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News.com.au
an hour ago
- Business
- News.com.au
Lunch Wrap: ASX dragged down by sinking China steel and flying missiles
ASX falls as China steel sinks miners Iran hits Israeli labs with cluster bombs Oil jumps then eases on Trump's comments The ASX was down 0.55% at around lunch time in the east on Friday, and you can't blame Wall Street for this one. The Yanks were out celebrating Juneteenth with the markets shut. But Europe was wide awake, and the headlines coming out of the Middle East were enough to wipe the smile off any trader's face. Iran is apparently lobbing missiles with cluster bombs into Israeli suburbs. These things burst mid-air and scatter mini-bombs over a wide area, with one landing in someone's backyard in Azor. Tehran also targeted Israel's scientific crown jewel, the Weizmann Institute of Science. Years of research in life sciences and physics gone up in smoke. With that as the backdrop, Brent crude spiked as punters braced for a possible US strike on Iran. But then Trump walked it back a bit. His team now reckons there's a 'substantial chance' of negotiation, with a decision 'within two weeks'. Those comments took the edge off, with oil prices coming back down a tad. Elsewhere, the Bank of England kept rates on hold at 4.25% last night. Three policy members wanted a cut, and there's now a decent chance of a trim come August. Over in Russia, the Kremlin's economy minister just admitted the country's 'on the brink' of recession, pointing to weakening indicators. Not something you usually hear from Putin's camp. Back home, the ASX was already on the ropes before the opening bell thanks to China's steel numbers. Steel production slumped nearly 7% in May, way below expectations, and that sent our iron ore stocks tumbling once again. Rio Tinto (ASX:RIO) fell 0.5% and Bluescope Steel (ASX:BSL) dropped 1% this morning. And, Web Travel Group (ASX:WEB) slipped 1.5%, though it wasn't all bad. Former Virgin Australia boss Paul Scurrah is joining the board alongside retail veteran Melanie Wilson from JB Hi-Fi and Oroton. This is where things stood at around 12:40pm, AEST: ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 20 : Security Description Last % Volume MktCap GMN Gold Mountain Ltd 0.002 50% 442,562 $5,619,759 JAV Javelin Minerals Ltd 0.003 50% 270,825 $12,252,298 PV1 Provaris Energy Ltd 0.014 40% 2,589,991 $6,980,013 RNX Renegade Exploration 0.004 33% 321,227 $3,865,090 BMO Bastion Minerals 0.002 27% 986,000 $1,419,960 CAZ Cazaly Resources 0.025 25% 3,014,837 $9,226,060 ALM Alma Metals Ltd 0.005 25% 707,408 $6,345,381 AOK Australian Oil. 0.003 25% 17,657 $2,003,566 AUK Aumake Limited 0.003 25% 176,755 $6,046,718 CR9 Corellares 0.003 25% 3,635 $2,011,213 EDE Eden Inv Ltd 0.003 25% 1,150,129 $8,219,762 FIN FIN Resources Ltd 0.005 25% 100,000 $2,779,554 FLC Fluence Corporation 0.045 25% 1,830,658 $39,071,613 GGE Grand Gulf Energy 0.003 25% 1,458,526 $5,640,850 MEM Memphasys Ltd 0.005 25% 1,004,099 $7,934,392 SRJ SRJ Technologies 0.005 25% 113,950 $2,422,312 ALR Altairminerals 0.003 20% 312,349 $10,741,860 BLU Blue Energy Limited 0.006 20% 3,122,353 $9,254,868 BGE Bridgesaaslimited 0.014 17% 61,111 $2,398,310 NAE New Age Exploration 0.004 17% 50,877 $8,117,734 W2V Way2Vatltd 0.007 17% 500,000 $10,196,818 E79 E79Goldmineslimited 0.023 15% 473,530 $3,168,253 MCA Murray Cod Aust Ltd 1.000 15% 59,465 $92,023,850 BPH BPH Energy Ltd 0.008 14% 625,500 $8,527,630 MPR Mpower Group Limited 0.008 14% 70,398 $2,405,923 Provaris Energy (ASX:PV1) has signed an MOU with global shipping heavyweight 'K' LINE to help commercialise its hydrogen transport vessels, the H2Neo and H2Leo. The tie-up gives Provaris access to technical and commercial know-how as it pushes into Europe, where demand for hydrogen is set to boom. The two will spend the next 12 months working on ship development, cost models and possible commercial deals. It also supports Provaris' supply chain plans in Norway and its earlier hydrogen delivery deals with German utilities. Compressed hydrogen is gaining traction as a cheap, scalable way to ship gas across short marine distances. Bastion Minerals (ASX:BMO) has appointed John Ribbons as its new company secretary, following the resignation of Justin Clyne. Ribbons will take on the role alongside his CFO duties, bringing over 25 years of experience in governance, compliance, and the resources game. The company says the move will streamline operations and save costs. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 20 : Code Name Price % Change Volume Market Cap ADD Adavale Resource Ltd 0.001 -50% 61,313 $4,574,558 BP8 Bph Global Ltd 0.001 -50% 3,216,693 $2,101,969 BCB Bowen Coal Limited 0.195 -44% 1,764,116 $37,715,145 RPG Raptis Group Limited 0.090 -44% 298,705 $56,109,577 BEL Bentley Capital Ltd 0.008 -33% 7,851 $913,535 PKO Peako Limited 0.002 -33% 925,298 $4,463,226 RLC Reedy Lagoon Corp. 0.001 -33% 135,000 $1,165,060 SHP South Harz Potash 0.002 -33% 310,000 $3,308,186 EEL Enrg Elements Ltd 0.002 -25% 532,818 $6,507,557 WEC White Energy Company 0.035 -20% 133 $13,711,276 ATX Amplia Therapeutics 0.195 -17% 20,968,141 $91,168,877 AMS Atomos 0.005 -17% 58,076 $7,290,111 DRE Dreadnought Resources 0.010 -17% 43,202,725 $60,954,000 ECT Env Clean Tech Ltd. 0.003 -17% 5,705,686 $12,020,306 3PL 3P Learning Ltd 0.560 -16% 34,796 $182,847,370 ADR Adherium Ltd 0.006 -14% 100,000 $5,307,296 AS2 Askarimetalslimited 0.006 -14% 400,000 $2,829,195 ASP Aspermont Limited 0.006 -14% 350,000 $17,312,314 AXI Axiom Properties 0.030 -14% 30,000 $15,144,978 AYT Austin Metals Ltd 0.003 -14% 100,000 $5,509,670 EV1 Evolutionenergy 0.012 -14% 1 $5,077,107 M24 Mamba Exploration 0.012 -14% 30,000 $4,132,319 IR1 Irismetals 0.100 -13% 6,342 $19,832,829 ODY Odyssey Gold Ltd 0.020 -13% 2,769,548 $20,674,036 BNR Bulletin Res Ltd 0.054 -13% 107,527 $18,204,026 Bowen Coking Coal (ASX:BCB) collapsed 45% after warning it might have to pause its flagship Burton Mine. BCB said coal prices are in the gutter, and Queensland's royalty regime is, in Bowen's words, flat-out 'unsustainable'. IN CASE YOU MISSED IT QMines (ASX:QML) is in the final stages of acquiring the Mount Mackenzie gold-silver project after completing due diligence. Anson Resources (ASX:ASN) has built a static and dynamic Petrel model for its Green River lithium project in Utah that will help determine the location, design and depth of extraction and disposal wells. Western Gold Resources (ASX:WGR) is transitioning from explorer to producer after inking a binding milling agreement to fast track the Gold Duke mine.
