ASX

Jeff Yass took a bankroll made at racetracks and poker tables and built one of the world's biggest trading firms. Now he's betting on PointsBet.

“We have the bankroll to do it, and PointsBet has the expertise. “We’ve got great faith in where we’re taking the business, and obviously so do Jeff and SIG. We’d all like the share price to be back where it was, of course, but the market is where the market is. “If the world recovers and we have the best team, we’re going to do great. If the world kind of muddles along and we have the best team, we’re going to do pretty well. It’s a passion of ours and the idea that we get to make money – or, hopefully, get to make money – at something that, anyway for fun, is just a giant home run.” And then there’s about a 20 per cent to 30 per cent chance that things go great. And then there’s a 60 per cent to 70 per cent chance we muddle along and things improve slightly. Yass is definitely punting on PointsBet at a low point in the group’s recent history. Swanell says the SIG investment allows PointsBet to refine its position in the US market. And you’ve got to make sure that your probabilistic estimates are as good as anyone is in the marketplace.” “It’s been a dream of mine since I was a kid to be a bookmaker, so this is fantastic,” he says. “In our other business we make a lot of big bets when we’re very confident in the price.

Block Inc (ASX:SQ2) and Kogan.com Ltd (ASX:KGN) shares are among the most shorted shares on the ASX this week...

This payments company’s surprisingly poor performance during the second half has hit investor sentiment hard. - EML Payments Ltd(ASX: EML)has short interest of 8.9%, which is flat week on week. Short sellers will have been pleased to see this payments company’s shares sink last week amid weakness in the tech sector. - Regis Resources Limited(ASX: RRL)has short interest of 9%, which is up week on week. - Block Inc(ASX: SQ2)has short interest of 9.7%, which is up week on week once again. - Nanosonics Ltd(ASX: NAN)has short interest of 12.1%, which is down slightly week on week.

Receivables management solution company, Credit Clear (ASX:CCR) has achieved record revenue in May and operational profitability.

This was ahead of CCR’s expectations, which was originally predicting profitability two months later, in July. The company saw $3.03 million in revenue, which pushed it into an operational profit of $23,000 for the month. - This was ahead of CCR’s expectations, which was originally predicting profitability two months later, in July

Australian shares have started the flat as investors worry that aggressive monetary policy tightening could pull the global economy into recession.

Although little changed, the consumer staples sector was the best performing in early trade. It was down 3 per cent for the past five days. The weekly slide of 5.8 per cent was the steepest since the week of March 20, 2020. The yen fell 2.2 per cent by late Friday, bolstering the US dollar, which rose 0.73 per cent against a basket of major currencies. Sterling fell 1 per cent in New York as investors focused on the gap between US and UK rates. For the week, the S&P 500 dropped 5.8 per cent, also its biggest fall since the third week of 2020. Wall Street's Dow Jones Industrial Average slipped 0.13 per cent, the S&P 500 added 0.22 per cent, and the Nasdaq Composite jumped 1.43 per cent. "Inflation, the war and lockdowns in China have derailed the global recovery," economists at Bank of America said in a note to clients, adding they see a 40 per cent chance of a recession in the United States next year as the Fed keeps raising rates. Japan's Nikkei fell 1.8 per cent and headed for a weekly drop of almost 7 per cent. - Dow Jones Industrial Average slipped 0.13 per cent, the S&P 500 added 0.22 per cent, and the Nasdaq Composite jumped 1.43 per cent The Bank of Japan was the only outlier in a week where money prices rose around the world, sticking on Friday with its strategy of pinning 10-year yields near zero. - The pan-European STOXX 600 index rose 0.1 per cent in volatile trade, but ended last week 4.6 per cent lower

Sharp declines in key commodities pointed to early pressure on Australian shares following a mixed close on Wall Street.

