• The ASX swung into positive after the release of monthly CPI data
  • Australia’s inflation has declined to 6.8% in February from 7.4% in January
  • SBF allegedly bribed Chinese officials with $40 million in cryptos

 

Local shares traded lower before reversing course when inflation numbers were released. At the close of Wednesday, the ASX index was up 0.2%.

The monthly CPI indicator reported by the ABS today shows that Australia’s inflation has declined to 6.8% in February YoY, from 7.4% in January.

This is the final crucial data release before Phil Lowe and his colleagues at the RBA decide on interest rates next Tuesday.

The 6.8% figure was much softer than the consensus of 7.2%, signalling that the RBA’s monetary policy measures are starting to take effect.

Not only is it welcome news for Aussie consumers, the RBA could now elect to pause its stifling rate hikes as early as next week.

“Next week we will see if the RBA is finally prepared to act in the best interests of Australians instead of blindly following the rest of the world towards a recession,” said Greens economic spokesperson, Nick McKim.

Most analysts, however, are still predicting a 25bp rise before a pause.

 

ASX probed by ASIC

Energy and Miners led today’s proceedings, while Financials and Real Estate lagged.

Lithium and iron ore miners looked particularly attractive to investors today, with Plibara Minerals (ASX:PLS) and Fortescue (ASX:FMG) rising by more than 2% each.

Oil-related stocks also continued their climb as crude prices lifted 1% overnight on improvement in risk appetite.

Market operator the ASX Ltd (ASX:ASX) was flattish despite watchdog ASIC announcing suspected breaches of the law related to its botched CHESS replacement project.

In another regulator news, New Zealand’s Financial Markets Authority (NZFMA) has issued a warning against Vanguard Investments Australia over greenwashing.

The NZFMA said Vanguard misled investors last year by overstating an exclusion claiming that Vanguard did not invest in companies involved in tobacco sales.

Bendigo Bank (ASX:BEN) meanwhile dropped 2.5% and sank to a five-month low after UBS downgraded price targets on most Australian banks today.

 

SBF allegedly bribed the Chinese

Prosecutors in the FTX case have laid more charges on disgraced founder Sam Bankman-Fried (aka SBF), claiming that he bribed Chinese officials with US$40 million in cryptocurrency to unfreeze accounts in 2021.

SBF now faces more than 155 years in prison if convicted on all the charges.

JP Morgan CEO Jamie Dimon could be deposed over his bank’s ties to Jeffrey Epstein, according to reports.

The FT has reported news of Dimon’s potential deposition, while people close to the matter said Dimon got involved in deciding whether to keep on handling Epstein’s money.

Ahead on Wall Street, February pending home sales data is due out, along with with weekly mortgage applications and rates.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
SLR Silver Lake Resource 1.15 5.25 5,022,162 $1,018,070,045
RWC Reliance Worldwide 3.71 5.10 1,775,951 $2,789,034,520
ALQ ALS Ltd 12.13 5.02 975,504 $5,592,136,750
DRR Deterra 4.73 4.65 986,861 $2,389,001,284
CIA Champion Iron Ltd 6.80 3.82 2,548,523 $3,387,614,975
GOR Gold Road Res Ltd 1.68 3.54 3,700,254 $1,752,434,760
CHN Chalice Mining Ltd 7.04 2.92 3,144,115 $2,574,898,807
PRU Perseus Mining Ltd 2.36 2.84 2,703,343 $3,131,490,529
JHX James Hardie Indust 32.53 2.81 776,981 $14,107,949,602
WDS Woodside Energy 33.80 2.52 3,208,511 $62,601,779,950
APM APM Human Services 2.06 2.49 495,370 $1,843,535,711
FMG Fortescue Metals Grp 21.07 2.48 3,410,328 $63,303,518,714
AKE Allkem Limited 11.81 2.43 5,283,579 $7,352,197,732
IPH IPH Limited 7.42 2.34 878,378 $1,642,826,684
LSF L1 Long Short Fund 2.74 2.24 173,672 $1,645,052,589
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Healius (ASX:HLS) rose 1.6% after appointing Mary Weaver as company secretary after the resignation of Charles Tilley from this role.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
PNV Polynovo Limited 1.82 -12.32 6,046,382 $1,427,953,794.57000000
ARU Arafura Rare Earths 0.47 -7.92 15,860,135 $1,067,098,241.12000000
SYA Sayona Mining Ltd 0.19 -7.50 57,038,326 $1,775,017,633.00000000
SYR Syrah Resources 1.49 -7.30 2,762,552 $1,082,650,779.00000000
LTR Liontown Resources 1.43 -5.94 9,846,103 $3,330,658,768.99500000
NAN Nanosonics Limited 4.71 -5.80 632,489 $1,510,443,380.00000000
CIA Champion Iron Ltd 6.80 -5.63 1,492,188 $3,723,790,507.20000000
SQ2 Block 108.96 -5.38 187,256 $3,557,153,115.95000000
TLX Telix Pharmaceutical 6.87 -4.92 805,429 $2,291,110,687.00000000
CRN Coronado Global Res 1.60 -4.76 3,256,464 $2,816,442,266.40000000
PLS Pilbara Min Ltd 3.44 -4.58 34,833,641 $10,792,848,668.40000000
JDO Judo Cap Holdings 1.14 -4.20 859,689 $1,315,568,647.68000000
AKE Allkem Limited 10.01 -4.17 2,988,079 $6,657,150,417.84000000
MFG Magellan Fin Grp Ltd 8.02 -3.61 1,161,981 $1,510,162,226.56000000
CNI Centuria Capital 1.54 -3.59 883,798 $1,279,674,870.40000000
HGH Heartland Group 1.50 -3.54 3 $1,103,518,501.00000000
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Qube Holdings (ASX:QUB) dropped 3% after National Intermodal said it was exercising its option to acquire 200ha of land for the development of a new rail freight intermodal terminal and associated infrastructure 37km north of Melbourne’s CBD.

QUB held the option with the landowner and retained this when National Intermodal acquired the option for the larger land area late in 2021.

Telix (ASX:TLX) was down 0.7% after announcing that non-executive director Andreas Kluge is taking six months’ leave of absence.

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