ASX 200 live: Xero in focus; Shell-BP merger talks, Nvidia at record; Powell reiterates Fed focus on Trump tariffs
Xero under pressure after insto raise to fund $4bn US buy. Shell's early BP talks signal largest oil deal in a generation with global impacts. Formidable trio to look into bourse operator ASX's 'repeated, serious failures'.
Welcome to the Trading Day blog for Thursday, June 26. The ASX 200 index is down 0.2 per cent to 8545.70 points at 10.20am AEST as bank and tech losses weigh.
Wall Street closed mixed with the S&P 500 index flat, the Dow Jones index off 0.3 per cent and the technology-focused Nasdaq rising 0.3 per cent.
Cryptocurrency giant bitcoin is around $US107,600.
The Aussie dollar is trading around US65.23c. Stars align for RBA's July cash rate cut
Originally published as ASX 200 live: Xero in focus; Shell-BP merger talks, Nvidia at record; Powell reiterates Fed focus on Trump tariffs Business
Qatar Airways' chief has revealed the full chaos unleashed by Monday's airspace closure in a rare 'open letter' to plead understanding from fuming travellers. Companies
A major Aussie capital city has announced it will phase out future residential gas appliances by the end of the year, despite the Premier slamming it as an 'overstep'.
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News.com.au
an hour ago
- News.com.au
Lunch Wrap: ASX dips as Xero dives; Neuren soars after US patent nod
Xero tanks on $3.9b Melio acquisition Nvidia back on top as AI chips soar Neuren jumps on US patent nod The ASX was wobbling at lunchtime in the eastern states on Thursday, down 0.2% with the tech sector underperforming others. Tech was dragged down after accounting software heavyweight Xero (ASX:XRO) came out of trading halt and took a tumble of more than 5%. Investors winced at Xero's $3.9-billion proposed buyout of US fintech Melio Payments, with the cap raise set to water down their slice of the company. Overnight in the US, Wall Street shrugged off nerves. The Nasdaq closed up 0.50%, and the real headline there was once again, Nvidia. The AI chip king jumped 4% to an all-time high of US$154.31, reclaiming its throne as the world's most valuable listed company with a market cap of US$3.77 trillion. Gold, meanwhile is steady, sitting just under US$3,335 an ounce. Traders are still feeling out whether the Israel-Iran flare-up is truly over or just on pause. On the ASX, the large caps headline this morning came from market darling Neuren Pharmaceuticals (ASX:NEU), which soared 11% after landing a major win from the US Patent Office. The agency has green-lit Neuren's patent for NNZ-2591, its experimental treatment for Pitt Hopkins syndrome, a rare and brutal childhood neurodevelopmental disorder with no approved treatment options. The patent will run through to 2040, giving Neuren a long runway. Elsewhere on the ASX, DroneShield (ASX:DRO) kept buzzing higher, up another 6% after Wednesday's 20% rocket ride. The reason is the juicy $61.6 million deal with a European military customer for its handheld anti-drone tech. And finally, a bit of boardroom musical chairs over at Australia and New Zealand Banking Group (ASX:ANZ). New CEO Nuno Matos has claimed his second scalp, with tech boss Gerard Florian calling it quits just a week after retail exec Maile Carnegie said goodbye. Florian had been at ANZ since 2017. ANZ's shares rose 1.3%. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 26 : Security Description Last % Volume MktCap VML Vital Metals Limited 0.002 100% 7,665,358 $5,895,067 ALR Altairminerals 0.003 50% 168,333 $8,593,488 EEL Enrg Elements Ltd 0.002 50% 354,475 $3,253,779 PAB Patrys Limited 0.002 50% 513,085 $2,365,810 RCM Rapid Critical 0.003 50% 19,855,666 $2,831,556 OVT Ovanti Limited 0.011 38% 229,967,526 $24,044,120 AMS Atomos 0.004 33% 4,718,113 $3,645,055 BP8 Bph Global Ltd 0.002 33% 100,000 $1,576,477 VN8 Vonex Limited. 