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Latest

Computershare CEO Stuart Irving has cut margin income guidance.

Computershare slips on lower cash balances

The share registry company has been a winner from rising interest rates, but it says a slowdown in corporate activity means the income gains won’t be as large as initially forecast in 2024.

  • Jonathan Shapiro
Philip Lowe.

Bond traders wrong-footed by RBA rate rise

Traders were left cursing after bond yields shot up on the Reserve Bank’s decision to raise the cash rate and flagged more ahead to return inflation to target.

  • Cecile Lefort

ASX falls the most in six weeks after RBA shock rate call

Real estate stocks led the sharemarket lower after the Reserve Bank of Australia wrong-footed traders by raising the cash rate to 3.85 per cent.

  • Sarah Jones

ASX drops after RBA decision to lift rate by 0.25pc

Shares decline at market close after the Reserve Bank’s shock rate call. Real estate sector suffers the most lost. Qantas shares fall 3pc after announcing Vanessa Hudson to lead airline. Woolworths reports 8pc increase in sales. Follow updates here.

  • Updated
  • Timothy Moore, Joanne Tran, Cecile Lefort and Sarah Jones

Stock pickers on Wall Street go all-in on recession bets

Hedge funds aren’t waiting around for the US economy to contract and have instead cut their holdings in cyclical stocks to the lowest level since at least 2012.

  • Lu Wang

ASX to slip before RBA rate decision, Wall Street mixed

Australian shares are set to open modestly lower. Shares fluctuated in a narrow range in New York; JPMorgan acquires First Republic Bank.

  • Timothy Moore

Opinion & Analysis

Bonds v stocks: which market is calling it right?

There is an unresolved tension between bond and equity markets about when a recession will occur and how severe it will be. Can their forecasts co-exist?

Jonathan Shapiro

Senior reporter

Jonathan Shapiro

Inflation appears to be under control. Now for the hard part

Not cutting rates while the economy struggles? That will prove a tough task. Any applicants for the governor’s job at the RBA better have a thick skin.

Tim Hext

Contributor

Is this the dawn of the age of active investing?

Active fund managers have a spring in their step again, but this environment is going to test their skill.

Jonathan Shapiro

Senior reporter

Jonathan Shapiro

What strong gold says about the weak $US

Too confident in the indomitable dollar, the US saw sanctions as a cost-free way to fight Russia without risking troops. But it is paying the price in lost currency allegiances, with gold left as the main safe haven.

Ruchir Sharma

Writer and investor

Companies in the News

Qantas

qan$6.540
 -2.97%

ANZ Bank

anz$24.420
 -0.41%

Coles Supermarkets

col$18.110
 -1.04%

Macquarie Group

mqg$181.220
 -1.39%

Commonwealth Bank

cba$100.100
 -0.34%

Updated: May 2, 2023 – 4.38pm. Data is 20 mins delayed.

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View stories and data from an ASX listed company

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TKTT

A top fund manager doubts Elon Musk, Andrew Forrest

The co-manager of a new Platinum fund designed to profit from climate change doesn’t believe that Tesla or Fortescue can meet their ambitious goals.

  • Aaron Patrick
IFM Investor’s Anita Costa shares why she thinks now is the time to invest in small caps.

This fund manager says it’s time to start buying small caps

IFM Investors’ Anita Costa, a portfolio manager on the firm’s $43.7 billion listed equities team, says conditions are ripe for smaller companies.

  • Joanne Tran
XX

Credit Suisse’s Christmas parties taught Hasan Tevfik that bubbles pop

The failure of grocery delivery start-up MilkRun reminds MST Marquee’s investment strategist of the unravelling of the dotcom boom in the 2000s.

  • Alex Gluyas

This Month

Top fund managers see mining as a standout sector in the unofficial earnings season in May and June.

Top fundies wary ahead of ‘confession’ season

Lazard, Katana and Australian Eagle are wary of the consumer discretionary sector as higher borrowing costs start to bite.

  • Joanne Tran
The benchmark index S&P/ASX200 rose 0.4 per cent to 7344.6 buoyed by gains in seven out of eleven sectors.

ASX climbs ahead of RBA as energy stocks, banks rally

The benchmark index S&P/ASX200 rose 0.4 per cent to 7344.6, buoyed by gains in eight out of eleven sectors.

  • Joanne Tran
Energy paced another positive session on Wall Street over the weekend.

Energy lifts ASX higher, but miners, Best & Less a drag

ASX up; 7-Eleven up for grabs; Origin eyes earnings bonanza; Kumul-Santos deal extended; Transurban ups distribution; Best & Less unimpressed by Blundy’s bid; Qube in $145m expansion

  • Updated
  • Timothy Moore, Cecile Lefort, Joanne Tran and Sarah Jones
Warren Buffett and long-time business partner Charlie Munger in earlier years.

Investors expect Warren Buffett to beat the market in recession

Fund managers are worried about a US economic downturn and are hunting around for ways to beat it. One idea is buying Berkshire Hathaway shares.

