ASX

Wall Street's S&P 500 fell into a bear market on Monday night after investors continued to panic over a sky high inflation reading in the United States. This ...

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price tumbled overnight. According to the Wall Street Journal, it has suggested that the Fed will consider raising rates by 0.75%. This has sparked fears of a global recession. Despite fears of a global recessions, oil prices held up and edged higher overnight. According to the latest SPI futures, the ASX 200 is poised to open the day a massive 296 points or 4.3% lower. The Australian share market looks set to start the week in the worst possible fashion. In respect to the latter, the Dow Jones dropped 2.8%, the S&P 500 fell 3.9%, and the Nasdaq sank 4.7%.

A group of three conspired to alter the stock price of an ASX company. These are the consequences.

He now faces up to 10 years’ imprisonment. Cooper’s case was adjourned to a directions hearing at the Supreme Court of Western Australia on 30 August. A Sydney man has pleaded guilty in a Perth court to conspiring to manipulate the price of ASX shares.

Australian stocks are plunging deeply into the red today — wiping tens of billions of dollars off the value of the country's top companies — as global ...

It jumped one per cent versus the pound. Big technology companies Apple, Microsoft and Amazon took the biggest hits overnight but the pain was widespread, with just five of the index’s 504 stocks gaining. The Dow plunged more than 800 points before recovering some ground. Buy now, pay later providers are also being hit hard with Zip — which had already seen its share price collapse in recent months — dropping more than 18 per cent in the opening hour. For the 2022 calendar year, the ASX 200 tech index was now down 38.8 per cent. The index of the biggest companies in the US is down 21.3 per cent in the first 112 trading days of 2022, the worst start to a year since 1940. Stream more finance news live & on demand with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. This follows on from a horror day on Wall Street overnight because of rising inflation, which has rocketed to 8.6 per cent in the United States and sparked a massive sell-off around the world. The Australian stock market meanwhile has been closed for three days because of the long weekend and it has opened to a bloodbath this morning. That’s a six-year low and a near 90 per cent fall since the start of the year when it traded at about $4.30. Australian stocks are plunging deeply into the red today — wiping tens of billions of dollars off the value of the country’s top companies — as global markets are smashed and fears grow over a worldwide recession.

Asia-Pacific shares dropped in Tuesday morning trade. The S&P 500 declined nearly 4% overnight on Wall Street to 3,749.63, leaving its losses from its ...

Fed policymakers are now contemplating the idea of a 75-basis-point rate increase later this week, according to CNBC's Steve Liesman. That's bigger than the 50-basis-point hike many traders had come to expect. - Fed policymakers are now contemplating the idea of a 75-basis-point rate increase later this week, according to CNBC's Steve Liesman. That's bigger than the 50-basis-point hike many traders had come to expect. The Australian dollar was at $0.6939 after yesterday's fall from above $0.70. MSCI's broadest index of Asia-Pacific shares outside Japan traded 1.8% lower. "Risk assets have plummeted with recession risk rising given the surge in yields and expectations of the Fed doing a Volcker," Tapas Strickland, director of economics at National Australia Bank, said in a note on Tuesday. "If the Fed hikes by 75bps that will be a true Volcker moment and underscore front loading, a 50bp hike in contrast would cement the likelihood of 50bp hikes at every meeting for the rest of the year," Strickland said. The Wall Street Journal reported the story first. Risk assets have plummeted with recession risk rising given the surge in yields and expectations of the Fed doing a Volcker.Tapas StricklandDirector of Economics, National Australia Bank The S&P 500 fell nearly 4% overnight to 3,749.63, closing in bear market territory, or down more than 20% from its January peak. SINGAPORE — Shares in Asia-Pacific fell in Tuesday morning trade after the S&P 500 fell overnight and closed in bear market territory. - The S&P 500 declined nearly 4% overnight on Wall Street to 3,749.63, leaving its losses from its January record at more than 21% and closing in bear market territory (down more than 20% from its high). The Wall Street Journal reported the story first.

Block Inc (ASX:SQ2) and Flight Centre Travel Group Ltd (ASX:FLT) shares are among the most shorted shares on the ASX this week...

- Block Inc(ASX: SQ2)has short interest of 8.9%, which is up slightly week on week. - Nanosonics Ltd(ASX: NAN)has short interest of 12.2%, which is down slightly week on week. This is largely in line with the short interest levels of its US listed shares. As has weakness in the tech sector and the derating of growth shares. Appen will also be booted out of the ASX 200 index later this month. In addition, this medical device company’s shares will be dumped from the ASX 200 index at the next rebalance.

