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News.com.au
2 hours ago
- News.com.au
Stocks diverge, as US inflation puts focus on Trump's tariffs
Global stock markets went in different directions on Tuesday, as an uptick in US inflation suggested President Donald Trump's tariffs could be beginning to feed into the American economy. New York was generally trading higher on the back of healthy results from major US banks and buoyant news in the tech sector. The S&P 500 and Nasdaq were up, though the Dow Jones was struggling. Most Asian indices rose but Europe's stock markets slipped into the red late in the day. The US consumer price index for June showed an acceleration to 2.7 percent from a year earlier, in line with economists' forecasts. "The CPI release showed some early signs of tariff pass-through but underlying inflation remains muted," said Stephen Innes, managing partner at SPI Asset Management. While US inflation remained relatively tame, analysts said businesses were working through stockpiles amassed in anticipation of Trump's duties and further price rises could be expected later this year. Since April, the United States has imposed a baseline 10-percent tariff on goods imported from almost all trading partners, with steeper levies on steel, aluminium and cars. Trump has threatened 30-percent tariffs on European Union and Mexican goods from August 1 if they do not cut trade deals. The US Federal Reserve, which has an inflation target of two percent, could cut rates in September -- but not if the tariffs also end up putting a brake on US economic growth. China, which has negotiated a US tariff truce, issued economic growth data that met expectations, largely thanks to an April-June export surge to get ahead of Trump's levies. But the US president on Monday warned of new tariffs of up to 100 percent on Russia's trading partners -- which include China -- if Moscow does not end its war on Ukraine within 50 days. Even though Russia is a major crude producer, oil prices dropped after Trump's announcement and continued lower on Tuesday. "Investors seem convinced that the 50-day window gives the US, Russia and Ukraine an opportunity to hammer out some kind of deal," said David Morrison, senior market analyst at Trade Nation. - OPEC forecast - OPEC said in its latest monthly market report it expected its production forecasts for this year and next to hold, despite uncertainties generated by the US tariffs. It forecast that oil demand would rise by 1.3 million barrels in 2025 and again in 2026. "Continued robust global economic growth is expected... despite ongoing US-centred trade challenges and geopolitical uncertainties," it said. In corporate news, US banks JPMorgan Chase and Wells Fargo posted better-than-expected second-quarter results. JPMorgan boss Jamie Dimon described the US economy as "resilient" while facing "significant risks", including over tariffs uncertainty. And tech darling Nvidia's share price jumped after it said US export restrictions will be eased to allow it to sell its H20 artificial intelligence chips to China. That gave fuel to the Nasdaq, which had closed on Monday on another record high. Bitcoin slid on likely profit-taking, after having hit a record high above $123,200 on Monday, thanks to optimism over possible regulatory changes for crypto assets in the United States. - Key figures at around 1345 GMT - New York - Dow: DOWN 0.3 percent at 44,329.45 points New York - S&P 500: UP 0.2 percent at 6,283.26 New York - Nasdaq Composite: UP 0.7 percent at 20,790.24 London - FTSE 100: DOWN 0.2 percent at 8,979.87 Paris - CAC 40: DOWN 0.2 percent at 7,791.87 Frankfurt - DAX: DOWN 0.1 percent at 24,134.73 Tokyo - Nikkei 225: UP 0.6 percent at 39,678.02 (close) Hong Kong - Hang Seng Index: UP 1.6 percent at 24,590.12 (close) Shanghai - Composite: DOWN 0.4 percent at 3,505.00 (close) Euro/dollar: DOWN at $1.1644 from $1.1670 Pound/dollar: DOWN at $1.3408 from $1.3428 Dollar/yen: UP at 148.55 yen from 147.77 yen Euro/pound: DOWN at 86.86 pence from 86.88 pence Brent North Sea Crude: DOWN 0.3 percent at $69.00 per barrel
Daily Telegraph
5 hours ago