0.024 33% 360,256 $13,546,863 WWG Wisewaygroupltd 0.185 32% 140,498 $23,429,447 OPL Opyl Limited 0.025 32% 7,623,322 $4,464,398 LKY Locksleyresources 0.073 26% 10,041,926 $10,633,333 LOC Locatetechnologies 0.220 26% 4,163,255 $40,307,564 ANX Anax Metals Ltd 0.005 25% 1,939,566 $3,531,230 JAV Javelin Minerals Ltd 0.003 25% 4,377,333 $12,252,298 TEG Triangle Energy Ltd 0.003 25% 2,243,226 $4,178,468 XPN Xpon Technologies 0.010 25% 4,324,811 $3,314,026 EUR European Lithium Ltd 0.061 24% 11,643,657 $70,813,892 TMG Trigg Minerals Ltd 0.100 20% 31,507,295 $77,297,250 CCO The Calmer Co Int 0.003 20% 3,553,651 $7,528,383 CUF Cufe Ltd 0.006 20% 350,000 $6,732,874 FCT Firstwave Cloud Tech 0.012 20% 1,143,882 $17,135,187 GLL Galilee Energy Ltd 0.006 20% 1,013,119 $3,535,964 LML Lincoln Minerals 0.006 20% 7,410,000 $10,512,849 TSL Titanium Sands Ltd 0.006 20% 250,000 $11,723,736 Rapid Critical Metals (ASX:RCM) has locked in $10.5 million from a strongly backed placement to fund its full takeover of the Webbs and Conrad silver projects up in NSW's New England Fold Belt. It raised the cash at 2.4 cents a share. Major shareholder Strata Investment is tipping in $500k, subject to a vote. Once the deal's done, Rapid will own 100% of both projects and plans to kick off drilling and geophysics at Webbs in June. Opyl (ASX:OPL), the AI outfit re-wiring drug discovery, has just dipped into crypto, shelling out about $330k for roughly two Bitcoin via the ASX-listed DigitalX Bitcoin ETF (BTXX). The move, flagged in its 10 June strategic review, is meant to bulk up treasury diversification and set it up for future AI-infrastructure plays. The company is also tapping into seasoned crypto punter Tony G, also chair of CSE-listed SOL Strategies (HODL, ~C$375 m), to steer the digital-asset push. In M&A land, Pointsbet (ASX:PBH) said it's received a fresh takeover offer from Japan's Mixi, after the company's earlier scheme vote with rival bidder Betr Entertainment (ASX:BBT) went sideways. Mixi's pitching an all-cash $1.20 per share offer, looking to take control of the ASX-listed bookie. Humm (ASX:HUM) also continued its rally after the buy now, pay later (BNPL) company confirmed a takeover offer from the family office of chairman Andrew Abercrombie. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 26 : Code Name Price % Change Volume Market Cap AOA Ausmon Resorces 0.001 -50% 515,819 $2,622,427 C7A Clara Resources 0.002 -50% 5,408,687 $2,353,084 CZN Corazon Ltd 0.001 -33% 400,000 $1,776,858 PIL Peppermint Inv Ltd 0.002 -33% 133,692 $6,903,269 QXR Qx Resources Limited 0.002 -33% 1,142,355 $3,930,987 WEL Winchester Energy 0.001 -33% 1,312,051 $2,044,528 TML Timah Resources Ltd 0.024 -31% 10,000 $3,106,592 ASP Aspermont Limited 0.005 -29% 1,191,980 $17,312,314 FHS Freehill Mining Ltd. 0.003 -25% 4,970,168 $13,655,414 HLX Helix Resources 0.002 -25% 350,000 $6,728,387 MGU Magnum Mining & Exp 0.003 -25% 2,481,100 $4,486,603 MTB Mount Burgess Mining 0.003 -25% 4,843,886 $1,406,811 SFG Seafarms Group Ltd 0.002 -25% 2,074,185 $9,673,198 TZL TZ Limited 0.040 -20% 35,356 $14,030,705 ERA Energy Resources 0.002 -20% 1,375,622 $1,013,490,602 ERL Empire Resources 0.004 -20% 100,000 $7,419,566 PKO Peako Limited 0.002 -20% 233,022 $3,719,355 NSB Neuroscientific 0.073 -19% 650,993 $13,014,438 TGH Terragen 0.018 -18% 50,000 $11,110,378 ALY Alchemy Resource Ltd 0.005 -17% 35,000 $7,068,458 DAF Discovery Alaska Ltd 0.010 -17% 39,999 $2,810,816 DTI DTI Group Ltd 0.005 -17% 116,699 $4,976,518 FBR FBR Ltd 0.005 -17% 1,629,009 $34,136,713 TMS Tennant Minerals Ltd 0.005 -17% 450,000 $6,395,342 D3E D3 Energy Limited 0.110 -15% 327 $10,331,751 IN CASE YOU MISSED IT Verity Resources' (ASX:VRL) scout drilling has intersected bedrock gold mineralisation at the Triton prospect. Andromeda Metals (ASX:ADN) has wrapped up commercial-scale ceramic glaze pilot trials, proving its Great White CRM to be a reliable, high-performance material for the