Aluminium lost 0.2 per cent, lead 1.9 per cent, zinc 1.5 per cent and tin 2.6 per cent. The lack of rebound in industrial activity was confirmed by a contraction in electricity demand last month,” ANZ senior commodity strategist Daniel Hynes said. There is no shortage of candidates this year with speculative interest in the dumps and two-fifths of the ASX 200 trading at 52-week lows on Friday. The Nasdaq Composite led with a rise of 152 points or 1.43 per cent. In the US, Fed Chair Jerome Powell testifies before the Senate Banking Committee on Wednesday and Thursday. It’s “possible that the slowdown will be more severe than expected and that’s what investors are worried about the most.” The S&P 500 eked out a rise of eight points or 0.22 per cent. Reserve Bank Governor Philip Lowe addresses a Sydney event tomorrow on monetary policy and the economic outlook. The blue-chip average has fallen for 11 of the last 12 weeks. The Dow closed under the psychologically-significant 30,000 level for a second day. Disappointing retail sales, industrial production and housing data pointed to growing pressure on the US economy. The main indices ended mixed in choppy trade during a “quadruple witching” session as four types of futures and options contracts expired.

The ASX has opened steadily after Wall Street closed out its most punishing week since the 2020 coronavirus crash with a meandering day of trading that left ...

The S&P 500 remains in a bear market after it earlier this week dropped more than 20 per cent below its record. That’s happened only five other times total in the last year. It has since regained most of the lost ground to be trading back above $US20,000 on Monday morning AEST. That should put upward pressure on longer-term interest rates and is another way central banks are yanking supports earlier propped underneath markets to bolster the economy. The S&P 500 rose 8.07 points, or 0.2 per cent, to 3,674.84 points after waffling between modest losses and gains for most of the day. Powell will testify before Congress this upcoming week on monetary policy, and what he says is sure to guide trading. Markets around the world have been shuddering as investors adjust to the bitter medicine of higher interest rates that the Federal Reserve and other central banks are increasingly doling out. Other disappointing data, including sagging spending at retailers and soured consumer sentiment, have raised concerns the Fed’s actions could wind up being too aggressive. That’s its worst week since March 2020, when stocks were in free-fall as the global economy suddenly shut down at the onset of the pandemic. The Fed’s moves are happening as some discouraging signals have emerged about the economy, even if the jobs market remains solid. It could consider another such mega-hike at its next meeting in July, but Fed Chair Jerome Powell said increases of three-quarters of a percentage point would not be common. Bega shares fell by 8.1 per cent to $4.

The Australian sharemarket is set to open higher this morning, with the ASX 200 July futures pointing up by 0.12% at 8am AEST.

EBITDA is forecast at between $18m to $20m (1H FY22 actual was $5m). SIG Sports will now become PointsBet’s largest shareholder, representing 12.8% of the company’s issued shares following a new cap raise. Duratec (ASX:DUR) SPZ also says it’s well capitalised to fund further strategic acquisition opportunities in new territories. Pointsbet has received a significant equity investment from SIG Sports, a member of the Susquehanna International Group of Companies (SIG). SIG is one of the largest proprietary financial trading firms in the world. Pointsbet (ASX:PBH)

Which ASX 200 share has been the most traded on the share market today? Whitehaven Coal Ltd (ASX: WHC) would be a great guess...

And the company is today the ASX 200’s second most traded share by volume, with 20.77 million shares having swapped hands as it currently stands. Whitehaven shares have shed 5.8% today and are now going for $4.71 each. There’s been no major news out from Whitehaven today, save for a share buyback notice (which could be boosting volumes itself). Our final and most traded company today is another ASX 200 lithium stock in Pilbara Minerals. So far this Monday, a whopping 25.9 million Pilbara shares have been bought and sold on the ASX. And once again, it seems share price volatility is behind this volume. But let’s not let that get us down. It’s been an unhappy start to the trading week for the S&P/ASX 200 Index (ASX: XJO) this Monday. At the time of writing, the ASX 200 has gotten out on the wrong side of the bed and is presently down by 0.62%.

The ASX has dropped by more than 15 per cent from its record high, sliding closer towards a bear market. Some investors may be tempted to "buy the dip", ...

They think, 'It's time to buy,' so we see a little bounce. During those tough phases in the market, there is often a short-lived recovery, followed by an even bigger sell-off. "A rise to 4 per cent for the cash rate would see average discounted variable mortgage rates rise to around 7.5 per cent (from around 3.5 per cent in April)," he wrote in a note to clients. are really good companies to look at." "This is unlikely to reduce market expectations for a rise in the Fed funds rate to 3.5 per cent by year end and to well above 4 per cent by mid next year," he said. Dr Oliver said the market was expecting Australia's cash rate to rise to "nearly 4 per cent by year end, and above 4 per cent next year". He also said it would "push property prices down by 20 to 30 per cent … which indicates it's unlikely to happen as it would crash the economy and ultimately push inflation back well below the RBA's target [2-3 per cent]". "When combined with the surge in fixed mortgage rates (which have already gone from around 2 per cent to around 5 per cent) it would likely cause real problems for consumer spending, [and] a big spike in mortgage stress (as debt interest payments will more than double from earlier this year). The RBA governor also gave a rare interview on 7.30 last week, in which he predicted Australia's inflation rate would hit 7 per cent by the end of this year, and reiterated his desire to see the cash rate lift to 2.5 per cent. It is often referred to as a "dead-cat bounce" and likened to catching a falling knife. The Fed has "never been able to correct" even smaller overshoots of inflation and employment "without pushing the economy into a significant recession", according to Deutsche Bank, which is forecasting a major recession for the US. However, it is tough for central banks to reach a "neutral rate". It is a sweet spot where they are not stimulating the economy, nor are they causing it to slow down.

The big four bank shares are having a solid start to the trading week on Monday compared to the ASX 200 Index (ASX: XJO). Let's take a look.

This is a very simplified example, but if the bank had $100,000 in customer savings accounts paying a 1% interest rate, and it had lent out $100,000 at an interest rate of 3%, the NIM would be 2%. Experts are expecting bank NIMs to rise in this environment. While most experts and investors blame inflation and rising interest rates for the share price falls in the ASX banking sector, it’s not that simple. However, there’s no official news out of any of the big four banks and today’s share price movements reverse only a bit of the damage that the banks have seen in recent weeks. At the time of writing, the Commonwealth Bank of Australia (ASX: CBA) share price is up 0.54% while shares in the National Australia Bank Ltd (ASX: NAB) are trading around 0.4% higher. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is the best performer of the ASX 200 bank shares, up by 1.18%. Meanwhile, the Westpac Banking Corp (ASX: WBC) share price is slightly lower in late afternoon trading down just 0.16% at the time of writing.

After a horror week that saw the ASX index plunging by almost 8%, the local sharemarket began this week in the red once again.

Swipe or scroll to reveal the full table. Click headings to sort. Swipe or scroll to reveal the full table. Click headings to sort. Many energy stocks were down today on the back of lower oil and energy prices. The volatility has spread to the crypto market, where Bitcoin has been hovering around the closely watched US$20k level.

The Australian sharemarket was weighed down by energy and mining stocks as recession fears sunk commodity prices.

Bega shares fell by 8 per cent to close at $4. The new strategic investor will become PointsBet’s largest shareholder, owning 12.8 per cent of the company. Chinese iron ore futures also had a similar fall, declining by 9.1 per cent early in the session. As a result, it is likely that the US will go into recession next year,” said NAB Group Economics in its US economic update. Mining giants, BHP and Rio Tinto, both slumped by more than 5 per cent as iron ore prices dropped. “I still think there’s a lack of supply.

Typically, voluntary escrow gives the market some reassurance that major shareholders won't cash out immediately after the finalisation of a deal. However, this ...

When discussing the potential for share sales, it is important to understand the composition of shareholders. There is currently an issue with the perceived overhang of shares that could come to the market. On 3 December 2021, the former TPG chair liquidated 20% of his ownership in the company, which equated to ~54.19 million shares. Adding to the worry, investors have already seen firsthand how this ASX 200 share reacts when Teoh decides to sell. That’s why one S&P/ASX 200 Index (ASX: XJO) constituent is gaining attention in the anticipation of a $7 billion release day. However, this restriction often only prolongs the inevitable selling that takes place.

ASX travel shares are in the green today · New insights reveal Australians are spending more on overseas travel · Flight Centre, Qantas, and Webjet shares are all ...

And the United States is seeing a similar trend, with 75% of Americans planning holidays in 2022, the Daily Mail reported. The insights showed NAB customers spent 600% more on overseas travel between 1 January and 1 May this year compared to the same period last year. About 25% of all goals were holiday-related in May 2022, compared with about 15% the same month last year.

The Australian share market looks set for a better day on Tuesday following a strong start to the week in Europe. According to the latest SPI futures, the ASX ...

A strong US dollar is weighing on the safe haven asset. Shareholders can now look forward to receiving the Smiggle owner’s 46 cents per share fully franked dividend on 27 July. Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price traded broadly flat overnight. The benchmark index fell 0.65% to 6,433.4 points. Wall Street was closed for the Juneteenth public holiday, but the DAX rose 1.05% and London’s FTSE climbed 1.5%. Therefore, its analysts believe that “no new is good news” for investors.

The Australian share market is set to finally rebound, after plummeting for seven straight trading days into correction territory, while cryptocurrency ...

However, the bank has conceded that its withdrawal from the program in late 2021 was "disorderly". The central bank acknowledged its yield target should have ended earlier. Bitcoin's fall follows problems at several major crypto firms. A fall in stablecoins — a type of crypto designed to hold a steady value — is also suggesting investors are pulling money from the sector as a whole. Recent falls in crypto markets have coincided with a sell-off on stock markets, as Wall Street last week suffered its biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession in the US. "There is a lot of credit being withdrawn from the system and, if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books, which means that the entire amount of credit available in the crypto ecosystem is much reduced," said chief risk office for Japan at crypto liquidity provider B2C2 Adam Farthing. But in late 2021, yields began to rise as the market began to price in the risk of an earlier-than-expected increase in the cash rate. So far this year, the volatile cryptocurrency has lost 55 per cent of its value — and 35 per cent this month alone in the cryptocurrency sector's latest meltdown. That index has shed almost 17 per cent this year so far, as a cocktail of worries from soaring inflation to China's slowing economy and a cost-of-living crisis in the UK dampen investors' appetite for risk. In a rare admission, the Reserve Bank said that it has suffered "reputational damage" due to how it handled the ending of its pandemic-era stimulus program (designed to keep short-term bond yields low). Ms Kong also said the local currency can slip further because of the "coming sharp slowdown in the world economy", and has forecast it will trade within a range of 60-70 US cents for most of the next 12 months. China is the biggest buyer of Australian iron ore, and the price of the steel-making ingredient has plunged 8 per cent to around $US112 a tonne, according to ANZ data.

Australian shares are poised to open higher, taking direction from a recovery in European markets. Lowe will speak at 10am AEST.

In a note, Liberum Capital reiterated its bearish outlook for commodities, pointing to energy and Ukraine war inflation shocks in particular. Timothy Moorewrites on monetary policy, equities, commodities and currencies. It would also lower investors’ willingness to take risk, resulting in tighter global financial conditions.” Shares rallied in Europe, though BHP and Rio slid in London after iron ore’s drop. “Inevitably, higher interest rates will slow economic growth,” St George economist Matthew Bunny said in a note. On the Singapore Exchange, the front-month July contract for the steelmaking ingredient slumped as much as 8 per cent to $US110.40 a tonne. It forecasts the spot price of iron ore will drop to $US100 a tonne this month and to $US90 a tonne by September. Australian shares are set to snap their losing streak. China’s strict zero-COVID policy of constantly monitoring, testing and isolating its citizens to prevent the spread of the coronavirus has battered much of the country’s economy. “The key question is, will it be a soft landing? ASX futures were up 45 points or 0.71 per cent to 6386 near 6.30am AEST. Futures for the Dow, S&P 500 and Nasdaq were each higher. In other words, can the Fed steer a slowdown in growth while avoiding a recession and normalising inflation?

