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Latest

Wall Street.

Wall Street rises despite enduring labour market strength

The S&P 500 was modestly higher, as were both the Dow and Nasdaq as strong jobs data did little to dent hopes for a 2024 pivot to rate cuts.

  • 1 hr ago
  • Timothy Moore
Australian shares are set to open lower.

ASX gains, buoyed by Santos, iron ore demand

Shares up; AI enthusiasm bolsters Wall Street; Santos boosted by merger talk with Woodside; Genex seals QLD deal; Sky City cuts guidance. Follow updates here.

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

Petrol prices drop 30¢ at the bowser as oil slumps

It is good news for motorists as NRMA says petrol prices are expected to fall further across the country, unless you live in Sydney.

  • Joanne Tran

Bitcoin surge stokes huge volumes for Aussie crypto exchanges

Trading volumes at Independent Reserve jumped 50 per cent in November to more than $500 million as traders piled into the world’s largest cryptocurrency.

  • Tom Richardson

Traders pile into bets that Bank of Japan will end negative rate

A sharp strengthening of the yen served as a stark reminder to international investors that a major anchor for global borrowing costs may soon be dislodged.

  • Masahiro Hidaka, Yumi Teso and Toru Fujioka

Oil’s brief relief rally fades as bearish sentiment settles in

US oil retreated below $US70 a barrel after slumping 11 per cent over the previous five sessions, the longest run of daily losses since February.

  • Mia Gindis

Opinion & Analysis

Perpetual bid is a warning for Magellan, Regal and Platinum

Soul Patts’ bid for Perpetual may have been dismissed as too low, but its structure reinforces the challenges facing listed fund managers. 

Chanticleer

Columnist

Chanticleer

Stocks to watch as economists tip long RBA pause

By ending the year with rates on hold, the RBA sets up a puzzle for local investors in 2024: a prolonged pause or earlier-than-expected cuts? 

Chanticleer

Columnist

Chanticleer

Investors can’t help gorging on anti-obesity drugs

The wall of capital going into this area is great for patients. But not all the treatments will be winners for shareholders.

Chris Hughes

Contributor

Can Kim Kardashian’s Skims break the IPO traffic jam?

The year-end rally has sparked hopes that the window will open for IPOs to start flowing again. But plunging venture capital activity tells a different story. 

Chanticleer

Columnist

Chanticleer

Companies in the News

Santos

sto$7.250
 6.15%

Origin Energy

org$7.840
 -1.38%

Perpetual Limited

ppt$25.700
 1.38%

Qantas

qan$5.560
 1.65%

Rio Tinto

rio$128.890
 0.88%

Updated: Dec 8, 2023 – 4.10pm. Data is 20 mins delayed.

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View stories and data from an ASX listed company

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Meet the Fundie

James Sioud doesn’t think of himself as a small-cap fund manager, rather  a hedge fund manager who invests in the smaller end of the market.

How Regal is making money in small caps when others are failing

James Sioud is among the youngest portfolio managers in Australia. He works alongside Phil King and Todd Guyot in a fund that is more than beating the market.

  • Sarah Jones

Why this bond manager is seeing billions of dollars in new money

Anthony Kirkham of Western Asset says investors are finally catching on that there are higher returns to made in Australian investment grade bonds than there is in the sharemarket.

  • Cecile Lefort
Peter Rutter of Royal London Asset Management.

This $24b global stock picker follows his own style

Royal London’s Peter Rutter has helped build the firm’s investment process around not being boxed into a particular category.

  • Jonathan Shapiro

Yesterday

Payrolls probably grew by 185,000 last month, after increasing 150,000 in October, while the unemployment rate held steady at 3.9 per cent, according to the median forecast of economists surveyed by Bloomberg.

Bond traders to face a reality check with jobs report

Employment and wage growth are expected to have moderated last month; a miss could trigger a market reversal.

  • Michael Mackenzie and Rich Miller
Wall Street.

ASX to slip, Alphabet surge paces Nasdaq rally

Australian shares are set to open modestly lower. Techs bolster S&P 500 and Nasdaq Composite. Oil steadies. Bitcoin slips. $A edges above US66¢.

  • Timothy Moore

This Month

$A predicted to sink below US60¢ next year

The Australian dollar is forecast to drop below to levels not seen since the pandemic, before rebounding next year once the Fed starts cuts rates aggressively.

  • Cecile Lefort
Australian shares are set to open lower.

ASX closes flat after Woodside, Santos rallies reverse energy rout

Australian shares end near where they started after merger rumours prompt Santos and Woodside to recover losses. Follow updates here.

  • Updated
  • Timothy Moore, Joshua Peach, Cecile Lefort, Joanne Tran and Sarah Jones
Perpetual chief executive Tony D’Aloisio and chairman Rob Adams have overseen a failed acquisition strategy.

