Local shares dropped by over 1pc on Thursday as concerns grow that US rates could climb much higher. Picture Getty
ASX Large Caps: ASX drops another 1pc as Magellan tumbles 8pc on more fund outflows
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- The ASX stumbled by over 1% on Thursday following the Fed minutes release overnight
- Energy, Discretionary and Mining stocks led the selloff
- Blackrock boss Larry Fink says he aims to make Bitcoin trading cheaper
Local shares dropped by over 1.2% on Thursday as concerns grow that US rates could climb much higher.
Overnight, the June Fed Reserve meeting minutes indicated that FOMC members wanted to hike the Fed Funds rate in June before deciding to keep it at 5%-5.25%. At the same time, officials released forecasts that suggest two more 25bp hikes are on the horizon.
Analysts said that the upcoming CPI report on July 12th will determine whether or not the Fed will hike in July.
On the ASX, all 11 sectors fell today, with Energy and Discretionary stocks leading the selloff.
Major miners like BHP (ASX:BHP) and Mineral Resources (ASX:MIN) also tumbled around 3%.
Magellan Financial (ASX:MFG) meanwhile was the worst performing large cap today, down by more than 8% as the fund manager reported more fund outflows (more details below).
Elsewhere, Blackrock chief Larry Fink said that he wants to make it cheaper for people to trade bitcoin.
Calling BTC an international asset, Fink told Fox that bitcoin is similar to a digital gold.
“It costs a lot of money right now to transact bitcoin, but we hope our regulators look at these filings as a way to democratise crypto,” Fink said.
Elon Musk meanwhile is in Shanghai attending an AI conference.
Musk told attendants that China can become a global player in AI, and reaffirmed his view that full self-driving would emerge later this year.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| SQ2 | Block | 101.85 | 3.87 | 527,085 | 3,006,383,411 |
| JDO | Judo Cap Holdings | 1.26 | 2.44 | 757,638 | 1,359,789,443 |
| CTT | Cettire | 3.50 | 1.74 | 1,296,633 | 1,311,459,477 |
| RDX | Redox Limited | 2.36 | 1.72 | 75,227 | 1,218,188,913 |
| WEB | Webjet Limited | 7.04 | 1.59 | 870,006 | 2,652,259,884 |
| BLD | Boral Limited | 4.06 | 1.25 | 768,077 | 4,423,384,560 |
| ALX | Atlas Arteria | 6.33 | 1.20 | 1,493,080 | 9,067,710,669 |
| MND | Monadelphous Group | 11.80 | 1.11 | 96,288 | 1,126,211,016 |
| CAR | Carsales.Com Ltd. | 24.13 | 1.07 | 428,444 | 8,992,629,767 |
| CSR | CSR Limited | 5.39 | 1.03 | 1,339,782 | 2,544,454,519 |
| IRE | IRESS Limited | 10.37 | 0.93 | 179,613 | 1,918,327,898 |
Block Inc (ASX:SQ2) rose as former US Treasury Secretary Larry H Summers increased his holdings in the company.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MFG | Magellan Fin Grp Ltd | 8.93 | -8.22 | 1,484,634 | $1,765,332,377 |
| SGR | The Star Ent Grp | 1.06 | -7.21 | 6,368,835 | $1,853,389,604 |
| LIC | Lifestyle Communit. | 15.71 | -7.10 | 175,422 | $1,767,858,165 |
| PNV | Polynovo Limited | 1.44 | -6.21 | 1,407,600 | $1,056,056,109 |
| GMD | Genesis Minerals | 1.20 | -5.53 | 1,657,047 | $1,301,434,751 |
| NAN | Nanosonics Limited | 4.60 | -4.96 | 247,328 | $1,463,208,278 |
| RMS | Ramelius Resources | 1.27 | -4.70 | 3,417,539 | $1,318,426,577 |
| 360 | Life360 Inc. | 7.47 | -4.60 | 509,938 | $1,557,800,941 |
| LOV | Lovisa Holdings Ltd | 19.55 | -4.47 | 394,627 | $2,206,239,917 |
| ARB | ARB Corporation. | 28.80 | -4.35 | 234,155 | $2,472,009,893 |
| AMP | AMP Limited | 1.03 | -4.21 | 24,526,801 | $3,021,171,422 |
| LFG | Liberty Fin Group | 3.68 | -3.92 | 15,533 | $1,163,568,834 |
| CRN | Coronado Global Res | 1.51 | -3.83 | 1,890,884 | $2,623,650,087 |
Star Casino operator, The Star Entertainment Group (ASX:SGR), fell after announcing the appointment of Peter Hodgson as a Non-Executive Director of The Star, subject to casino regulatory approvals.
Star said Hodgson is an experienced director with extensive global financial services experience and a strong business track record. He is currently Chairman of ASX-listed Judo Bank and the Centre of Evidence and Implementation, a director of Planum Partners, a member of the University of Melbourne’s Trinity College Investment Management Committee, and a member of the advisory board of Drummond Capital Partners.
Magellan Financial Group (ASX:MFG) fell after reporting record fund outflows. Total funds under management (FUM) in June was $39.7bn, down from $41.4bn and represents an outflow of $1.7bn for the month.
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