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News.com.au
an hour ago
- Business
- News.com.au
Top 10 at 11: ASX lifts 0.2pc against global market falls
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading. With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest. In brief, this is what the markets have been up to this morning. Global markets subdued as EU-US trade talks continue Global markets fell across the board last night, as both Europe and the US digest the potential fallout of ongoing trade talks between the two trading blocs. The Dow and the S&P 500 fell 0.6%, the Nasdaq 0.5%. The Euro FTSE 300 shed 0.7% and the UK FTSE 100 0.6%. US President Trump threatened the EU with a flat 50% tariff just a few days ago, but has since extended the deadline for talks until July 9. Diplomats and politicians on both sides of the negotiations have indicated they are progressing, perhaps moving toward something similar to the UK's trade deal with the US. That left a 10% tariff in place but removed several other barriers to automotive and agricultural exports. Court of International Trade rules tariffs unlawful Adding another healthy dose of chaos to the mix, a three-judge panel at the Court of International Trade in New York has unanimously ruled President Trump's tariffs as 'contrary to the law'. They found that the International Emergency Economic Powers Act does not give him 'unlimited' power to impose tariffs. 'Because of the Constitution's express allocation of the tariff power to Congress, we do not read IEEPA to delegate an unbounded tariff authority to the President. We instead read IEEPA's provisions to impose meaningful limits on any such authority it confers,' the ruling said. Trump's new tax bill included a clause that could potentially limit the ability of the courts to enforce contempt citations for breaches of injunctions or temporary restraining orders. The impact of the Court of International Trade's judgement may depend on whether the tax bill passes the US Senate in its current form. Fed Reserve in 'wait and see' mode Either way, the US Fed isn't happy with how things have evolved. The Fed's latest minutes revolved around the increasing threat of inflation, coupled with rising unemployment and falling economic productivity. 'The culprit is Trump's tariff plans,' Stockhead's Eddy Sunarto wrote earlier this morning. 'If they stick, they could jack up prices while slowing the economy, putting the Fed in a pickle: raise rates to cool inflation, or cut them to save jobs?' Chair Jerome Powell has signalled the Fed has its hands tied until the dust settles around Trump's tariff plans. It seems it's simply impossible to set monetary policy when the future impact to the economy is so uncertain. The Fed will next meet on June 17-18, due to release new projections from policymakers on their outlook for employment, inflation and the wider economy. ASX bucks global trend to gain in early trade The ASX has lifted in the first hour of trade this morning, gaining 0.21% as of about 10.30am AEST. Energy is leading the bourse up, riding higher on a 1% lift to oil prices overnight. Tech and Bank stock indices are also in the green this morning, joined by 9 of 11 sectors. The ASX All Ords Gold index is dragging, pushed lower by a cut to gold prices overnight as the US dollar recovered against major currencies. Onto our winners and laggards for the morning... WINNERS Code Name Last % Change Volume Market Cap BMO Bastion Minerals 0.002 100% 1299995 $903,628 AXP AXP Energy Ltd 0.0015 50% 50000 $6,574,681 MOM Moab Minerals Ltd 0.0015 50% 1042927 $1,733,666 TMK TMK Energy Limited 0.004 33% 36750 $30,667,149 BPP Babylon Pump & Power 0.005 25% 8000000 $11,082,268 BYH Bryah Resources Ltd 0.005 25% 2100000 $3,479,814 CAV Carnavale Resources 0.005 25% 16666 $16,360,874 EVR Ev Resources Ltd 0.005 25% 500000 $7,943,347 CCO The Calmer Co Int 0.003 20% 1351982 $7,528,289 FBR FBR Ltd 0.006 20% 3288732 $28,447,261 In the news... Oncology biotech Invion's (ASX:IVX) non-melanoma skin cancer trial has shown early indications of strong promise, achieving an observable reduction in lesion size after a single treatment cycle. The safety review committee noted no adverse events, and patients experienced no pain during the treatment according to clinician feedback. The trial also demonstrated IVX's INV043 treatment has potential as a diagnostic tool, with suspected cancers fluorescing (glowing) under violet light. BPH Global (ASX:BP8) is preparing its first shipment of Indonesian seaweed biomass under a sales cooperation agreement with PT Kebula Raya Bestari, delivering 60 metric tonnes to South Korea-based food ingredient manufacturer MSC. Eden Innovations (ASX:EDE) has sold just over $878,000 in EdenCrete® products between February 6 and May 23, with year-on-year sales for April and May 86% higher than the sales for all of Q4 FY 2024. The EdenCrete product is designed to lower the cost of concrete and reduce the amount of Portland Cement used, the main driver of carbon emissions in the concrete industry. A farm-in agreement with Condor Energy has furnished Red Sky Energy (ASX:ROG) with the funding to advance the KN2 well at the Killanoola Oil Project. The farm-in participants will collectively fund 75% of drilling and completion costs of the KN2 well, while Red Sky retains a 55% interest in the well and full control of the licence, remaining as its operator. Education technology platform ReadCloud (ASX:RCL) has boosted its organic revenue growth 13% in the first half of the 2025 financial year. The company also lifted its underlying EBITDA by 73%, holding cash of $3.5m with operating cash inflow of $1.9m. Bryah Resources (ASX:BYH) has kicked off a flora survey for its manganese mining licences, held with joint venture partner OM Ltd. Manganese prices have lifted by about 4.52% since the beginning of 2025, prompting Bryah to push the project toward production. LAGGARDS Code Name Last % Change Volume Market Cap FTC Fintech Chain Ltd 0.003 -50% 2185603 $3,904,618 ALR Altairminerals 0.002 -33% 1756764 $12,890,233 VML Vital Metals Limited 0.002 -33% 5110645 $17,685,201 OVT Ovanti Limited 0.003 -25% 378539 $11,174,060 CHM Chimeric Therapeutic 0.004 -20% 5476493 $9,253,431 EPM Eclipse Metals 0.005 -17% 1 $17,194,914 DTM Dart Mining NL 0.003 -14% 100000 $4,193,195 OLI Oliver'S Real Food 0.006 -14% 1663 $3,785,123 TMS Tennant Minerals Ltd 0.006 -14% 300000 $6,691,233