ASX dives 4.7pc as all 11 sharemarket sectors tumble; banks extend decline; investors eye jumbo Fed rate rise; UBS cuts growth forecast.

Its June EBITDA margin is expected to exceed 20 per cent. Alex Gluyas Alex Gluyas Alex Gluyas Just two stocks on the entire benchmark rose. Alex Gluyas The Atlassian co-founder is now worth $US10.3 billion, according to Bloomberg’s billionaires index. Alex Gluyas Alex Gluyas Traders are also monitoring MicroStrategy, whose big bet on bitcoin is backfiring. A range of other tokens from Ether to Avalanche were also nursing losses.

The S&P/ASX 200 Index (ASX: XJO) shares could be in for a barrage of turbulence today after Wall Street tumbled into bear market territory.

Of course, it was always unlikely that ASX 200 shares would dodge the global carnage. It’s down 8.05% at the time of writing. Uniti Group Ltd (ASX: UWL) and Crown Resorts Ltd (ASX: CWN) are the only ASX 200 shares in the green. They were tipped to potentially suffer a “double hit” on Tuesday. The S&P/ASX 200 Information Technology Index (ASX: XJI) is the index’s worst performing sector today, likely on the back of the tech-heavy Nasdaq index’s stumble. Its suffering came amid increasing fears the nation could enter a recession.

The S&P 500 tumbled almost 3.9 per cent into a bear market overnight as recession fears mounted. The fall added to a 2.9 per cent loss on Friday. The ASX 200 ...

BHP‘s US-traded depositary receipts added to Friday’s 2.76 per cent fall with an overnight loss of 4.21 per cent. The Aussie went into the long weekend near 71 US cents and was this morning down 1.35 per cent at 69.24 US cents. McDonald’s was the only one of the Average’s 30 companies to advance, gaining 0.46 per cent. “Metals outlook in the near term is likely to remain under pressure. Turning to the week ahead, the week’s big-ticket item on the domestic economic calendar is Thursday’s May employment report. Major Asian markets suffered falls of up to 3.4 per cent yesterday. The energy sector dropped more than 5 per cent even as crude prices rose. At one point overnight, every stock on the S&P 500 was in the red. The S&P 500 dived 151 points or 3.88 per cent. An index of gold miners dropped more than 6 per cent. ASX futures have fallen a combined 289 points or almost 4.2 per cent across the Queen’s Birthday weekend. Bitcoin and Ethereum fell more than 14 per cent.

Australian shares are set to drop sharply at the open, resetting lower in line with falls overseas. Bitcoin sheds 15 per cent. $A below US69.30¢.

Why? Remember that Powell was emphatic back in May that the Fed did not need to go 75 bps at the next meeting. The NYSE Fang + Index was down 6.5 per cent. While we expect markets to recover YTD losses in H2 to finish roughly flat, we don’t advocate indiscriminate buying of broad risk markets. Timothy Moorewrites on monetary policy, equities, commodities and currencies. The Washington Post’s Editorial Board called on the Fed to lift its key rate by 75 basis points this week: “The Fed gains little by delaying the pain that everyone sees coming at this point. JPMorgan’s global markets strategists also sought to temper concerns. ASX futures are set to shed 294 points or 4.24 per cent when trading opens after the three-day break. The board already made this mistake earlier in the year. Six sectors were down at least 4.4 per cent. All 11 of the S&P 500 industry sectors were lower, with energy down 5.1 per cent. The S&P 500 slid below 3750. The yield on the US 10-year note surged 21 basis points to 3.37 per cent at 4.52pm in New York. The two -year yield was at 3.36 per cent; the five-year yield was at 3.48 per cent.

The Australian Securities Exchange is suffering its worst day of trading since early in the pandemic, with the market down 4.6 per cent at noon.

The Dow Jones Industrial Average fell 2.79 per cent to 30,516.74, the S&P 500 lost 3.88 per cent to 3,749.63, and the Nasdaq Composite dropped 4.68 per cent to 10,809.23. Afterpay owner Block had plunged 18.9 per cent to $89.02, the biggest fall among large companies. The big four banks were down between 4.2 and 4.8 per cent. Tech had plunged by 7.6 per cent, materials were down 5.8 per cent, and financials dropped 4.5 per cent. Among blue chip shares early on Tuesday, BHP was down 6.0 per cent to $43.47 while Rio Tinto and Fortescue had fallen 5.8 per cent and 8.1 per cent, respectively. The broader All Ordinaries was down 4.96 per cent to 6,795.6.

There are a number of upcoming equity raisings in June, with several companies set to float their shares on the ASX via an IPO.