ceramics industry. Long Shortz with Rhythm Biosciences (ASX:RHY): Rhythm Biosciences outgoing chair and chair elect discuss the company's strategy moving forward after leadership changes. Norwest Minerals (ASX:NWM) will launch a drilling campaign in mid-July to grow gold resources at its Bulgera project. Indiana Resources (ASX:IDA) is moving full steam ahead at the Minos gold project in South Australia where drilling and scoping study programs are progressing. Albion Resources (ASX:ALB) has kicked off several thousand metres of planned drilling in WA's highly prospective Yandal Greenstone Belt. Investors have demonstrated their strong support for MTM Critical Metal's (ASX:MTM) US-centric clean tech strategy by backing a $50m placement at 55c per share. LAST ORDERS Locksley Resources (ASX:LKY) has listed to the OTCQB market under the ticker LKYRF, broadening exposure to North American investors and accessing a deeper pool of capital for its Mojave project in California. The company says it's looking forward to building relationships with US investors as it continues to advance its rare earth and antimony project at a time when US domestic demand is growing for critical minerals. At Stockhead, we tell it like it is. While Locksley Resources is a Stockhead advertiser, it did not sponsor this article.
West Australian
2 hours ago
- West Australian
Markets jittery as Trump targets Powell
Asian stocks have stuttered while oil prices stabilised and the euro was perched at a 3 and a half year high as investors weighed geopolitical, economic and fiscal uncertainties and braced for US President Donald Trump's deadline on tariffs. Markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade and underpinning sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trading, as the rally in Wall Street took a breather overnight. Tokyo's Nikkei rose 0.9 per cent to a four-month high. The US dollar selling kicked up a notch after a media report said Trump has toyed with the idea of selecting and announcing Federal Reserve Chair Jerome Powell's replacement by September or October in a bid to undermine his position. That pushed the euro to its strongest level since November 2021. It last fetched $1.6805. The Swiss franc firmed to a decade-high while the Japanese yen strengthened 0.35 per cent to 144.70 per dollar. Trump has repeatedly criticised Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, denting investor confidence in US assets and undermining the central bank's independence. "I think it's a given that Trump's pick to succeed Powell, when it comes, will be one that sits at the highly dovish end of the spectrum and will support Trump's agenda of lowering interest rates," said Tony Sycamore, market analyst at IG. "The issue with this is it will resurface questions from earlier in the year around the Fed's independence, which, as we saw, undermines confidence in the Fed and the USD." The dollar index, which measures the US currency against six rivals, wallowed at its lowest level since March 2022. The index has slid 10 per cent this year as investors, worried by Trump's tariffs and their effect on US growth, look for alternatives. Financial markets remain on edge over Trump's chaotic trade policies as the clock ticks down to his July 9 deadline for trade deals. Powell, who resumed two days of congressional testimony on Wednesday, said Trump's tariff plans may well just cause a one-time jump in prices, but the risk it could fuel more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Fed officials still expect to cut interest rates this year, but the timing is uncertain as officials wait on looming trade deadlines and for more certainty about the scope of the tariffs that will be imposed and the ways that rising import levies influence prices and economic growth. "No one knows exactly how tariffs will impact inflation, which will keep central banks in conservative