Markets live updates: Stocks fall ahead of Trump's tariff deadline, US Fed keeps interest rates on hold
Local stocks are poised to follow Wall Street lower after the US central bank left interest rates on hold.
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News.com.au
26 minutes ago
- News.com.au
Lunch Wrap: ASX comes out swinging, rare earth stocks catch fire on price floor plan
ASX fires up as Wall Street sniffs rate cuts
 Rare earth stocks climb after Canberra hints floor price plan Telix tanks as ballooning costs spook investors The ASX 200 came out swinging on Tuesday, with the benchmark index jumping 1% by lunchtime in the east. Behind the rally was Wall Street, where jittery traders turned into bargain hunters as all three major indexes jumped over 1%. Back home, the good vibes got an extra kick from rising consumer confidence this morning. The ANZ-Roy Morgan index jumped to 90.6, its highest reading since the RBA started its rate-hiking crusade back in May 2022. That mood music flowed nicely into the market itself. All 11 sectors on the ASX were in the green by mid-morning, with tech, miners and consumer discretionary stocks leading the pack. Meanwhile, rare earth stocks such as Iluka Resources (ASX:ILU) and Lynas (ASX:LYC) rallied after reports the Aussie government might pull a Trump-style move and set a floor price for rare earths. The Trump administration has already announced it was pushing a price floor to boost US rare earths production and cut reliance on China. The idea of a government stepping in to backstop the price of critical minerals is enough to get investors clicking 'buy'. Among large cap news, debt collector Credit Corp Group (ASX:CCP) absolutely stole the spotlight, flying 16% after posting a 16% jump in full-year profit to $94.1 million. Shipbuilder Austal (ASX:ASB) lifted 6% as it locked in a sovereign defence shipbuilding role with the federal government, and upgraded earnings guidance to not less than $100 million. The move came hot on the heels of news that Japan has scored a $10 billion deal to build three stealth frigates for the Royal Australian Navy. Meanwhile, Telix Pharmaceuticals (ASX:TLX) took a savage 20% beating after revealing that operating expenses had ballooned in the first half of FY25. The company, which recently switched to reporting in US dollars, flagged that OPEX (excluding R&D) will hit about 36% of revenue … which spooked the market. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for August 5 : Security Description Last % Volume MktCap TKL Traka Resources 0.002 100% 63,225,692 $2,125,790 SRJ SRJ Technologies 0.006 50% 4,202,913 $2,778,987 HMD Heramed Limited 0.017 42% 16,673,347 $10,507,233 THB Thunderbird Resource 0.014 40% 7,657,666 $3,897,414 AUK Aumake Limited 0.004 33% 145,012 $9,070,076 EOS Electro Optic Sys. 3.930 33% 7,207,276 $569,208,692 M4M Macro Metals Limited 0.008 25% 17,774,500 $23,864,505 TRP Tissue Repair 0.350 25% 137,781 $16,930,156 SIS Simble Solutions 0.005 25% 1,000,000 $4,329,321 FAL Falconmetalsltd 0.598 22% 2,367,091 $87,003,080 MEG Megado Minerals Ltd 0.039 22% 243,144 $20,661,864 ALR Altairminerals 0.006 20% 41,540,415 $21,483,721 CUL Cullen Resources 0.006 20% 250,328 $3,467,009 FRX Flexiroam Limited 0.006 20% 81,250 $7,586,993 CCP Credit Corp Group 18.290 20% 786,540 $1,038,700,223 ZNC Zenith Minerals Ltd 0.037 19% 670,906 $16,413,120 WTM Waratah Minerals Ltd 0.470 19% 2,587,983 $92,237,345 TEM Tempest Minerals 0.007 17% 49,206 $6,610,770 TZL TZ Limited 0.055 15% 59,326 $13,469,477 RKN Reckon Limited 0.595 14% 531,134 $58,913,313 AZL Arizona Lithium Ltd 0.008 14% 2,118,093 $37,662,201 CTO Citigold Corp Ltd 0.004 14% 100,000 $10,500,000 RGL Riversgold 0.004 14% 150,440 $5,892,994 Software firm SRJ Technologies Group (ASX:SRJ) has locked in $1.38 million from institutional investors at $0.004 a pop, with strong backing from existing shareholders. The retail component set to raise a further $1.15 million when it opens on 8 August. Funds will help SRJ kick off a 50:50 joint venture in the Middle East worth over US$6 million. Electro Optic Systems (ASX:EOS) has landed a EUR 71.4 million (around $125 million) export order from a European NATO member for its new 100kW high-power laser weapon system, designed to take down drone swarms. It's the world's first export order for a laser of this class, with delivery set for 2025-2028. Macro Metals (ASX:M4M) has locked in $2 million from new and existing professional investors at 0.7 cents a share. Non-exec chair Tolga Kumova is chipping in $311k of that, pending shareholder approval in November. The funds will go towards exploration at the Turner iron ore project, technical services at the Extension iron project, and ramping up its mining services arm. Falcon Metals (ASX:FAL) has hit visible gold in multiple stacked veins at its Blue Moon prospect, just north of the 22Moz Bendigo Goldfield. The third wedge hole is drilling right down the fold hinge, and has struck quartz veining, sulphides, and what looks like a 7.6m saddle reef. Assays are pending. And, Boss Energy (ASX:BOE) is still licking its wounds after last week's brutal 44% crash, triggered by a cost and production downgrade at its Honeymoon uranium project. In a formal reply to the ASX today, Boss defended its disclosure timing, saying it only finalised the new guidance on July 27, one day before releasing it. Shares rose 5%. IN CASE YOU MISSED IT positive case report has highlighted the therapeutic potential of Argent BioPharma's (ASX:RGT) cannabinoid therapy CannEpil in treatment-resistant epilepsy. As Australia's digital economy rapidly expands, new research reveals critical digital skill gaps that could unlock $25 billion in productivity gains by 2035.
