Live updates: Wall Street tanks, oil soars, ASX under pressure as Israel and Iran exchange missile fire
Wall Street has fallen sharply in response to the sudden escalation of hostilities between Israel and Iran.
While risky assets such as equities were sold off, investors moved into gold as a safe haven and oil, betting on supply disruptions.
The ASX looks likely to open lower this morning as tensions mount and ahead of the release of key Chinese economic data.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
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Sydney Morning Herald
41 minutes ago
- Sydney Morning Herald
Astron plans shift back home to redomicile in Australia
Rare earths player Astron Corporation is set to bring its global operations under a fully Australian banner, unveiling plans to shift the company's corporate headquarters and share listing from Hong Kong to Australia. The redomicile move will trigger the formation of a new listed Australian entity, Aus NewCo, to take the reins as Astron's new head company, replacing its current Hong Kong-based parent. As part of the move, Australian shareholders will be asked to swap their CHESS depositary interests (CDIs) for shares in the new Australian entity on a two-for-one basis, while the Hong Kong investors' holdings will be relisted locally and remain unchanged. Astron's shares have for years traded on the ASX as CDIs, limiting shareholders' voting rights and complicating their ownership. The new structure will give shareholders direct voting power and ordinary shares, bringing the company in line with its typical Australian-listed peers. A first hearing with Hong Kong's Court of First Instance has been locked in for next week, with a crucial shareholder vote set for July 30. If approved, Astron's CDIs will cease trading on August 20, and shares in Aus NewCo will begin trading a day later. The company expects the Australian Taxation Office to issue a class ruling confirming the redomicile qualifies for capital gains rollover relief to ensure the swap won't trigger a tax bill for investors. Astron says it has always seen itself as an Australian miner and the restructure will cement that identity. The move paves the way for smoother shareholder engagement, stronger governance and closer alignment with its local investor base as it powers ahead with its Donald rare earths and mineral sands project in Victoria. Notably, the change is expected to simplify Astron's compliance burdens. Currently, even basic transactions such as buying land in Australia require Foreign Investment Review Board approval – a hurdle the company says will be swept away when it is becomes a legal Australian entity. The move is also tipped to make the company more attractive to retail and institutional investors and help attract and retain local talent.
The Age
41 minutes ago
- The Age
Astron plans shift back home to redomicile in Australia
Rare earths player Astron Corporation is set to bring its global operations under a fully Australian banner, unveiling plans to shift the company's corporate headquarters and share listing from Hong Kong to Australia. The redomicile move will trigger the formation of a new listed Australian entity, Aus NewCo, to take the reins as Astron's new head company, replacing its current Hong Kong-based parent. As part of the move, Australian shareholders will be asked to swap their CHESS depositary interests (CDIs) for shares in the new Australian entity on a two-for-one basis, while the Hong Kong investors' holdings will be relisted locally and remain unchanged. Astron's shares have for years traded on the ASX as CDIs, limiting shareholders' voting rights and complicating their ownership. The new structure will give shareholders direct voting power and ordinary shares, bringing the company in line with its typical Australian-listed peers. A first hearing with Hong Kong's Court of First Instance has been locked in for next week, with a crucial shareholder vote set for July 30. If approved, Astron's CDIs will cease trading on August 20, and shares in Aus NewCo will begin trading a day later. The company expects the Australian Taxation Office to issue a class ruling confirming the redomicile qualifies for capital gains rollover relief to ensure the swap won't trigger a tax bill for investors. Astron says it has always seen itself as an Australian miner and the restructure will cement that identity. The move paves the way for smoother shareholder engagement, stronger governance and closer alignment with its local investor base as it powers ahead with its Donald rare earths and mineral sands project in Victoria. Notably, the change is expected to simplify Astron's compliance burdens. Currently, even basic transactions such as buying land in Australia require Foreign Investment Review Board approval – a hurdle the company says will be swept away when it is becomes a legal Australian entity. The move is also tipped to make the company more attractive to retail and institutional investors and help attract and retain local talent.