Business Recorder
2 hours ago
- Business
- Business Recorder
London stocks fall as BoE keeps rates on hold
LONDON: London stocks dropped to an over two-week low on Thursday as the Bank of England left borrowing costs unchanged, while the raging conflict in the Middle East kept risk-taking in check. The benchmark FTSE 100 closed down 0.6%, with a stronger pound adding additional pressure on the index. Trading was thin as US markets are shut for a public holiday. Israel and Iran's aerial attacks continued as US President Donald Trump kept the world guessing about whether the US would join Israel in air strikes on Tehran. Markets were hopeful of talks between the US and Iran, and between the European Union and Iran on Friday, leading to a potential de-escalation in tensions. The conflict has impacted oil prices, which were higher on the day, boosting the energy sector by 1.3%. Gains in heavyweight Shell and BP limited declines on the commodity-heavy FTSE 100. Personal goods and travel and leisure stocks fell 4% and 2.3%, respectively, that led broader declines. Industrial metal miners lost 2.5%, as copper prices hit a near one-week low. The Bank of England held interest rates at 4.25% as expected on Thursday but said it was focused on risks from a weaker labour market and higher energy prices as conflict in the Middle East escalates. 'The big thing for UK equities ... is to see whether earnings can start picking up or not. It's something we haven't seen a lot lately and that is what really is missing,' Lilian Chovin, head of asset allocation at the British private bank Coutts. 'The slight weakness in the labour market is something you're starting to see. It's an emerging trend of loosening employment markets across the world, which should pave the way for rate cuts, maybe in the back end of this year,' Chovin added. This follows a meeting of the US Federal Reserve, where Chair Jerome Powell said he expected 'meaningful' inflation ahead, due to Trump's planned tariffs, but policymakers still kept two rate cuts in 2025 on the table, offering little clarity on the overall stance. Persimmon and United Utilities were among the worst performers of the FTSE 100, down 3.4% and 2.3%, respectively, as they traded without entitlement to their latest dividend payouts.
Business Recorder
2 hours ago
- Business
- Business Recorder
Dollar holds steady
LONDON: The dollar edged up on Thursday as the threat of a broader Middle East conflict loomed over markets, while a raft of rate decisions in Europe highlighted the difficulty central bankers have in dealing with heightened uncertainty. Rapidly rising geopolitical tensions have boosted the dollar, which has reclaimed its safe-haven status lately. Iran and Israel carried out further air attacks on Thursday, with the conflict entering its seventh day. Concerns over potential US involvement have also grown, as President Donald Trump kept the world guessing about whether the United States will join Israel's bombardment of Iranian nuclear sites. The Federal Reserve left rates steady on Wednesday. The Bank of England also left rates unchanged on Thursday, citing elevated global uncertainty and persistent inflation as concerns for the economic outlook. The pound fell initially, but later recouped most of those losses. The Swiss franc, meanwhile, was stronger against the dollar following an expected rate cut from the Swiss National Bank. But the surprise came from the Norges Bank, which delivered a 25 bps rate cut, while markets had expected the Norwegian central bank to hold rates. The dollar and the euro both rallied by 1% against the Norwegian crown . The crown is still one of the top-performing major currencies against the dollar this year, with a gain of around 11%. Meanwhile, the euro dipped 0.1% to $1.1473. The dollar rose 0.2% against the yen to 145.56. The dollar index, which measures the currency against six others, was flat at 98.9 and was set for about a 0.8% gain for the week, its strongest weekly performance since late February. ING strategist Francesco Pesole said the fact that geopolitical risks and high oil prices were not 'US-induced risks,' unlike the risks to US government finances from Trump's tax cut plans or his tariff policies, the dollar could once again take on its role as a safe haven. 'The dollar is still in a more favourable spot than the energy-dependent safe-haven alternatives (like the euro) in this environment,' he said. US markets were closed on Thursday for the federal Juneteenth holiday, which could mean liquidity is lower. In a widely expected move, the Fed held rates steady, with policymakers signalling they still expect to cut rates by half a percentage point this year, although not all of them agreed on a need for rate cuts. Fed Chair Jerome Powell said goods price inflation will pick up over the course of the summer as Trump's tariffs start to impact consumers. 'Ultimately, the cost of the tariff has to be paid, and some of it will fall on the end consumer,' Powell told a press conference on Wednesday. 'We know that because that's what businesses say. That's what the data say from the past.' The comments from Powell underscore the challenge facing policymakers as they navigate uncertainties from tariffs and geopolitical risks, leaving markets anxious about the path of US interest rates.