mode, particularly the Fed," said Bank of America strategists, noting downside risks to global growth remain relevant, not only due to trade wars but also due to geopolitical developments. "We are carefully monitoring fiscal policy across key countries that can affect global interest rates. Unsustainable fiscal dynamics can trigger an accident in bond markets," they said in a note. In commodities, oil prices inched higher to continue recovering after a volatile month so far due to the conflict between longtime rivals Israel and Iran. Brent crude futures rose 0.2 per cent to $67.82 a barrel, while US West Texas Intermediate crude (WTI) gained 0.28 per cent to $65.1.
Perth Now
2 hours ago
- Perth Now
Markets jittery as Trump targets Powell
Asian stocks have stuttered while oil prices stabilised and the euro was perched at a 3 and a half year high as investors weighed geopolitical, economic and fiscal uncertainties and braced for US President Donald Trump's deadline on tariffs. Markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade and underpinning sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trading, as the rally in Wall Street took a breather overnight. Tokyo's Nikkei rose 0.9 per cent to a four-month high. The US dollar selling kicked up a notch after a media report said Trump has toyed with the idea of selecting and announcing Federal Reserve Chair Jerome Powell's replacement by September or October in a bid to undermine his position. That pushed the euro to its strongest level since November 2021. It last fetched $1.6805. The Swiss franc firmed to a decade-high while the Japanese yen strengthened 0.35 per cent to 144.70 per dollar. Trump has repeatedly criticised Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, denting investor confidence in US assets and undermining the central bank's independence. "I think it's a given that Trump's pick to succeed Powell, when it comes, will be one that sits at the highly dovish end of the spectrum and will support Trump's agenda of lowering interest rates," said Tony Sycamore, market analyst at IG. "The issue with this is it will resurface questions from earlier in the year around the Fed's independence, which, as we saw, undermines confidence in the Fed and the USD." The dollar index, which measures the US currency against six rivals, wallowed at its lowest level since March 2022. The index has slid 10 per cent this year as investors, worried by Trump's tariffs and their effect on US growth, look for alternatives. Financial markets remain on edge over Trump's chaotic trade policies as the clock ticks down to his July 9 deadline for trade deals. Powell, who resumed two days of congressional testimony on Wednesday, said Trump's tariff plans may well just cause a one-time jump in prices, but the risk it could fuel more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Fed officials still expect to cut interest rates this year, but the timing is uncertain as officials wait on looming trade deadlines and for more certainty about the scope of the tariffs that will be imposed and the ways that rising import levies influence prices and economic growth. "No one knows exactly how tariffs will impact inflation, which will keep central banks in conservative mode, particularly the Fed," said Bank of America strategists, noting downside risks to global growth remain relevant, not only due to trade wars but also due to geopolitical developments. "We are carefully monitoring fiscal policy across key countries that can affect global interest rates. Unsustainable fiscal dynamics can trigger an accident in bond markets," they said in a note. In commodities, oil prices inched higher to continue recovering after a volatile month so far due to the conflict between longtime rivals Israel and Iran. Brent crude futures rose 0.2 per cent to $67.82 a barrel, while US West Texas Intermediate crude (WTI) gained 0.28 per cent to $65.1.