“However, the increase in capital raised in 2021 is mainly a result of the higher number of IPOs,” the HFS team found. A total of $191 million will be raised from this equity round in June with Leo Lithium at the upper limit seeking to raise $100 million. In 2021, capital raised from IPOs in Australia more than doubled in comparison to 2020, data from Herbert Smith Freehills found.

The Australian share market has plunged on global fears of rising interest rates in the US. Follow live with business reporter Sue Lanin to unpack what it ...

So, essentially, Australia relies on the rest of the world for its economic functioning, so when Wall Street sneezes, we get a cold. We are also a major commodity exporting nation so when commodity prices fall, the Australian share market falls. Aggressive interest rate hikes make the cost of borrowing more expensive. Bears hibernate, so bears represent a market that’s retreating, said Sam Stovall, chief investment strategist at CFRA. So there is a gyration on that front. By Jessica Riga By Jessica Riga By Jessica Riga By Jessica Riga By Jessica Riga By Jessica Riga By Jessica Riga

Nearly every S&P 500 stock was down on Monday as benchmarks indexes fell across the board – the S&P by 3.9%, the Dow by 2.8% and Nasdaq by 4.7%. It follows ...

Westgold announced May 2022 as a record month of gold production from its Bryah and Murchison operations. As Beijing grapples with another “ferocious” outbreak, the Aussie dollar has sunk to US69.3c from US71c just a few days ago. The project works will be undertaken at HMAS Coonawarra in Darwin until March 2023, and is worth $16.5 million. Halo has been exclusively awarded the Coles private label contract totalling approximately $9.5m over two years. The central bank has already communicated that it will at least raise rates by 50bps. The ASX is poised to crash by more than 4% at the open this morning after another plunge in Wall Street overnight.

Block Inc (ASX:SQ2) and Zip Co Ltd (ASX:ZIP) shares have been caught up in a selloff on the ASX 200 on Tuesday...

The best performer on the ASX 200 on Tuesday has been the Uniti Group Ltd (ASX: UWL) share price with a 0.5% gain on no news. The tech sector has been a sea of red on Tuesday with the likes of Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: ZIP) among the worst performers in the sector. The Pro Medicus Limited (ASX: PME) share price is sinking with the market despite the healthcare technology company making a positive announcement.

ASX 200 tech shares are taking a beating, with some of the biggest names in the technology sector falling hard. Here's what's happening...

The Fed’s trying to erase any perception that they’re behind the curve. Current numbers out of the US are the highest in 40 years. That would be the biggest increase since 1994. The Fed meets this Wednesday (night time in Australia) to determine its next move. So, the Fed might say: ‘Look, if we want to show commitment, let’s just do 100.’ Higher rates put pressure on growth stocks, like ASX 200 tech shares, often priced with distant future earnings in mind.

Northam Resources Limited's Craig Moulton introduces the explorer to Proactive's Elisha Newell. The company's one of the largest tenement...

The above has been published by Proactive Investors Limited (the "Company") on its website and is made available subject to the terms and conditions of use of its website (see T&C ). ... Northam Resources talks ASX listing and plans for its nickel-copper-PGE & gold assets Northam Resources Limited's Craig Moulton introduces the explorer to Proactive's Elisha Newell. The company's one of the largest tenement holders in the Northam region, which has attracted significant investor interest in the Nickel- Copper-PGE potential in the southwestern region of WA.

Benchmark ASX200 index closes 246 points lower, after falling 360 points in the first 15 minutes of trading on Tuesday.

Until evidence emerges that inflation is peaking and on a sustained downwards track, financial asset prices will remain under pressure.” The losses, though, were pared by the end, with the market ending 246 points lower at 6,686. CBA, Australia’s biggest bank, was recently trading at $105 a share. Investors were spooked by inflation figures, particularly for US consumer prices. Last week the government reported that inflation had increased to an annual rate of 8.6% in May, the most since December 1981, and more than the 8.3% markets had expected. Australian markets were closed on Monday, sparing them some of the falls from international markets last Friday. Asian markets were also lower on Tuesday but mostly in the 1-2% range after they collected some of their losses on Monday.

The ASX 200 has had a clanger so far today. But the Insurance Australia Group Ltd (ASX: IAG) share price is defying the market...

We think IAG’s turnaround is on track, and this should lead to strong earnings growth over the next 12 months. Last week, we also covered the views of David Cassidy, head of investment strategy at Wilsons. He singled out IAG as his pick of the ASX insurers. IAG started the day deep in the red, opening at just $4.02 a share after closing at $4.18 last week. But while most ASX 200 shares have copped a commensurate beating alongside the ASX 200, that is most certainly not the case for the Insurance Australia Group Ltd (ASX: IAG) share price. Considering the ASX 200 is down by 4.14%, this means that the IAG share price is outperforming the market by more than 4% – a mean feat for any share at any time. This insurance company is actually in the green, up 0.12% so far today to $4.18 a share.

