ASX News LIVE | ASX to Fall after Worst Day on S&P 500 Since 2022; Fortescue, Newmont Quarterlies

The ASX 200 closed down -1.29% to 7,861.2 after a broad sell-off that saw all sectors close well into the red as the markets mirrored the heavy losses seen on Wall Street as the S&P 500 saw its worst day of trading since 2022, and the Nasdaq 100 saw US$1 trillion wiped out.

The worst-performing sector on the ASX today was Tech, falling -2.68% as it followed Wall St in a big selloff amongst big tech players.

Wisetech fell by -3.27% to $92.15 per share, while Xero dropped -3.33% to $131.20.

Major miners also fell throughout the session, while the Big Four Banks saw share prices fall -0.2-0.7%.

BHP was down by -0.63% to $41.19, Rio Tino fell -1.08% to $113.10, while Fortescue saw the heaviest losses of the big miners, falling -5.7% after missing its production guidance in its latest quarterly report today.

On the other end, gold miner Newmont exceeded its guidance and saw its stock rise by +1.84% today, closing at $72.61 per share.

In the wider ASX Sky News Television was today’s top gainer, up +6.64%, as it recovers from its heavy sell-off when its main channel was taken offline due to the recent major IT outage.

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After the approval from the SEC, the cryptocurrency Ethereum has seen nine companies launch ETFs.

The second largest crypto has seen its ETFs launch today, pulling in US$106 million on an otherwise risk-off day in the markets.

Despite the positive inflows, the price of Ethereum (ETH) is down by -7.70% in trading so far today.

More broadly, we’ve seen heavy losses in the crypto space but ETH is leading in the fall.

The price is currently at US$3,177 as it falls sharply after breaking below its major support line of US$3,500.

Here are the past three months of ETH trading:

The ASX 200 is down by -1.06% around lunch, with broad losses across all sectors. Today, 158 companies are falling on the ASX 200, while 34 are rising in a sea of red.

All 11 sectors are down, with Tech (-2.56%) the worst-performing sector, mirroring the Nasdaq’s heavy falls overnight.

In tech, the leading losses are Afterpay-owner Block, which is down by -6.5%, while tech leaders Wisetech is down -3%, and Xero -3.3%.

After a strong quarterly report, coal producer Coronado Global Resources is leading the ASX 200 up by +4.7%, along with Sky Network Television, up 6.5%.

In the major miners, Fortescue has seen heavy selling today after missing production guidance, down -4.3%, while BHP is down by -0.5% as concerns around China continue to hurt commodity prices and sentiments.

The Aussie dollar continues its slide, down -0.73% in the past 24 hours at US 65.52 cents.

Gold mining giant Newmont [ASX:NEM] shares are up today on a strong second quarter of production.

Details can be found here. However, the takeaway is that there will be an attributable gold production of 1.61 million ounces for the quarter, up from 1.24/mo a year earlier.

The company also saw much stronger realized gold prices of US$2,347 per ounce in the June quarter, compared to US$1,965 per ounce a year earlier.

NEM’s all-in-sustaining costs rose to US$1,562 per ounce from US$1,472 a year earlier, but we were easily covered by the rise in spot prices over the year.

Future estimates have a total annual attributable gold production of 6.9 million ounces, above estimates of 6.8 million by analysts.

Shares are up by 1.5% around noon, putting its 12-month return at over 20%.

Fortescue [ASX:FMG] just released its June quarterly production report and shareholders seemed shaken.

The stock is down by over -3.6% in this morning’s trading as investors sell-off heavily on some troubling news and falling iron ore prices.

For the June quarter, FMG hit a record of 53.7 million tonnes of iron ore shipped. That put

However, it once again had trouble with its Iron Bridge magnetite project, meaning that the company’s total 2024 shipping came in at 191.6 million tonnes for 2024, below its guidance of 192-197 million tonnes.

Andrew Forrest commented on the shortfall saying ‘higher than plan[ed] concentrate moisture affecting material handling.’

The company has seen its shares shed around -30% of their value in the year to date as Iron ore prices continue to waver in the midst of a weak Chinese economy.

Iron ore Futures on the Singapore exchange have dropped below US$100 a tonne, down -1.4% in the past 24 hours as stimulus from China is still too little in many people’s eyes.

Good morning. Charlie here,

The ASX 200 opened down -0.86% to 7,898.9 after heavy selling on Wall Street erupted as portfolios were derisked in the wake of disappointing earnings from Alphabet and Tesla.

Tesla missed Wall St estimates for the second quarter, with slower sales and adjusted earnings of US 52 cents per share, below the US 60-cent estimates.

Tesla’s revenue did see a bump, rising to US$25.5 billion, higher than the expected US$24.6 billion, but apart from that, not much else looked good.

Investors were particularly concerned about the company’s shrinking margins. Gross margins ex-credits were 14.6%, down from 16.4% last quarter as it continues to cut prices to try and boost sales and compete with Chinese carmakers.

Also becoming a large concern for investors were the scant details on its holy grail, self-driving cars. Here is a good article from the WSJ highlighting investors’ concerns with competition coming from China.

Google looked better with a second-quarter revenue beat, with higher cloud-computing revenues and strong sales revenue from its search ads.

The company reported net income per share at US$1.89, above the estimated US$1.84.

Total sales for Alphabet were a strong US$71.36 billion for the quarter, above the estimated US$70.7b.

However, shareholders were again concerned about the heavy capex spending with few results from its AI push for now.

On local markets, iron ore and copper continued their slide overnight, copper is now down over -10% since July 10th while iron ore is down closer to 11%.

We have reporting from Fortescue Metals and Newmount today, so stay tuned.