Aussie shares will shoot for their first rise in eight sessions following a rebound in European stocks and US equity futures during a US market holiday.

Gold for August delivery was lately down 50 US cents or 0.03 per cent at US$1,840.10 an ounce in electronic trade in the US. Aluminium climbed 1.3 per cent, nickel 0.3 per cent, lead 0.6 per cent and zinc 0.5 per cent. Nasdaq futures gained 129 points or 1.14 per cent. BHP‘s UK stock fell 1.59 per cent. Dow futures rose 256 points or 0.86 per cent. The Reserve Bank has two opportunities today to clarify the outlook for interest rates. The financial sector climbed 3.3 per cent to lead gains. The market looks short-term oversold and due some respite, even if only for a session or two. ASX futures rallied 47 points or 0.74 per cent. The crisis prompted the European Central Bank to announce plans last week for a new tool to address the issue. Germany’s DAX index gained 1.06 per cent despite a surge in producer prices. US futures built nicely overnight as Europe ignored the commodities turmoil that swept Asia yesterday.

Australian shares to open firm; Watch: Governor Philip Lowe speaking from Sydney at 10am AEST; Westpac $750m tier 1; Stockland $14.6¢ distribution; ...

The marketing included last month’s 58-page “investor showcase presentation”, which couldn’t stop the company’s shares from falling. The company’s fresh off the acquisition of SocietyOne (shopped around by Barrenjoey co-chairman Matthew Grounds in its better days), and has been heavily marketing to institutional investors ahead of a mooted raising. The agribusiness said in a presentation it anticipated “through the cycle” EBITDA of $240 million by 2023/24. GrainCorp said its full-year 2022 EBITDA guidance of $590 million to $670 million represents a 90 per cent increase from the previous year, reflecting strong global demand for Australian grain, oilseeds and vegetable oils. Household inflation expectations jumped 0.3 percentage point to 5.9 per cent as average petrol prices increased over the week. “Conversely, the remainder of the year presents a more challenging outlook for small cap banks. We also continue to see accelerating earnings growth in select companies benefiting from consumer preferences shifting towards travel and leisure-related spending. “Australians should be prepared for more interest rate increases,” the governor said. Cecile Lefort Dr Lowe said medium-term inflation expectations had been well anchored at about 2 to 3 per cent, so far, suggesting that people believed we would get back to target. It is also regressive, hurting most those who are least well equipped to protect themselves,” the governor said in a speech hosted by the American Chamber of Commerce in Australia (AmCham) and ANZ in Sydney on Tuesday. Cecile Lefort

"It also raises the risk of a recession because you're bringing rate hikes forward even faster," Morgan Stanley's Mike Wilson said. "The Fed...

Bitcoin, the world’s largest cryptocurrency, has wiped out more than half of its value – 35% in this month alone. "It also raises the risk of a recession because you're bringing rate hikes forward even faster," he said. Bill Gates’ comments last week can’t have helped the volatile stocks. France’s CAC 40 index added only 0.6% on the news. Tin fell by 1.3%. Iron ore futures, linked to the Aussie dollar because of trade with China, fell by US$3.38 or 2.6% to US$128.00 a tonne on the back of concerns about dwindling demand from that country as it prolongs its policy of zero-COVID. Base metal prices were up on Monday - aluminium by 1.3% and copper by 0.3%, the latter recovering after nine-month lows brought about by the continued threat of a global recession. The industry was already reeling following the collapse of the UST ‘stablecoin’, which was supposed to be worth US$1, and luna, its sister token, which in better times were worth up to a combined US$60 billion. "The Fed is hiking into a slowdown, and they don't really have a lot of options." In the meantime, trading was brisk in Europe on Monday. The pan-European STOXX 600 index gained 1.0%, with bank stocks up 3.3%. The German Dax index rose 1.1% and the UK FTSE index was up 1.5%. In London trade, shares of Rio Tinto fell by 1.0% and BHP shares shed 1.6%. The local stock market is in correction territory after a brutal run of losses driven by concerns about stagflation and the possibility of a recession next year. The Australian dollar was up a little to 69.6 US cents but still hovering close to its weakest level in two years, in part because of weak iron ore prices (down 8% to US$112 a tonne).