News.com.au
44 minutes ago
- News.com.au
Health Check: A pancreatic cancer ‘cure' has been elusive, but Amplia may have cracked the nut
Amplia shares soar almost 50% on news of a 'complete response' in a patient with metastasised pancreatic cancer Syntara and Kazia also report progress with their cancer drug candidates Emvision pockets $5 million of non-dilutive grant funding Has Amplia (ASX:ATX) cured pancreatic cancer, one of the deadliest tumour types? The drug developer reports a 'pathological complete response' in an advanced (metastatic) pancreatic cancer patient – an 'extremely rare' event. A pathological complete response means there are no signs of cancer in tissue examined by a pathologist following surgical removal. The treatment appeared to have reduced the tumour to a size where both the primary tumour in the pancreas and secondary liver tumours could be excised. Amplia's drug candidate AMP-945 (narmafotinib) is a focus kinase (FAK) inhibitor. FAKs are not cuss words but a type of protein overexpressed in pancreatic cancers. Dubbed Accent, Amplia's trial uses narmafotinib in combination with standard chemotherapy gemcitabine. The company is carrying out the phase 1b/2a trial at seven local sites and five in South Korea. The first stanza (1b) already has assessed dosing safety and tolerability The company notes about 5% of patients with non-metastatic pancreatic cancer achieve a pathological compete response. The bar for cancers that have spread is much higher. 'This is wonderful news for the patient and the clinical team involved,' Amplia CEO Dr Chris Burns says. 'We firmly believe this outcome further demonstrates the promising activity narmafotinib, on top of standard-of-care, is showing in treating advanced pancreatic cancer.' While one swallow doesn't make a summer, investors pushed Amplia shares as much as 47% higher before profit takers moved in. Syntara's blood cancer program looks the goods Amplia chief Chris Burns co-developed the myelofibrosis (blood cancer) drug Ojjaara, one of the few home-grown remedies to be approved by the US Food and Drud Administration (FDA). Can Syntara (ASX:SNT) follow suit? The company reports further data from its phase II trial, evaluating its drug candidate SNT-5505 in combo with the standard-of-care drug ruxolitinib. The patients had been treated with ruxolitinib for at least three years, so had enhanced symptoms such as enlarged spleen size and blood counts 'indicative of high disease burden.' The results showed eight of eleven evaluable patients (73%) achieved a reduction of more than 50% at 24 weeks. This was measured by a standard gauge called TSS50. The patients achieved a median improvement of 39%. Four out of nine patients (44%) had a spleen volume reduction of 25% at week 24 or beyond. The ongoing trial enrolled 16 patients with intermediate or high-risk myelofibrosis, for 52 weeks of treatment. However, five dropped out by the 24-week mark, a 'withdrawal rate consistent with that seen in other myelofibrsis studies of patients with similar disease severity." Eight patients reaching 38 weeks showed an average 56% reduction in symptoms. Of these, Five patients reaching 52 weeks showed a 63% decline. The company plans to release the final study results after the September quarter, when the remaining three patients have completed their treatment. Syntara intends to meet with the FDA in the September quarter to discuss the design of a pivotal phase 2c/3 study. The company announced the results on Friday and aired them at the weekend's European Hematology Association conference in Milan. Kazia's cancer news from the Nasdaq Further afield, the Nasdaq listed and formerly ASX-domiciled Kazia last week said its immunotherapy candidate paxalisib showed 'anti-tumour activity in advanced breast cancer'. In collaboration with the Queensland Institute of Medical Research (QIMR) Berghofer, Kazia is carrying out a 24-patient, phase Ib trial in combo with the standard-of-care pembrolizumab (Keytruda). The Sydney-based Kazia licensed the tech from the QIMR. The company said the data provided 'strong scientific and translational rationale for continued development of paxalisib as part of immunotherapy-based regimens.' The dual-listed Kazia delisted from the ASX last November, to reduce costs. The experience of ASX biotechs joining the Nasdaq has been patchy, to put it mildly. But Kazia shares last week more than doubled on the news. The pain of Mayne stays mainly on display Mayne Pharma (ASX:MYX) will forge ahead with a planned shareholder meeting to approve its takeover scheme of arrangement, despite receiving a second 'dear John' letter from suitor Cosette. Mayne says the correspondence – almost certainly not written on rose-scented parchment – affirms that Cosette intends to terminate the scheme implementation deed (SID) on the grounds of alleged breaches. It maintains Cosette has 'no lawful basis' to terminate the SID. So, as it stands Mayne shareholders will file into Melbourne's Intercontinental Hotel on Wednesday to vote on an offer that a reluctant suitor has no intention of executing. With no whiff of rapprochement, this one is headed for the courts. Emvision wins $5 million government grant There's no better funding than the non-dilutive variety, as EMvision Medical Devices (ASX:EMV) attests. The feds have awarded Emvision a $5 million federal government grant, to further the development of its First Responder portable brain scanner. The funds are by way of an Australian Government Industry Growth Program (IGP) Commercialisation and Growth Grant. First Responder distinguishes between bleed and clot strokes at the scene and is designed to be used by ambulances and by paramedics. The device should shorten diagnosis time – a crucial element in the patient getting the right treatment. 'First Responder … is a genuine world first product with potential to transform the landscape of pre-hospital stroke and traumatic brain injury care,' Emvision chief Scott Kirkland says. '… quite simply, if we can help save time, we can help save lives and reduce disability.' As of the end of March, Emvision had $12.5 million of cash and expected $800,000 of funding from the Australian Stroke Alliance this financial year. Heramed in maternity monitoring collab Still on non-dilutive funding, foetal monitoring device developer HeraMED (ASX:HMD) has partnered with RMIT University (RMIT) and the Digital Health Cooperative Research Centre in a research partnership. The $1.245 million project will delve into better ways to deliver maternity care for culturally and linguistically diverse women. As is the way in the modern world, the project involves refining AI-based predictive health models and tools. This is based on monitoring and collecting data on 200 pregnant women. 'The initiative will use a combination of clinical, biometric, lifestyle and genetic data, with a focus on diversity, inclusion, and clinical applicability," Heramed says. Heramed is contributing $250,000 over the 18-month project and the other parties are contributing the rest via grant funding. 'With 51% of Australians having at least one parent born overseas, the need for culturally informed healthcare is critical and relevant,' says Heramed CEO Anoushka Gungadin.
