• 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.



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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
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Block Inc (ASX:SQ2) rose as former US Treasury Secretary Larry H Summers increased his holdings in the company.



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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
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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.