RNZ News
4 hours ago
- Business
- RNZ News
Vanuatu's market mamas forced to move after December earthquake
Port Vila's "mamas" had to adapt to feed their communities after being displaced by the 7.3 magnitude earthquake which damaged the city's main market house in the centre of town. At the Port Vila Show Ground Market, groups of women sold their produce under a marquee-style tarpaulin shelter set up beside a permanent concrete verandah. Those operating under the temporary shelters once sold their wares at the Central Market House in downtown Port Vila before it was damaged in the quake. The earthquake killed 14 and injured more than 250. The NDMO said 80,000 people were effected and 1473 displaced from their homes. Fresh produce seller Leidab David said when the earthquake struck they were at the national market in town and they all ran. "We did not know where to go to do our market," she said. "After some days, weeks and months had passed now we have come together again. We have found ourselves here in the market house at Seaside." Each mama pays a table fee to the Port Vila Municipal Council to sell their goods. Photo: Grace Tinetali-Fiavaai/RNZ Under the marquee there are approximately 16 to 20 tables - about 8 to 10 on each side. Those on the concrete verandah are largely vendors who had already been based at the Show Ground Market. "Now the public and vendors know that the mamas that used to market in town, which is damaged - they are all coming to this place," David said. "Now we are starting to sell and now the room, the place is small." David said the manager has told them that if they come and it is full, sellers can go to Fres Wota Park and to Anamburu Park. For two older mamas, Susan Esau (63) and Elsie Solo (72), selling their produce daily earns them up to 20,000 vatu (US$165.48) a week. For two older mamas, Susan Esau (63) and Elsie Solo (72), selling their produce daily earns them up to 20,000 vatu (US$165.48) a week. Photo: Grace Tinetali-Fiavaai/RNZ Solo, who sells coconuts, said she has seven people in her family to feed while Easu, who sells fruit, said she has six mouths to feed. "Yes, it is enough" they say to help provide and put food on the table for their family. The Show Ground Market is now one of the few satellite markets with access to toilets and running water, an essential service for vendors who spend long days at their stalls. Leidab David said they need a better venue. "We need a big building; we need a safe place for all of us to come to and be safe," she said. "We want a good one like at the national market. Right now we are just doing things individually. We need a big space for us vendors to come to and be safe."
Malay Mail
5 hours ago
- Business
- Malay Mail
After Assad: Pineapples, kiwis and mangoes make a juicy comeback in Syria
DAMASCUS, May 29 — After decades of poverty and isolation under the Assad dynasty, imported fruits like pineapples, kiwis and mangoes are available again in Syria's bustling markets, making mouths water and eyes twinkle. Fruits that were once designated luxury items, meaning they were accessible only to Syria's wealthiest, are now as common as potatoes or onions, cooking staples for many of the country's population. 'We used to smuggle them in,' said 46-year-old fruit vendor Marwan Abu Hayla with a big smile as he displayed his produce at Damascus's Shaalan market. Grocers used to face fines and even imprisonment for importing exotic fruits. But now 'we do not hide pineapples anymore — we can put them on display', Abu Hayla told AFP, adding: 'The era of pineapple-phobia is over.' One kilogramme of pineapple used to cost around 300,000 Syrian pounds (around RM98) before an Islamist-led offensive ousted leader Bashar al-Assad in December after nearly 14 years of civil war. That has now plummeted to a much sweeter price of around 40,000 pounds, about RM13. 'We used to smuggle (the fruit) with the help of taxi drivers — just like petrol and diesel,' Abu Hayla said of other commodities which Syrians used to bring in illicitly from neighbouring Lebanon when supplies were scarce under Assad. Now 'pineapples are like potatoes and onions', he added, as potential customers eyed the ripe fruit. Bananas Buyers and sellers linked the fruits' newfound presence to developments including the free availability of the US dollar since Assad's ousting. Trading in the currency was previously punishable by law. Other signs of change include new cars on the streets and more abundant fuel supplies. The late Syrian president Hafez al-Assad imposed heavy state control over the economic system, which isolated the country from global trade. His son and successor Bashar kept up the system to maintain the clan's iron-fisted rule until he was overthrown in December. Fruit seller Ahmed al-Hareth, 45, said tropical fruit — even bananas — used to cost the equivalent of a public employee's monthly salary. Housewife Ilham Amin, 50, said she had noticed grocery stores becoming more colourful, which 'tempts customers to buy'. — AFP pic Customs authorities and security forces would raid stores, further fuelling a limited black-market fruit trade. Medical student Nour Abed al-Jabbar, 24, said she 'used to see tropical fruit on screens more often than in markets'. One problem with that: some Syrians who have never had a pineapple before just don't know how to cut it. 