- Daily Telegraph
ASX smashes closing record, up 0.7pc
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. ASX hits new record closing high of 8630 points Broad strength across 10 of 11 sectors, led by info tech Rio Tinto appoints Aussie Simon Trott as new CEO ASX closes almost 30 points higher than previous record The ASX 200 surged to a new closing high record today, smashing its previous close of 8603 points set on July 4. The market powered up 0.7% during the session, closing out the day at a very respectable 8630 points. Info tech (+2.16%) and healthcare (+2.04%) led gains, weighed down but ultimately unperturbed by a sullen materials sector that shed 0.28%. Source: Market Index. It wasn't all gloom in the resources sector – the gold index added 1.54% and rare earth stocks continued their bullish run. Arafura Rare Earths (ASX:ARU) climbed 5%, Metallium (ASX:MTM) jumped 16.5% and Dateline Resources (ASX:DTR) surged 28.7%. The latter two, in particular, are viewed as potential winners from American efforts to reshore critical minerals production, laid bare in a multi-billion buckaroo public-private partnership announced with MP Materials last week. Locksley Resources (ASX:LKY), which like DTR holds ground close to MP's Mountain Pass mine on California, was close to 24% higher. Meanwhile, Rio Tinto (ASX:RIO) came out with some late, breaking news, appointing Simon Trott as its chief executive. Replacing Jakob Stausholm, the move will be seen as a major win for the Australian Government, with a local boss to lead the world's second biggest miner for the first time since Sam Walsh's exit in 2016. Trott has been the CEO of the miner's largest business, its Pilbara iron ore operations, since 2021, taking over after the resignation of Chris Salisbury following the Juukan Gorge scandal – a 2020 incident which also forced the exit of then CEO JS Jacques and external affairs chief Simone Niven. Trott will take over officially on August 25, netting a base salary of 1.34 million pounds. "It is a privilege to have the opportunity to lead Rio Tinto, and I am excited about our future," he said. "The progress we have made over recent years gives us a foundation to build on with discipline and focus to deliver improved performance. With our outstanding assets and people around the world, we are well positioned to grow value for shareholders and the communities who host us." Rio shares fell 1.31% today, with Trott's appointment announced after market close. Source: Market Index. Defence stocks locked and loaded Global military expenditure shot up more than 9% from 2023 to 2024, hitting US$2.7 trillion in 2024, according to the Stockholm International Peace Research Institute. As US President Trump turns decades of American foreign policy on its head, threatening to withdraw US support for long-standing defensive treaties, the rest of the world is responding. The European Union has ramped up defence spending more than 30% since 2021, hitting €326 billion in 2024. While it's a sobering peek into the shifting tides of geopolitics, a handful of ASX defence stocks are already stepping into the supply gap. Electro Optic Systems (ASX:EOS) jumped 10.7% in trade today, and the advanced technology system company is far from alone. Shipbuilder and defence contractor Austal (ASX:ASB) added 2.6%, UAV connectivity solution firm Elsight (ASX:ELS) surged 19.2% and counter-drone specialist Droneshield (ASX:DRO) climbed 11.7%. The Vaneck Global Defence ETF (ASX:DFND),which offers exposure to a portfolio of global military or defence industry companies, has also shot up more than 50% in the year to date as investors pour in. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Code Name Last % Change Volume Market Cap MIOR Macarthur Minerals 0.003 200% 447404 $99,833 FTC Fintech Chain Ltd 0.004 100% 1592539 $1,301,539 KNG Kingsland Minerals 0.145 53% 290323 $6,893,287 ERL Empire Resources 0.006 50% 1546439 $5,935,653 EEL Enrg Elements Ltd 0.002 33% 1912486 $4,880,668 AKN Auking Mining Ltd 0.006 33% 37340109 $3,096,523 PV1 Provaris Energy Ltd 0.017 31% 4193417 $10,101,617 OEQ Orion Equities 0.195 30% 28466 $2,347,384 AX8 Accelerate Resources 0.009 29% 2097369 $5,720,321 CPM Cooper Metals Ltd 0.048 26% 294686 $2,977,515 PR1 Pure Resources Limited 0.125 25% 440609 $4,600,879 ASN Anson Resources Ltd 0.09 25% 14901420 $99,845,031 CUL Cullen Resources 0.005 25% 250433 $2,773,607 MEG Megado Minerals Ltd 0.04 25% 1909655 $20,661,864 PIL Peppermint Inv Ltd 0.0025 25% 343838 $4,602,180 PPG Pro-Pac Packaging 0.02 25% 352939 $2,907,003 PPY Papyrus Australia 0.01 25% 136062 $4,581,454 RLG Roolife Group Ltd 0.005 25% 2019881 $6,371,125 LKY Locksley Resources 0.115 24% 26061959 $17,050,000 CP8 Canphosphateltd 0.074 23% 187789 $18,405,632 SNS Sensen Networks Ltd 0.037 23% 20027 $23,791,124 IBX Imagion Biosys Ltd 0.017 21% 27940131 $2,818,780 RPG Raptis Group Limited 0.12 20% 140947 $35,068,485 AYT Austin Metals Ltd 0.003 20% 181536 $3,960,478 BNL Blue Star Helium Ltd 0.006 20% 145568 $13,474,426 Making news... Pure Resources (ASX:PR1) is riffing off neighbour Green Critical Minerals' (ASX:GCM) success, launching a graphite review of the Reedy Creek project after GCM released a strong feasibility study for its own McIntosh project. Since McIntosh surrounds Reedy Creek and shares much of the same geology, PR1 is expanding beyond extracting rare earths from garnet to investigate graphite potential, building out its critical mineral offering. AuKing Mining (ASX:AKN) is on the hunt for rare earths at its Myoff Creek project in Canada, preparing to launch a helicopter-based aeromagnetic and radiometric survey over the tenure. Management says they're looking for carbonatite mineralisation over the entire 800ha project area, with a particular focus on a 1.4km by 400m zone where historical exploration highlighted near-surface niobium and rare earth mineralisation. Imagion Biosystems (ASX:IBX) is fast-tracking manufacturing of its MagSense HER2 Imaging Agent for breast cancer detection ahead of a Phase 2 trial, after a productive meeting with the US FDA. IBX is also preparing to submit its investigational new drug application for the imaging agent, tapping Dr William Dooley, a surgical oncologist at the University of Oklahoma Health Sciences College of Medicine, as principal investigator. SenSen (ASX:SNS) raked in full year cash collections of $14.1m this year, a strong 13% increase over the previous reporting period. The AI solutions provider marked its first ever year of positive operating cash flow as well, pulling in $1.9m compared to outflows of $1.3m in the previous financial year, a $3.2m improvement. ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Code Name Last % Change Volume Market Cap AOA Ausmon Resorces 0.001 -50% 1226988 $2,622,427 SFG Seafarms Group Ltd 0.001 -50% 6000 $9,673,198 SKN Skin Elements Ltd 0.002 -33% 55557 $3,225,642 CTN Catalina Resources 0.003 -25% 1743751 $9,704,076 FAU First Au Ltd 0.003 -25% 16503 $8,305,165 GTR Gti Energy Ltd 0.003 -25% 3176612 $14,835,762 BCB Bowen Coal Limited 0.075 -25% 2076944 $10,775,756 APC APC Minerals 0.008 -24% 10585499 $3,075,800 X2M X2M Connect Limited 0.014 -22% 1532537 $7,831,023 AMS Atomos 0.004 -20% 55022 $6,075,092 M2R Miramar 0.004 -20% 13877015 $4,984,116 MRD Mount Ridley Mines 0.002 -20% 3700 $1,946,223 PRM Prominence Energy 0.002 -20% 891688 $1,216,176 RNX Renegade Exploration 0.004 -20% 150000 $6,441,817 SLZ Sultan Resources Ltd 0.004 -20% 639757 $1,157,350 SPQ Superior Resources 0.004 -20% 2402254 $11,854,914 RDG Res Dev Group Ltd 0.009 -18% 68225 $32,459,439 THB Thunderbird Resource 0.009 -18% 2384348 $4,287,156 RMI Resource Mining Corp 0.014 -18% 2369600 $12,485,707 ARV Artemis Resources 0.005 -17% 1637579 $15,214,033 AZL Arizona Lithium Ltd 0.005 -17% 18139597 $31,621,887 CC9 Chariot Corporation 0.059 -16% 525881 $8,354,764 AJL AJ Lucas Group 0.006 -14% 156934 $9,630,107 BLU Blue Energy Limited 0.006 -14% 20000 $12,956,815 BYH Bryah Resources Ltd 0.006 -14% 3574 $6,789,675 IN CASE YOU MISSED IT Silver Mines (ASX:SVL) has lodged all information to assist with the redetermination of the Development Application for its flagship Bowdens Silver Project. Zenith Minerals (ASX:ZNC) is gearing up to drill its Dulcie gold project in WA, hoping to