ASX 200 Live: Thursday, September 3rd
The ASX 200 is up 25 points (+0.28%) at noon, with banks and miners leading the charge. BHP is trading lower, but most other major names across copper, gold, lithium, and coal are higher. The All Ords Gold Index is up 2.6% after falling 6.6% in the prior three sessions.
Sector Performance
- Banks: Commonwealth Bank (CBA) is up 0.33%, National Australia Bank (NAB) is up 1.31%, Westpac (WBC) is up 1.22%, ANZ Group (ANZ) is up 1.49%.
- Miners: Rio Tinto (RIO) is up 1.80%, Fortescue (FMG) is up 2.83%.
- Tech: Block (XYZ) is up 4.80%, Perseus Mining (PRU) is up 3.58%, Resolute Mining (RSG) is up 3.39%, IGO (IGO) is up 3.37%, Genesis Minerals (GMD) is up 3.21%, Life360 (360) is up 2.86%, Vault Minerals (VAU) is up 2.79%, Firefly Metals (FFM) is up 2.59%, Bluescope Steel (BSL) is up 2.53%, Lynas Rare Earths (LYC) is up 2.38%.
Australia's July Goods Surplus
- Bulk export volumes dropped sharply in July, with coal and LNG unit values holding up year-on-year.
- The seasonally adjusted goods balance decreased by $418 million in July.
- Exports were down 3.3% or $1,576 million, and imports were down 2.5% or $1,157 million.
- Export weakness was driven by non-monetary gold and coal, while import decline came from fuel and lubricants and non-monetary gold.
Top ASX 200 Gainers and Losers
- Gainers: Block (XYZ), Perseus Mining (PRU), Resolute Mining (RSG), IGO (IGO), Genesis Minerals (GMD), Life360 (360), Vault Minerals (VAU), Firefly Metals (FFM), Bluescope Steel (BSL), Lynas Rare Earths (LYC).
- Losers: Electro Optic Systems (EOS), Nib (NHF), Austal (ASB), Woodside Energy Group (WDS), Droneshield (DRO), Coles Group (COL), Lendlease Group (LLC), Centuria Capital Group (CNI), GPT Group (GPT), Lovisa (LOV).
Japan's 30-Year Bond Auction
- The 30-year JGB yield has risen to 4.155%, near the highest since 1999.
- The benchmark 10-year yield hit 3% for the first time in three decades.
- Record budget requests from Japan's ministries have intensified scrutiny over financing.
- BOJ Governor Kazuo Ueda hinted at a hike at this month's meeting, with upside price risks in mind.
Macquarie Upgrades Paladin Energy
- The analysts upgraded Paladin Energy (PDN) from Neutral to Outperform, with a target price of $13.85.
- The upgrade is based on the stronger value driver of Patterson Lake South (PLS) and recent Canadian drilling.
- PLS now screens larger than Langer Heinrich in Macquarie's valuation.
Corporate Travel
- Corporate Travel (CTD) is set to resume trading after a year-long suspension.
- The stock opened 81.3% lower at $3.00 and is currently off its lows at $3.14.
- The company reported FY26 results, noting TTV up 2% to $9.8 billion, transaction volumes up 13%, revenue and other income up 4%, and underlying EBITDA up 36%.
Fenix Resources
- Fenix Resources (FEX) delivered the maiden Beebyn Hub Ore Reserve of 26.9Mt at 60.0% Fe.
- The reserve underpins the three-year production plan and gives more than five years of mine life at current rates.
- W10 production is on track to commence this quarter with the first shipment expected in December 2026.
Vulcan Energy
- Vulcan Energy (VUL) presented its PFS for Project Ludwig, showing better economics than Lionheart.
- The project has a pre-tax NPV8 of €2.6 billion and an IRR of 25.0%.
- Capital intensity is 15% lower than Lionheart, with a total capex of €1.26 billion.
Explorer Wrap
- A run of exploration updates from ASX-listed juniors, including Maritana Minerals (MRT), Sun Silver (SS1), Corazon Mining (CZN), Many Peaks Minerals (MPK), and Middle Island Resources (MDI).
Australian Earnings
- Australian companies beat estimates for the first time in four years during the August reporting season.
- Almost half of ASX 200 companies reported better-than-expected profits, with beats outnumbering misses by 1.5 times.
- Beaten-down names stood out, with residential developers and discretionary retailers posting earnings growth.
Market Sentiment
- JPMorgan's global head of investment strategy, Mr. Peters, flags 5% yields as a key risk to equities.
- Mr. Williams, the New York Fed president, takes a wait-and-see approach to rate hikes, with markets pricing in a 66% chance of a move on September 15-16.
- Mr. Lutnick discusses potential chip tariffs and relief for US builders.
Broadcom
- Broadcom (BRCM) targets 4x AI revenue by FY28, with shares slipping on Q4 guidance.
- The company beat on Q3 revenue and earnings, with AI semiconductor revenue up 221%.
Snowflake
- Snowflake (SNOW) reported its third consecutive quarter of product revenue growth acceleration, with a 22.2% share price jump after hours.
Oil Market
- Oil prices are near $90 as US-Iran tensions over the Hormuz Strait reignite.
- Brent finished flattish at $95.37 after a +/-2% intraday move.
- The US struck two Iranian government tankers under a new 'tanker for tanker' policy.