Canada News.Net
4 hours ago
- Business
- Canada News.Net
Nasdaq Composite rises 25 points in lackluster day for U.S. markets
NEW YORK, New York - U.S. stocks made only minor moves in both directions,Thursday, as investors fretted about the Israel-Iran conflict and speculation the U,S. may once more be going to war in the Middle East. The U.S. dollar gained ground as European shares fell sharply after a sell-off in travel-related stocks. Skies over Europe were less crowded Thursday as flights were cancelled. United Airlines announced it would stop flying to Dubai. Meantime the Bank of England left interest rates unchanged at 4.25 percent on Thursday. "Underlying UK GDP growth appears to have remained weak, and the labour market has continued to loosen, leading to clearer signs that a margin of slack has opened up over time," the central bank said in a statement Thurrsday. "Measures of pay growth have continued to moderate and, as in May, the Committee expects a significant slowing over the rest of the year," the bank said. In the U.S., President Donald Trump slammed Federal Reserve Chair Jerome Powell for not cutting rates a day earlier, a decision made by the Fed's FOMC committee. Nonetheless the president , who believes rates should be 2.5 percent lower, referred to Mr Powell, as "not a smart person," and "a real dummy," in a midnight post on Truth Social. U.S. Markets Show Resilience Thursday The Standard and Poor's 500 (^GSPC) edged slightly lower, closing at 5,980.87, down 1.85 points or 0.03 percent, as trading volume reached 2.942 billion shares. The Dow Jones Industrial Average (^DJI) dipped 44.14 points, or 0.10 percent, settling at 42,171.66, with 487.536 million shares traded. Meanwhile, the NASDAQ Composite (^IXIC) bucked the trend, rising 25.18 points, or 0.13 percent, to 19,546.27, on a heavy volume of 7.151 billion shares. U.S. Dollar Split, Major Currencies as Euro and Pound Gain Ground Thursday's foreign exchange market saw the U.S. dollar firming against several major currencies, while the euro and British pound posted modest gains. Euro and Pound Edge Higher The euro (EUR/USD) rose 0.12 percent against the US dollar, trading at 1.1492, as investors weighed recent economic data from the Eurozone. Meanwhile, the British pound (GBP/USD) climbed 0.35 percent to 1.3464, supported by expectations of a more hawkish Bank of England stance, after the central bank left interest rates unchanged at 4.25 percent at its monthly meeting on Thursday. The U.S. dollar (USD/JPY) strengthened 0.26 percent against the Japanese yen, reaching 145.47, as traders anticipated further divergence between Federal Reserve and Bank of Japan policies. The greenback also advanced 0.08 percent against the Canadian dollar (USD/CAD), settling at 1.37042, amid stregthening oil prices. The U.S. dollar (USD/CHF) dipped 0.12 percent against the Swiss franc, trading at 0.8164, as the safe-haven currency found some support. However, the Australian dollar (AUD/USD) fell sharply by 0.51 percent to 0.6474, pressured by weaker commodity demand. The New Zealand dollar (NZD/USD) also declined 0.66 percent to 0.5987, reflecting broader risk-off sentiment. Global Markets Close Mixed on Thursday as European and Asian Indices Lag Thursday's trading session saw a mixed performance across global stock markets, with UK, European and Asian markets closing with significant losses. Canadian Markets Canada's S&P/TSX Composite (^GSPTSE) dipped 53.85 points, or 0.20 percent, to 26,506.00, with 86.945 million shares traded. UK and European Markets Slide Indices struggled, with the FTSE 100 (^FTSE) dropping 51.67 points, or 0.58 percent, to 8,791.80. Germany's DAX (^GDAXI) tumbled 260.43 points, or 1.12 percent, to 23,057.38, while in France Thursday, the CAC 40 (^FCHI) fell 102.67 points, or 1.34 percent, to 7,553.45. The broader EURO STOXX 50 (^STOXX50E) declined 69.88 points, or 1.33 percent, closing at 5,197.03. Belgium's BEL 20 (^BFX) saw a modest drop of 14.28 points, or 0.32 percent, ending at 4,411.71. Asian and Pacific Markets Under Pressure Asian markets faced broad declines, with