unlock a large exploration target. Trek Metals (ASX:TKM) has reported high grade gold from drilling at the Martin prospect at Christmas Creek, as it looks to shore up a district scale opportunity. Miramar Resources (ASX:M2R) finds bedrock gold targets beneath Gidji aircore results. Brazilian Critical Minerals (ASX:BCM) has selected newly formed Altris Engineering as lead engineer for the Ema project bankable feasibility study. DigitalX (ASX:DCC) has rapidly executed its latest capital raise, deploying nearly all proceeds into Bitcoin within hours of settlement. Chariot Corporation (ASX:CC9) has raised $1.6 million in a strategic placement to advance its Nigerian lithium portfolio. Non-bank lender MONEYME (ASX:MME) has become a principal credit card issuer for Mastercard in Australia. IoT technology company X2M Connect (ASX:X2M) is building on lucrative contract wins with a $4.9m capital raise to ramp-up momentum. Many Peaks Minerals (ASX:MPK) has its sights set on a potential bulk tonnage operation at the Ferké gold project in Côte d'Ivoire. Pioneer Lithium (ASX:PLN) has been granted the Botsalano project in southern Botswana, expanding its strategic uranium footprint. Nova Minerals (ASX:NVA) has announced the pricing of its underwritten public offering in the US for gross proceeds of approximately US$11.1 million. EBR Systems (ASX:EBR) has received preliminary approval from US Centers for Medicare and Medicaid Services to participate in the TPT reimbursement scheme. TRADING HALTS At Stockhead, we tell it like it is. While Locksley Resources and Imagion Biosystems are Stockhead advertisers, they did not sponsor this article. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Originally published as Closing Bell: ASX smashes previous closing record, up 0.7pc
News.com.au
12 hours ago
- News.com.au
Health Check: Breast cancer patients are the winners in Imagion's SQUID game
Imagion shares surge 35% on the back of a fruitful FDA trial meeting Biome's offshore push reaps rewards FDA introduces pricing test in new fast-track drug review program Shares in molecular diagnostic imaging house Imagion Biosystems (ASX:IBX) are on a roll again, after positive feedback from the US Food & Drug Administration (FDA) about the conduct of a phase II breast cancer diagnostics trial. In a video hookup, FDA reps did not raise any concerns about the proposed study, having requested earlier clarification about its 'structuring and operation'. Imagion plans to file an Investigational New Drug application – permission to start a trial – with the FDA in the current quarter. While the chinwag may seem a formality, it comes at a time when the FDA's intentions are increasingly difficult to divine. 'Our clinical team was pleased and very encouraged with the level of engagement we had with the reviewers,' said Imagion executive chairman Bob Proulx. 'The fact that senior staff participated on the call is a sign the agency is interested in … our plans for the phase II trial and the potential impact our technology may have on breast cancer diagnosis and staging.' The trial will road test Imagion's Magsense tech, for detecting Her-2 positive breast cancer. Magsense involves injecting nanoparticles labelled with cell-specific targeting antibodies, contained within an iron oxide solution. SQUID game with a happier ending The technology is known as super-paramagnetic relaxometry. It may sound like something out of a Nimbin shopfront – but it's totally legit. The nanoparticles are subject to a low magnetic pulse, with their location detected by an ultra-sensitive super-conducting quantum interference device. Yep, that's a SQUID. The nanoparticles attached to the cancer cells lose their magnetism more slowly than the unattached ones, acting as a magnetic beacon. The open-label trial will be carried out across multiple US sites. After a rough start to 2025, Imagion shares have risen 80% over the past month. Syntara enrols first burns scar patient Syntara (ASX:SNT) says the first patient in a phase Ic study to treat keloid scars – an unsightly and painful legacy of burns – has been dosed. Dubbed Satellite, the study