'Pineapple is for everyone — even if some people don't know how to peel it,' Jabbar said. However, many people still struggle to buy the fruit in a country whose economy has been ravaged by years of conflict and sanctions, and where 90 per cent of the people live in poverty. Housewife Ilham Amin, 50, said she had noticed grocery stores becoming more colourful, which 'tempts customers to buy'. But she steers her children away from the tantalising new fruit as she cannot afford it. 'Living conditions are tough, and pineapple is a luxury for a family like ours,' she said. — AFP
Wall Street Journal
7 hours ago
- Business
- Wall Street Journal
JD Vance Responds to Matthew Hennessey on Markets and Politics
Matthew Hennessey offers readers a confused argument in his op-ed 'Vance Is Wrong: The Market Isn't a 'Tool'' (May 27). He seems to have taken umbrage at a dual characterization I made of the market in a recent interview. I described it as both an exceptionally efficient way of provisioning goods and services, as well as a tool available to lawmakers as they go about the work of governance. Most important, however, I argued that reducing barriers to free markets shouldn't be the ultimate aim of our politics. Instead, we should use them, and other tools, to improve the well-being of our people. Mr. Hennessey disputes the idea that the market can be operationalized. He describes the market simply—as a sort of universal reality 'governed by the laws of economics the way the physical world is governed by the laws of gravity.' It's an unusually mundane characterization for Mr. Hennessey, whose most recent book, 'Visible Hand,' is subtitled 'A Wealth of Notions on the Miracle of the Market.'
Forbes
16 hours ago
- Business
- Forbes
A 1,000% Profit Opportunity With The S&P 500?
Just weeks ago, we highlighted how a reasonably probable options trade on the S&P 500 ETF (SPY) could have yielded a staggering 3,000% return - read You Missed A 3,000% Profit Opportunity On The S&P 500 - Be Prepared For The Next One. That opportunity has passed, but the market's recent surge and looming uncertainties suggest that another significant move may be on the horizon. And here is your chance to go long on volatility, and potentially set yourself up for a 1000% profit opportunity. The S&P 500 has climbed above $590, buoyed by optimism over potential tax reforms and a temporary delay in European tariffs. However, this tranquility may be short-lived. There is likely turbulence ahead. We aren't telling you the direction - all we are saying is that market volatility may increase, and you could take advantage of that by buying a straddle (call and put options both). While these are short-term opportunities that emerge from time to time, real wealth is created by compounding money over the long-term. That's exactly what the Trefis High Quality (HQ) Portfolio is designed for, and has returned >91% since inception, outperforming S&P 500, Dow, and Nasdaq, all of them. Several factors could disrupt the current market calm: You go 'long on volatility' - something not a lot of investors think about. When a shake-up like this happens, volatility spikes. Option prices go up. Therein lies your opportunity with limited risk. SPY put for 5% out of the money strike ($561) expiring 1 month out (27th June) is currently trading at premium of $3.84. For the full contract (100 shares), that becomes $384. Now, if the S&P 500 were to fall sharply over the next 2-3 weeks, not only will the put price gain because of index decline, it will also gain because of the increase in implied volatility - a key ingredient in pricing options. And that means that a 10% down move - to around $530, will be sufficient to 10x the put prices - a 1000% gain opportunity. And let us remind you, SPY hit a bottom of $482 just last month so a retracement to $530 is not out of reach. And if you think the market can explode on the upside too, then hedge your put purchase with 5% out of the money call that's currently trading at an even lower premium of $1.22. Clearly, the market is more fearful about the downside. You could also buy near term options if you think the shake up could happen sooner - that may have an even higher payoff because the premiums will be lower. Remember, the trade can go wrong. The market may stay range bound, or may move but not enough. If that happens, option prices may not move much, or even decay. But here is the thing: you will be entering a defined-risk trade that has the potential to pay off big if things go your way. So the smart thing to do is to limit the contract size to a point where you are comfortable with the risk. And risk = premiums you pay for buying puts, or puts and calls both if you go for a straddle. While the previous 3,000% opportunity has passed, the current market environment presents new possibilities. By staying informed and considering volatility-focused strategies, investors can position themselves to capitalize on potential market shifts. But here's the thing: Short-term volatilities in the market are not uncommon and are often challenging to navigate. However, long-term outperformance is hopefully what matters to you. If so, consider investing in the Trefis High Quality (HQ) Portfolio, which, with a collection of 30 stocks, has a track record of comfortably outperforming the S&P 500 over the last 4-year period. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics
