ASX Large Caps: Broad selloff on the ASX; Big Short goes long on Chinese tech stocks
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News
The ASX 200 index finished -0.3% lower on Tuesday, dragged down mainly by losses in Staples and Healthcare sectors.
This comes as the RBA released the minutes for its May meeting, revealing that policymakers were determined to bring down inflation.
“Members agreed that further increases in interest rates may still be required, but that this would depend on how the economy and inflation evolve,” an excerpt from the minutes said.
Elsewhere, China’s retail sales jumped 18.4% YoY for April, according to data released today.
Industrial production however rose by only 5.6% YoY, versus 10.9% expected by a Reuters survey of economists.
“It’s not good enough to meet with investors’ expectations, that’s a problem,” said Winnie Wu, analyst at BofA.
Meanwhile, Michael Burry of The Big Short fame is bullish on Chinese tech stocks.
Breaking🚨: Michael Burry just disclosed his newest trades
Chinese stocks are now his two largest holdings
He also spent $37M on the banks meaning he bought the dip 🏦
Total new buys: 19
Total new sells: 6 pic.twitter.com/gVg5l5fX8B— Michael Burry Stock Tracker ♟ (@burrytracker) May 15, 2023
His Scion Asset Management portfolio has acquired more Alibaba and JD.com shares, effectively doubling his positions and making them his two top largest positions.
Alibaba and JD haven’t been performing well since their reopening rally in January, with the share prices down by -3% and -34% respectively on a YTD basis.
Closer to home, rating agency Fitch has confirmed Australia’s sovereign rating of triple AAA, labelling the outlook as stable.
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Code | Name | Price | % Change | Volume | Market Cap |
---|---|---|---|---|---|
360 | Life360 Inc. | 6.59 | 13.73 | 2,885,963 | $1,151,558,584 |
JHX | James Hardie Indust | 36.79 | 8.24 | 2,757,238 | $15,025,493,501 |
CEN | Contact Energy Ltd | 7.47 | 4.33 | 4,048 | $1,804,514,287 |
SLR | Silver Lake Resource | 1.13 | 2.97 | 6,041,050 | $1,018,070,045 |
TLX | Telix Pharmaceutical | 11.38 | 2.76 | 976,208 | $3,524,226,259 |
NAN | Nanosonics Limited | 5.24 | 2.75 | 419,750 | $1,541,782,540 |
STX | Strike Energy Ltd | 0.44 | 2.33 | 1,347,583 | $1,079,666,239 |
KAR | Karoon Energy Ltd | 2.08 | 2.22 | 1,701,786 | $1,142,481,156 |
CRN | Coronado Global Res | 1.53 | 1.83 | 1,352,992 | $2,514,680,595 |
FBU | Fletcher Building | 4.58 | 1.55 | 1,075,760 | $3,531,839,012 |
SFR | Sandfire Resources | 6.18 | 1.48 | 2,700,565 | $2,782,471,842 |
Family focused mobile app platform Life360 (ASX:360) surged 13% today after reporting a 34% increase in Q1 revenue to $68.1m.
The company made a bottom line net loss of $14.1 million; with positive Adjusted EBITDA of $0.5 million achieved one quarter ahead of expectations.
IGO (ASX:IGO) and Pilbara Minerals (ASX:PLS) lifted around 1.5%.
Fibre cement and gypsum provider James Hardie (ASX:JHX) was up over 8% despite reporting a 9% drop in its Australasian business over the past 12 months. The company’s net net profit rose 12% to $US512 million for the year.
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Code | Name | Price | % Change | Volume | Market Cap |
---|---|---|---|---|---|
WBT | Weebit Nano Ltd | 6.14 | -17.47 | 1,887,833 | $1,386,292,321 |
HUB | HUB24 Ltd | 26.61 | -4.76 | 114,047 | $2,237,392,228 |
APE | Eagers Automotive | 13.55 | -4.44 | 421,112 | $3,621,545,044 |
NWL | Netwealth Group | 13.04 | -4.12 | 565,410 | $3,316,918,865 |
DBI | Dalrymple Bay | 2.52 | -3.82 | 796,939 | $1,298,895,568 |
AX1 | Accent Group Ltd | 2.42 | -3.78 | 919,414 | $1,386,674,495 |
GUD | G.U.D. Holdings | 8.84 | -3.70 | 184,466 | $1,293,413,309 |
ELD | Elders Limited | 6.94 | -3.61 | 4,028,065 | $1,126,631,333 |
ARB | ARB Corporation. | 30.95 | -3.40 | 242,450 | $2,630,461,540 |
LTR | Liontown Resources | 2.84 | -3.24 | 2,966,674 | $6,447,407,748 |
DEG | De Grey Mining | 1.45 | -3.02 | 1,518,133 | $2,326,138,703 |
SNZ | Summerset Grp Hldgs | 7.41 | -3.01 | 761 | $1,779,912,765 |
LLC | Lendlease Group | 7.95 | -2.99 | 1,145,851 | $5,645,547,712 |