Hong Kong's Hang Seng Index (^HSI) plunging 472.95 points, or 1.99 percent, to 23,237.74. In China, the Shanghai Composite ( dropped 26.70 points, or 0.79 percent, to 3,362.11, with 2.878 billion shares traded. Japan's Nikkei 225 (^N225) declined 396.81 points, or 1.02 percent, to 38,488.34. In Singapore the STI Index (^STI) slipped 26.63 points, or 0.68 percent, to 3,894.18, while Australia's S&P/ASX 200 (^AXJO) dipped 7.50 points, or 0.09 percent, to 8,523.70. The broader Australian All Ordinaries (^AORD) fell 16.50 points, or 0.19 percent, to 8,741.40. India's S&P BSE SENSEX (^BSESN) retreated 82.79 points, or 0.10 percent, to 81,361.87, while in Indonesia, the IDX Composite (^JKSE) dropped sharply by 139.15 points, or 1.96 percent, to 6,968.64. Malaysia's KLSE (^KLSE) lost 10.51 points, or 0.70 percent, closing at 1,501.44. New Zealand's S&P/NZX 50 (^NZ50) declined 58.27 points, or 0.46 percent, to 12,569.05, while South Korea's KOSPI (^KS11) managed a slight gain of 5.55 points, or 0.19 percent, ending at 2,977.74. Taiwan's TWSE (^TWII) fell sharply by 353.23 points, or 1.58 percent, to 22,003.50. Middle East and Africa Egypt's EGX 30 (^CASE30) suffered a steep decline, losing 590.60 points, or 1.92 percent, to 30,248.40, with 169.507 million shares changing hands. Israel's TA-125 (^ a standout, rising 28.40 points, or 1.00 percent, to 2,868.81. South Africa's JSE Top 40 (^ fell 52.25 points, or 1.00 percent, to 5,178.99.
Times
5 hours ago
- Business
- Times
Consumer confidence edges up despite ‘dark shadow' of inflation
Confidence among British consumers grew a little this month, but a combination of tensions in the Middle East, inflationary pressures and tariff uncertainties has the potential to sour sentiment, a closely watched survey found. GfK's long-running consumer confidence index has edged up by two points in June, despite recent data showing the UK economy contracted by an unexpected 0.3 per cent in April. Still, the index remains firmly in negative territory at minus 18, and four points lower than this time last year. Sentiment about the performance of the UK economy over the past year and its potential to gather momentum in the coming year improved, while the forecast for personal finances over the next year remained unchanged at 2, two points down on this time last year. The major purchase index, an indicator of confidence in buying big ticket items, also remained the same, at minus 16, which was seven points better than last June. However, the survey was carried out before the release of Office for National Statistics figures that showed that the rate of growth in UK inflation dipped to 3.4 per cent in May, down from 3.5 per cent in April but well above the Bank of England's 2 per cent target. Although the GfK index, which started in the 1970s, has gradually improved in recent months and is above the record lows registered at the height of the cost of living crisis in late 2022, it remained below the long-run run average of minus 10. The survey included 2,001 responses and was carried out between May 30 and June 13. Neil Bellamy, consumer insights director at NIQ GfK, said that the rise in confidence tracked the improvements in how consumers see the general economy. However, he flagged that confidence remains fragile due to 'the dark shadow of inflation' being a 'day-to-day challenge for so many of us'. 'With petrol prices set to rise in the coming weeks following the escalation of the conflict in the Middle East, and with ongoing uncertainty as to the full impact of tariffs, there is still much that could negatively impact consumers,' he added. 'With so much volatility, now is certainly not the time to hope for the proverbial 'light at the end of the tunnel'.' This week the CBI downgraded its forecast for annual growth this year from 1.6 per cent to 1.2 per cent, as businesses face higher employment costs, rising inflation and headwinds from the global trading environment. Surveys from the business lobby group have suggested that companies will cut back on investment over the next 12 months at the fastest pace in five years.