evaluates Syntara's topical lysyl oxidase inhibitor SNT-6302. The trial was initiated by the investigator, famous Perth burns surgeon Professor Fiona Wood (in partnership with the University of Western Australia). The open-label, placebo-controlled study will enrol up to 20 participants, with active keloids measuring between 5-25cm2. An earlier study showed a 30% reduction in collagen content and improved scar vascularisation – both good things. The patients will apply SNT-6302 four times a week over three months. In truth, Syntara focuses on its flagship trial for myelofibrosis. But the company values the market for burns scars at US$3.5 billion globally, which is nothing to sneeze at. For Biome, there's no place like offshore Following an earlier update, probiotics and complementary medicines provider Biome Australia (ASX:BIO) reported $1.5 million of overseas revenue for the year to June 30, up 69%. The company recently secured three 'prominent strategic distribution partnerships' in three markets: Ireland, NZ and Canada. Irish eyes are smiling after a hook up with the Emerald Isle's pharmacy wholesaler and retailer, Uniphar. In NZ, Biome has entered a new distribution tie-up with pharmacy wholesaler Propharma, owned by EBOS Group (ASX:EBO). EBOS also owns pharmacy wholesaler Symbion, a key Biome distributor in Australia. In Canada, Biome has secured 'multiple high-value agreements with prominent pharmacy and health food retail groups'. On July 1 Biome reported overall record sales revenue of $18.4 million for the year, up 41%. The company also posted record June quarter revenue of $5 million, up 33%. The company also expects another quarter of positive underlying earnings for the quarter, translating to an inaugural full year net profit. Biome is also on track to meet its target of $75 million of annual revenue by 2027. Biome develops, licences and commercialises 'evidence based' live biotherapeutics – a.k.a probiotics. The company says its Activated Probiotics line can treat 'various health concerns' including low mood and sleep, bone health, iron malabsorption, mild eczema and irritable bowel syndrome. Biome shares have lost 15% of their value over the last year but have improved 24% over the last month. FDA links new vouchers with drug prices The FDA is taking a new line in the drug pricing debate by linking drug affordability with a new fast-track drug approval mechanism. Known as the Commissioner's National Priority Voucher (CNPV), the scheme will run alongside the existing Priority Review Voucher (PRV) program. The CNPV could cut approval times from up to a year, to as little as a month. At least that's for drugs that address criteria such as addressing a health crisis, innovating or increasing US national security. Getting a blockbuster drug to market a few months earlier can mean billions of dollars of extra sales. FDA new head honcho Marty Makary says drugs for type 1 diabetes, neurodegenerative diseases and advanced cancers could fit the bill. Last month's CNPV reveal did not mention pricing. Now, Makary says the agency will consider drug affordability when granting new vouchers. Given drug makers and gatekeepers usually determine drug prices post launch, it's not clear how the FDA could take them into account. PRVs are valuable – and Neuren can vouch-er for it The FDA will continue the PRV program, unchanged. The agency bestows PRVs on drug developers who get selected therapies to market, such as a rare childhood disease. PRV recipients usually sell them to a third party. The developer of the FDA approved Rett syndrome drug Daybue, Neuren Pharmaceuticals (ASX:NEU) enjoyed a US$50 million windfall after its US partner Acadia sold the attached PRV for US$150 million. However, the CNPVs will be non-transferable. In the meantime, President Trump plans to revive a 'most favoured nation' mechanism. This ties the price of a certain drug in the US to that imposed in the cheapest western country. Trump has also threatened a 200% tariff on imported drugs, which in theory would drive drug prices higher. So, it's a balancing act – rather like playing off Vladimir and Volodymyr.