Perpetual bid is a warning for Magellan, Regal and Platinum

Soul Patts’ bid for Perpetual may have been dismissed as too low, but its structure reinforces the challenges facing listed fund managers. 

  • James Thomson
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Apostle Funds Management’s Kylie Parkyn.

Why this fundie is sticking with one of ASX’s most shorted stocks

Apostle portfolio manager Kylie Parkyn still owns Core Lithium despite its negative returns this season, and says there is still a lot of value to be found in the lithium space.

  • Updated
  • Joanne Tran
Citi expects the Australian dollar to rise to US76¢ by late 2025.

How to optimise your stock portfolio for a high $A

Citi expects the currency to rise to US76¢ by late 2025. Some companies will benefit from that surge, outlined in a note by the bank’s equities strategists to clients.

  • Updated
  • Joshua Peach and Cecile Lefort
Jamie Dimon ... and one more thing about cryptocurrencies.

Jamie Dimon says he would shut down crypto if he could

The remarks add to the JPMorgan Chase CEO’s long history of bashing digital currencies, which he has previously called “Ponzi schemes” and a “fraud”.

  • Katherine Doherty
Wall Street.

ASX to fall, Wall St fluctuates, oil plunges

Australian shares are poised to fall at the open, tracking losses in New York as oil tumbled anew. Bitcoin hovers at $US44,000.

  • Timothy Moore
Spot prices of lithium carbonate, a partially processed form of the metal, are down more than 80 per cent from a peak last November to 98,500 yuan ($US13,761) a tonne.

Chinese lithium stocks surge, lifting hope rout almost done

China’s two biggest producers – Tianqi Lithium Corp and Ganfeng Lithium Group Co – closed up 6.5 per cent and 7 per cent in Hong Kong.

  • Bloomberg News
The sun sets behind a pumpjack in Midland, Texas.

Oil drops to a five-month low as US crude exports fuel pessimism

US benchmark West Texas Intermediate fell more than 4 per cent to break below $US70 a barrel. Brent crude slid below the $US75 mark.

  • Julia Fanzeres and Alex Longley
WHSP chief executive Todd Barlow.

Perpetual break-up long time in making as advisors worked the market

There was plenty of action leading up to the dual announcements on Wednesday, including attempts to cajole interest in the business for weeks.

  • Sarah Thompson, Kanika Sood and Emma Rapaport

Slowing economy fuels rate cut bets in Australia

Bonds rallied after weaker-than-expected GDP for third quarter stoked speculation the central bank could start easing monetary policy in 2024.

  • Cecile Lefort
Wall Street’s benchmark index is at its highest mark since March 2022.

‘No bears left’ is worrying refrain coming from Wall Street

Overstretched technicals and the belief that the Federal Reserve will not cut interest rates as quickly as markets expect have turned equity strategists at JPMorgan and Morgan Stanley pessimistic.

  • Sagarika Jaisinghani and Thyagaraju Adinarayan
Bitcoin has extended its rally to top the $US44,000 level.

Bitcoin’s ‘jet-fuelled’ jump pushes token above $US44,000

The largest digital asset’s 2023 rebound from last year’s crypto rout is now 165 per cent, buoyed by ETF hype and rate cut bets.

  • Sunil Jagtiani
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Chemist Warehouse  is much bigger than ASX-listed Sigma Healthcare.

Sigma to reverse list Chemist Warehouse; preps $350m raise via Goldies

Sources said the two camps had essentially agreed terms for the listing, but there were no immediate plans to spin out warehouses. 

  • Sarah Thompson, Kanika Sood and Emma Rapaport
The ASX is poised to open higher.

ASX jumps 1.7pc on rate cut bets; Perpetual climbs

Shares advance at the closing bell; Perpetual announces strategic review; Rio Tinto and Endeavour hold investor days; GDP expands 0.2 per cent in third quarter, missing forecasts. Follow updates here.

  • Updated
  • Timothy Moore, Joanne Tran, Cecile Lefort, Joshua Peach and Sarah Jones
Solana has surged in 2023 and Richard Galvin said it’s worth researching for investors prepared to speculate on new technologies.

These assets – including bitcoin – could lead a risk rally

Cryptocurrencies, small-cap stocks and corporate bonds boasting huge yields are all tipped as hot areas for investors prepared to take more risk.

  • Tom Richardson
Iron ore has defied predictions of a slump by surging about 16 per cent in the past six weeks, buoyed by Beijing’s efforts to support its struggling steel-intensive property sector.

Vale says China can’t control price of iron ore

“The rule of economics [is] going to drive the price, the rule meaning supply and demand,” Vale chief executive Eduardo Bartolomeo says.

  • Mariana Durao and Thomas Biesheuvel
Wall Street.

ASX to rise, Apple rallies, US bond yields drop

Australian shares are set to open higher. The iPhone’s market cap is back at $US3 trillion. The 10-year yield at 4.17pc. Bitcoin eyes $US44,000. $A slides.

  • Timothy Moore