There are fears we could be on the verge of another global recession and investors are spooked.

And the opposite of a bear market is a bull market, because bulls charge. "We are also a major commodity exporting nation, so when commodity prices fall the Australian share market falls.That is because miners and banks are the heavyweights on the market. There's a few theories on where the term "bear market" comes from. On Monday, the US share market dropped by 3.9 per cent and the S&P index — regarded as one of the best measurements to track the US share market — confirmed it was in a bear market. And because what happens on Wall Street impacts the Australian share market, local investors also pulled their money from the market when it opened. And this really spooked investors trading on the US share market — aka Wall Street — and when some investors get spooked, they rush to sell off their shares before their market value drops any further.

Billions of dollars were wiped off the value of Australian blue chips today, as investors dumped stocks in a market panic triggered by a selloff on Wall ...

Nevertheless, nothing was spared today as the carnage spilled out to all 11 sectors. The central bank has previously communicated that it will raise rates by at least 50bps. Swipe or scroll to reveal the full table. Swipe or scroll to reveal the full table. Bitcoin meanwhile, has also plunged by more than 10% in the last 24 hours to trade at US$22,800 at 4pm AEST. Iron ore slipped by more than 1% to $US133.15 a tonne in Singapore today, dragging down ASX metal miners and the Aussie dollar to US69.3 cents.

The Australian share benchmark has plunged more than 13 per cent this year as investors brace for higher interest rates.

CBA revised down its outlook for growth last week after the Reserve Bank of Australia surprised markets with a 50 basis point rate rise last week. Michael Readreports from the federal press gallery at Parliament House. He writes on financial services, politics and health. The technology sector, which is sensitive to interest rates, fell 4.5 per cent as Block, the payments giant, and Zip tumbled more than 15 per cent. But the problem is if you’ve got inflation running stronger than wages growth,” he said. Materials, the second-largest sector by market value, fell 4.4 per cent. NAB and ANZ shares fell more than 4 per cent. The tumble in local blue chips mirrored steep falls in benchmarks across the regions. Woodside Energy and Santos, the two largest listed oil and gas companies, fell by more than 5 per cent. The Tuesday fall alone wiped $82 billion from the market value of the benchmark. Now, it could be from higher wages growth. “Everyone is very concerned about inflation,” he said. Energy shares fared worst, falling 4.9 per cent.

The S&P/ASX 200 index (ASX: XJO) slumped 3.55% on Tuesday. However, some ASX 200 shares avoided the carnage, including these three...

The index is now down more than 10% this year to date. The Crown Resorts share price spent plenty of time in the green today before ending the day flat at $13.05. The ASX 200 share cruised past its 52-week high last week and has been in an uptrend these past six to eight months. Despite winding back in the past month, the Computershare share price is still up 17% this year to date. The Computershare share price ended the day 1.55% higher at $23.53. The hot-running energy sector was the worst performer on Tuesday, with the S&P/ASX Energy Index (ASX: XEJ) sinking 4.88%. The benchmark S&P/ASX 200 Index (ASX: XJO) ended the day a substantial 3.55% in the red at 6,686 points on Tuesday.

ASX set to extend losses, Fed rate decision awaited · On Wall St: Dow -0.5% S&P 500 -0.4% Nasdaq +0.2% · In New York: BHP -1.4% Rio -2% Atlassian +0.8% · Tesla + ...

We are still projecting that forward earnings will rise from $US238.53 per share currently to $US255.00 at the end of this year and $US275.00 at the end of next year. The former would match analysts’ consensus expectations for 2023, and the latter their expectations for 2024 (since forward earnings are the time-weighted average of analysts’ consensus forecasts for this year and next, at year-ends they match analysts’ expectations for the upcoming year). In a mild recession scenario, those numbers would probably be closer to $US200 to $US220.” “Our objection to this more aggressive action is that it is unnecessary, because the forces which have driven the recent inflation numbers are already fading. “In short, the seeds of much lower inflation over the next year have already been sown. If we conclude that a recession is the most likely scenario, we will have to lower our estimates. It’s less likely that the S&P 500 will be at a new record high in 2023, as we had been projecting, but it could get close to there by the end of next year.” We have no argument with the idea that rates need be substantially higher, but the Fed does not need to wield a sledgehammer. That said by bring forward these rate hikes, the market is now also pricing a rate cut by the end of 2023 and 50bps rate cuts in Q1 2024.” This revised assessment has prompted us to change our target ranges for the S&P 500’s forward P/E and price level this year: “We aren’t in the recession camp, yet. On Friday, data showed the consumer price index increased 8.6 per cent in the 12 months through May, the most in 40 years and defying predictions that inflation had already peaked. “America still has a choice to make.