West Australian
an hour ago
- West Australian
Nexus Airlines moves to suspend Kimberley flight route from September 2025
In another blow to air services in the Kimberley, Nexus Airlines has moved to shut down its flights between Broome, Kununurra and Darwin by the end of August. The final flight from Broome to Darwin via Kununurra will depart on the morning of September 1, with Nexus Airlines to give out full refunds to all passengers booked to travel after that flight. Nexus Airlines managing director Michael McConachy cited increased competition from Airnorth, a Northern Territory‑based regional carrier owned by Bristow Helicopters Australia and a subsidiary of the US‑based Bristow Group, for the closure of the route. 'The additional capacity they introduced, and aggressive pricing have made it financially unsustainable to continue on this route and, despite Nexus taking a significant share of the market, ultimately they have deeper pockets and were prepared to continue to fly with unused capacity,' he said. 'It's a difficult business decision, especially as someone who is deeply passionate about tourism and regional growth in the Kimberley, but I remain hopeful we'll return to this route in the near future.' Mr McConachy said it was a 'disappointing' decision to make. 'I'm proud of what we've achieved. Nexus Airlines was created to improve air connectivity across regional WA,' he said. 'Having now lived in the Kimberley for nearly two decades, I witnessed firsthand how poor reliability and high fares contributed to market failure on this route, which was a key motivation in bringing Nexus Airlines to the Kimberley.' Other Nexus routes including between Perth and Geraldton, and between Geraldton, Karratha, Port Hedland and Broome continue to perform well and will remain unaffected by this network change, according to Nexus. Mr McConachy backed recent calls from the Shire of Wyndham-East Kimberley for the State Government to regulate the sector in the region. 'Regulation through a competitive tender process, where one airline is granted exclusive access to a route, can be a vital tool in protecting essential air services,' he said. 'In regions where passenger volumes are too low to support multiple operators, this approach helps ensure communities continue to benefit from dependable, affordable air travel. It's about safeguarding access to tourism, education, health care and local business. 'My hope is that the Kimberley route will be fully regulated. This would allow fares, frequency and service levels to be set and monitored by the State Government, delivering the best outcome for the towns and regions along the route.' It comes after Qantas decided to shutter Jetstar Asia in June — taking Broome's short-lived Singapore flight connection with it, which was the first international flight route for Broome International Airport in years. With the route lasting less than a year before being axed, Broome International Airport chief executive Craig Shaw described the move as 'disappointing' and a blow to the region's aspirations of boosting international tourism and business at the time.
Perth Now
an hour ago
- Perth Now
Aussie shares track US rebound towards record high
Australia's share market has shrugged off a shaky start to the week to rally within 22 points of its all-time peak. By lunchtime, the benchmark S&P/ASX200 had surged 87.2 points, or 1.01 per cent, to 8,750.9, as the broader All Ordinaries jumped 89.7 points, or 1.02 per cent, to 9,012.7. The bullish start to the day followed Wall Street's best session since May, as last week's gloomy jobs figures helped narrow interest rate market bets on incoming Federal Reserve rate cuts. "Investors reversed their brief market retreat into a bull run overnight, applauding strong company data and cheering weaker economic data as a herald of interest rate cuts to come," Moomoo market strategist Michael McCarthy said. "Good news is good news, and bad news is good news as US indices moved back towards all-time highs." The local bourse is also narrowing in on its own record, pushing to within 12 points, or 0.13 per cent of its 8,776.4 intraday peak set in July. All 11 sectors were trading higher by midday, led by IT stocks, materials, consumer discretionary and utilities stocks. Financials have rebounded by one per cent, completely wiping Monday's 0.6 per cent loss. All big four banks were trading higher, led by NAB (+1.2 per cent) and ANZ (+1.1 per cent), while CBA was the again the least volatile with a 0.7 per cent lift to $176.20. The materials sector continues to show strength, up 1.3 per cent on Tuesday with strong leads from large caps BHP (0.9 per cent) and Rio Tinto (+1.2 per cent) leading the way as iron ore prices held above $US100 per tonne for the first time since mid-May. Gold prices edged to within two per cent of record prices to $US3435 ($A5312), helping support local miners like Northern Star, which rose 1.8 per cent to $16.45. Local energy stocks gained 0.9 per cent as oil prices hit a weekly low overnight, prompting a modest bounce and helping Woodside rise 1.2 per cent to $26.51. Mobile and internet provider TPG will hand back up to $3 billion of the $5.3 billion sale of its fibre and fixed network business to shareholders, after finalising the sale to Vocus. TPG shares have slipped 2.3 per cent following the capital reduction and reinvestment plan announcement. Counter-drone solution provider Droneshield was the best performer of the top-200, surging more than nine per cent on Tuesday and is up more than 450 per cent in 2025 amid rising global defence spending. Telix Pharmaceuticals was at the other end of the leaderboard, sinking more than 14 per cent after it announced significantly higher operating expenses in the first half. The Australian dollar is trading relatively steady against the greenback to buy 64.64 US cents, down slightly from 64.81 US cents on Monday at 5pm.