  • Ven Ram
RBA governor Philip Lowe will chair the bank’s board meeting in Perth on Tuesday.

ASX to rise; RBA, Fed and Apple results pending

Australian shares are set to open higher. Policy decisions are coming here and in the US this week. The iPhone maker’s results are the next key hurdle for tech.

  • Timothy Moore
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TKTT

A top fund manager doubts Elon Musk, Andrew Forrest

The co-manager of a new Platinum fund designed to profit from climate change doesn’t believe that Tesla or Fortescue can meet their ambitious goals.

  • Aaron Patrick
AustralianSuper’s Katie Dean at The Australian Financial Review’s Alpha Live Summit.

Bonds v stocks: which market is calling it right?

There is an unresolved tension between bond and equity markets about when a recession will occur and how severe it will be. Can their forecasts co-exist?

  • Jonathan Shapiro

April

A eurozone inflation print and a survey on European lending activity on Tuesday, as well as a rate decision from the Fed on Wednesday, all need digesting before ECB chief Christine Lagarde delivers her verdict on Thursday.

German bonds a no-go zone as ECB seen keeping hawkish stance

A eurozone inflation print, a survey on European lending activity and the Federal Reserve’s rate decision all need digesting before a verdict on Thursday.

  • Naomi Tajitsu and Greg Ritchie
Australians are facing an economic environment of rapidly rising interest rates.

‘Line ball call’ on RBA rate decision as markets bet on pause

The market is pricing in zero change to the current interest rate ahead of the Reserve Bank’s May meeting on Tuesday.

  • Joanne Tran
Reserve Bank of Australia governor Philip Lowe finishes his term in September.

Inflation appears to be under control. Now for the hard part

Not cutting rates while the economy struggles? That will prove a tough task. Any applicants for the governor’s job at the RBA better have a thick skin.

  • Tim Hext
Apple’s quarterly results are next.

Tech stock bulls see extended rally; Apple next hurdle

“The narrative for the tech sector is becoming clearer and clearer despite many tech haters yelling fire,” Wedbush’s Dan Ives said.

  • Timothy Moore
The New York Stock Exchange.

Wall Street extends rally on better-than-expected earnings

Exxon and Intel helped offset some late week weakness in the tech sector. Energy paced nine of the 11 S&P 500 industry sectors higher.

  • Timothy Moore
Canada Prime Minister Justin Trudeau.

Trudeau suggests China uses slave labour in lithium production

“If we’re honest ... the lithium produced in Canada is going to be more expensive. Because we don’t use slave labour,” Canada’s prime minister said.

  • Doina Chiacu
Future Fund CEO Raphael Arndt is backing stock pickers again.

Fund managers ‘excited’ about the end of cheap money

Investors from the Future Fund to hedge fund GMO are preparing for a stock-pickers markets as interest rates near their peak in the cycle.

  • Sarah Jones
Kazuo Ueda signalled his intention to get the ball rolling under his  leadership.

New BoJ chief signals changes on stimulus

Kazuo Ueda kept ultra-low interest rates, but announced a review of the bank’s monetary policy, laying the groundwork to phase out its massive stimulus program.

  • Toru Fujioka and Sumio Ito
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AI stocks, panic buying and why short sellers obsess over the number 4

In this week’s episode, James Thomson and Anthony Macdonald pull out the best bits of AFR’s investing summit, including top stock tips and the biggest red flags that short sellers look for.

The ASX 200, along with other global sharemarket indices, has shown a healthy uptrend since the beginning of the year.

Rosy Megaport guidance helps ASX eke out gain

Shares rose 0.2 per cent on Friday as Megaport surged 41.5 per cent, while fellow tech stock Brainchip sank 3.6 per cent in a mixed session for the sector.

  • Alex Gluyas
A 5.5pc rise in communication services paced all 11 S&P 500 industry sectors higher.

ASX rises at close; Megaport surges 41.5pc

Shares are 0.2pc higher; Westpac now sees RBA pausing in May; Coles quarterly sales rise 6.5pc; Silver Lake expects sales at bottom end of guidance; Megaport sees earnings ‘materially above’ consensus. Follow updates here.

  • Updated
  • Alex Gluyas, Timothy Moore, Joanne Tran and Sarah Jones
The New York Stock Exchange.

ASX to rise, Meta paces tech-led rally in New York

Australian shares are set to rise. Nasdaq up 2.4pc. Meta leaps 13.9pc. Apple up 2.8pc. Amazon jumps then fades after hours.

  • Timothy Moore
The S&P 500 is trading 15 times future earnings, excluding the Mega-cap techs, which Mr Lee said “is hardly expensive”.

US stocks set to rally through end of 2023

Fundstrat Global’s Tom Lee is forecasting a 15 per cent rally in the S&P 500 by the end of the calendar year, paced by technology, industrials and energy shares.

  • Timothy Moore