelated TPG Telecom, causing the telco's shares to drop more than four per cent. The ASX owned up to its error and automatically cancelled subsequent trades, returning more than $400 million to the telco's market cap. The bungle will further focus ASIC's scrutiny of the ASX, which is already undergoing a governance probe by the regulator following a breakdown in its settlements system and a breach of market transparency rules. The regulator is also growing increasingly impatient over a lack of progress to modernise its electronic clearing house and a scrapped plan to upgrade it with blockchain technology in 2022. ASIC chair Joe Longo said the move to boost competition in Australia's public markets fits in with the government's productivity agenda. "This is important work. Our capital markets are healthy and strong but face intensifying global competition for capital and listings," he said. Dr Chalmers also flagged moves to ease regulation requirements for small banks in a bid to level the playing field in the Big Four-dominated sector. The government accepted in principle eight out of nine recommendations by the Council of Financial Regulators, which is made up of Treasury, ASIC and fellow financial regulators the Australian Prudential Regulation Authority and the Reserve Bank. He will also seek feedback on implementing a "lighter touch framework" for very small banks. Companies will be able to list their shares on a separate stock exchange to the ASX, in a plan that will provide a competitor to the embattled share market operator after another embarrassing error. Financial regulator ASIC revealed on Wednesday it was "in the final stages" of considering an application by Cboe Australia to set up a new listing market in direct competition to the ASX. Foreign investment rules would also be relaxed to allow Australian investors to access Cboe's US and Canadian exchanges as well as providing foreign investors greater access to companies listed in Australia. The move would improve Australia's attractiveness as a destination for foreign capital, Treasurer Jim Chalmers said he hoped. "Making our markets more competitive will make our economy more prosperous and productive," he said. "If it goes ahead, this will mean more investment in Australian businesses and that means more jobs and opportunities for Australian workers." ASIC has been looking at ways to promote companies listing publicly in Australia amid a rising number of firms opting to go private. On Wednesday, the ASX bungled the latest instance of a private equity firm buying out a listed company. US-based TPG Capital announced a deal to acquire automotive software provider Infomedia for $651 million. But the exchange attributed the purchase to the unrelated TPG Telecom, causing the telco's shares to drop more than four per cent. The ASX owned up to its error and automatically cancelled subsequent trades, returning more than $400 million to the telco's market cap. The bungle will further focus ASIC's scrutiny of the ASX, which is already undergoing a governance probe by the regulator following a breakdown in its settlements system and a breach of market transparency rules. The regulator is also growing increasingly impatient over a lack of progress to modernise its electronic clearing house and a scrapped plan to upgrade it with blockchain technology in 2022. ASIC chair Joe Longo said the move to boost competition in Australia's public markets fits in with the government's productivity agenda. "This is important work. Our capital markets are healthy and strong but face intensifying global competition for capital and listings," he said. Dr Chalmers also flagged moves to ease regulation requirements for small banks in a bid to level the playing field in the Big Four-dominated sector. The government accepted in principle eight out of nine recommendations by the Council of Financial Regulators, which is made up of Treasury, ASIC and fellow financial regulators the Australian Prudential Regulation Authority and the Reserve Bank. He will also seek feedback on implementing a "lighter touch framework" for very small banks.
The Australian
10 hours ago
- The Australian
ASX sinks to fresh humiliation with wrong TPG fumble
TPG Telecom was market roadkill in the ASX's latest humiliation after the sharemarket operator confused the telco giant and Vodafone owner with the private equity firm TPG Capital. It got worse for TPG Telecom. Its stock dropped 4 per cent -- approximately a $410m wipeout -- at the market open after the ASX wrongly identified it as buying Australian software provider Infomedia. The buyer? TPG Capital Asia, an arm of the global private capital giant. The Australian Securities and Investments Commission opened another ASX file; it is already examining ASX's governance, capability and risk management. It said: 'We are aware of the issue and are engaging with the ASX to understand the root cause of the error and the impact,' an ASIC spokesperson told The Australian. The ASX suspended trade in the listed TPG 15 minutes after the market open and issued a mea culpa hours later. 'This morning our markets announcements office made an error in processing an announcement from Infomedia,' an ASX spokeswoman said. 'The Infomedia announcement stated that it had entered a scheme of arrangement under which private equity group TPG Capital Asia would acquire 100 per cent of its shares. This error meant that TPG Telecom, was incorrectly cross referenced on that announcement.' That means traders who subscribe to market announcements relevant to TPG were fed the wrong takeover. Infomedia is a listed company. 'ASX moved quickly to address the issue when it became clear there was potential for confusion in the market. Shares in TPG Telecom traded for approximately 15 minutes after the market opened before trading was paused.' The TPG gaffe is another unwelcome bungle by the ASX, which is already under scrutiny over a series of governance failings to do with its ancient clearing and settlement infrastructure and is facing an inquiry by the corporate regulator. TPG shares tumbled to as low as $5.26 before the suspension, and the confusion was compounded by the fact that TPG on Tuesday provided a comprehensive earnings update and declared a $3bn capital return to investors. ASX cancelled all TPG trades placed before the trade suspension and its shares resumed trading at 12.38pm AEST. Chief executive Helen Lofthouse sought out TPG Telecom's CEO Inaki Berroeta to apologise directly. 'This issue arose from an inadvertent human error and I recognise that it has caused disruption for TPG Telecom and its investors. Upon discovery of the error, it was escalated to me and I will be apologising directly to the team at TPG Telecom,' ASX's executive for markets and listings Darren Yip said. 'This mistake shouldn't have happened and we are reviewing our internal processes to understand if there are additional safeguards or procedures we could implement to reduce the risk of a similar reoccurrence.' TPG Telecom was unimpressed and demanded a better explanation of the egregious mix-up. 'This morning, the ASX made a serious error by incorrectly cross-referencing TPG Telecom's share ticker in a price-sensitive announcement completely unrelated to us,' a TPG spokesman said. 'That unrelated announcement caused confusion among investors resulting in a sharp drop in our share price. 'While we welcome the ASX's decision to cancel trades made during this window, we expect a full explanation of how the error occurred and what steps will be taken to prevent similar incidents in future.' TPG shares finished Wednesday's session down 5 per cent, even lower than the share plunge caused by the ASX mix-up, while the market operator's own shares ended the day off 0.9 per cent. While the ASX was licking its wounds, Infomedia had a ripper session: its stock rocketed 27 per cent on the takeover. Rob Whitfield, Christine Holman and Guy Debelle are members of the expert panel ASIC assembled to interrogate the ASX and make recommendations to the regulator about its shortcomings. That report will not be available until March 31, 2026. ASIC discontinued its investigation of the December 20, 2024 settlement failure and folded it into the broader inquiry. It was looking into whether the market operator's settlements arm broke the law when it was unable to process batch settlements on the third-last settlement day before Christmas. ASIC last year launched legal action against ASX relating to the exchange's epic bungled clearing and settlement upgrade, which was dreamed up as blockchain technology and eventually led to $250m in writedowns as well as the departure of its chief executive and chief financial officer. Instead, it will now use purchased software to reboot the sharemarket's back office. DataRoom After walking away in 2023, TPG Capital returned with a $651m bid for Infomedia through its new Asia fund, marking the latest attempt to buy the company. DataRoom Fresh speculation has emerged Canada's second-largest gold producer is preparing to swoop on Northern Star in a deal which could reshape Australia's mining sector.