The dramatic fall on the local index followed those of Wall Street, where soaring inflation in the US has fuelled fears of an economic recession. Investors will ...

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Australia and New Zealand Banking Group Ltd (ASX:ANZ) and Santos Ltd (ASX:STO) shares will be on watch on the ASX 200 on Wednesday...

The Pro Medicus Limited (ASX: PME) share price could be fully valued according to analysts at Goldman Sachs. This morning the broker has reiterated its sell rating and $39.10 price target on this healthcare technology company’s shares. According to CNBC, the spot gold price is down 1.3% to US$1,808.3 an ounce. Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough day after oil prices eased. According to Bloomberg, the WTI crude oil price is down 2.05% to US$118.45 a barrel and the Brent crude oil price has fallen 1.3% to US$120.65 a barrel. Australia and New Zealand Banking Group Ltd (ASX: ANZ) could be planning an acquisition. On Wall Street, the Dow Jones fell 0.5% and the S&P 500 dropped 0.4%, but the Nasdaq edged 0.2% higher.

Australian shares are on track to fall 0.6 per cent at the open. Wall St was mixed in a volatile session. $A has a US68¢ handle. Bitcoin steadier.

The May production figures will be released on Wednesday, along with China’s overall industrial output data. Timothy Moorewrites on monetary policy, equities, commodities and currencies. If the Fed lifts 100 basis points, that could spark a rally. “There is also a nagging sense that the European banking system is still not in the best of health and that would be another potential weight on growth.” Global profit expectations fell to a net negative 72 per cent from a positive 66 per cent; BofA said big lows in profit expectations occurred at previous Wall Street crisis moments including the burst of the dotcom bubble, Lehman’s collapse and the onset of the pandemic. Thus, risk assets are being repriced accordingly.” “The Fed’s greater policy independence, its willingness to take responsibility for inflation and its record of keeping inflation low for nearly four decades after the Great Inflation, make today’s Fed much more credible on inflation than its counterpart in the ’60s and ’70s. The Fed’s credibility will help ensure that the Great Inflation will not be repeated, and Mr. Powell and his colleagues will put a high priority on keeping that credibility intact.” Bernanke argued that the political reality is far different today than in the 1960s and 1970s, and the Fed has room to act. The yield on the US 10-year note was 11 basis points higher to 3.47 per cent at 4.31pm in New York. The two-year yield was at 3.43 per cent; it has risen 328 basis points in the last year. In an essay in the New York Times, former Fed boss Ben Bernanke wrote that while inflation has risen to “a level that evokes memories of America’s Great Inflation of the 1960s and ’70s”, he for one does not think history will repeat. “Analysts around the globe are being forced to adjust their cash flow and credit risk models in response to the sudden reappearance of a cost of capital. On bitstamp.net, bitcoin was 5.2 per cent lower to $US22,163.83 at 5.55am AEST; it traded as low as $US20,828 in the last 24 hours.

The Vanguard Australian Shares Index ETF (ASX: VAS) is still the ASX's most popular. But are income investors better off with something else?

That beats out VAS, which has given investors a 4.77% return over the past 12 months and an average of 8.95% per annum over the past five years. On IHD’s current unit price of $12.77, that gives this ETF a distribution yield of 5.75%. But let’s check out the performance figures here too. That makes VAS itself a dividend-paying ETF in its own right. But the ASX is also known for its dividends. That yield alone doesn’t match VAS.

The ASX is set to extend losses despite a more subdued session on Wall Street · Australian bond market implies a 3.6% RBA cash rate by end of 2022 · US Fed rates ...

Meteoric’s exploration team have mobilised to the Palm Springs Gold Project to commence work for the 2022 field season after a mild wet season. The data intelligence company has been awarded a contract with Catch.com.au to supply its Pricing Insights solution across all Catch categories including health & beauty, pet supplies, baby products and many others. US treasury yields have climbed another 11bp to 3.48% ahead of the Fed decision. “We’re expecting the Fed to underscore that it is going to do everything it takes to bring down inflation. The industrial products supplier has forecast a full year FY22 revenue of $315m to $325m (unaudited), being 10.9% higher at the mid-point from FY21. The FY22 forecast net profit before tax is $10m to $11m, being 13.6% higher at the mid-point from FY21. In Australia, the bond market at Tuesday close implied that the cash rate will jump from the current 0.85% to 3.6% by the end of 2022.