BHP Group Ltd (ASX:BHP) and Westpac Banking Corp (ASX:WBC) shares are among the movers and shakers on the ASX 200 on Tuesday...

The best performer on the ASX 200 on Tuesday has been the Paladin Energy Ltd (ASX: PDN) share price with a 7% gain. Going the other way, the City Chic Collective Ltd (ASX: CCX) share price has been the worst performer with a 3.5% decline on no news. The likes of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are pushing higher and helping to drive the S&P/ASX 200 Resources index 2.5% higher at lunch.

The Australian sharemarket has risen by 1.1 per cent in morning trade, putting it on track to snap a seven-day losing streak following a rally in European ...

The local index continued to rise as Reserve Bank governor Philip Lowe delivered a speech in Sydney warning of further interest rate rises. At 11.40am the ASX 200 had grown by 70.1 points to 6,503.5 points, with almost all sectors rising apart from real estate, health care and tech stocks. Lowe also said he does not see a risk of a recession in Australia in the coming months and the current market prediction of interest rates reaching 4 per cent by the end of the year was not “particularly likely”. The STOXX 600 has shed almost 17 per cent this year so far, as a cocktail of worries from soaring inflation to China’s slowing economy and cost-of-living crisis in the UK dampen risk appetite. The energy sector is the biggest riser this morning, growing by 3 per cent after leading the market to a decline of 0.6 per cent on Monday. The Australian sharemarket has risen by 1.1 per cent in morning trade, putting it on track to snap a seven-day losing streak following a rally in European markets with Wall Street closed overnight for a public holiday.

European bank stocks rallied as ECB president Christine Lagarde told the European Parliament that she will raise rates in July and September.

Adveritas announced continued strong growth in its annualised revenue, up 34% since 31 March 2022 to a record $2.45 million. While Adveritas is a Stockhead advertiser, it did not sponsor this article. Strike has executed an agreement to utilise Utah Point, Port Hedland for its maiden shipment of iron ore. Proteomics has secured an exclusive worldwide licence from QIMR Berghofer to commercialise biomarkers that can test for oesophageal adenocarcinoma, the most common form of oesophageal cancer. Strike is targeting first shipment of approximately 55,000 tonnes of lump by the end of July. Strike Resources (ASX:SRK)

The Polynovo Ltd (ASX: PNV) share price is heading south again today. But how have the company's shares performed since leaving the ASX 200?

In case you aren’t aware, short-selling is a common trading strategy that aims to profit from the fall in the price of a security. Polynovo’s removal from the ASX 200 means that fund managers must abide by their investing mandate which permits them to only buy shares included in specific indices. On top of this, the S&P/ASX 200 Healthcare (ASX: XHJ) sector has fallen by 4.63% in the past week and is down 15% in 2022. The goal is for an investor to borrow shares then sell them and buy them back at a lower price for a profit. While down 1.15% today, this isn’t the case for the S&P/ASX 200 Index (ASX: XJO) which is 1.59% higher to 6,535 points at the time of writing. The share price weakness came off the back of negative investor sentiment across the ASX following fears surrounding a possible recession.

S&P/ASX 200 Index (ASX: XJO) travel shares are lifting to the skies today amid good news from the international air travel industry body.