• The ASX 200 index slumped by almost half a percent
  • Energy stocks retreated, while Telstra, QBE, Woolworths, and IAG touched new highs
  • Bitcoin has also hit a six-week high


The ASX slipped half a percentage point on Wednesday as traders dumped energy and mining stocks. Only healthcare and staples finished in the green.

Woodside Energy (ASX:WDS) fell almost 2% after crude prices retreated another -1.5% overnight amid disappointment with China’s interest rate cuts. Yesterday, the PBOC cuts its loan prime rate by 10bp, less than what analysts had expected.

Traders are also nervously awaiting comments from Fed Chair Jerome Powell, who will keep markets on edge as he faces Congress later today (US time) to deliver the Fed’s semi-annual report.

The AUD and other currencies have fallen by 1% in the past few hours versus the USD, a sign that we might be expecting some hawkish words from the Chairman.

Travel related stock Qantas (ASX:QAN) fell almost 2% and Flight Centre (ASX:FLT) by 3% after regional player Regional Express (ASX:REX) issued a profit warning, admitting that it is heading for a $35 million loss. The REX share price fell 10%.

Stocks to have touched new highs today include Telstra, QBE, Woolworths, and IAG.

Meanwhile Bitcoin has also hit a six-week high, and at 3pm AEST was trading at US$28,766.

The crypto market has been buoyed by BlackRock’s Crypto ETF filing with the SEC last week, along with the launch of a new crypto exchange EDX Markets, which is backed by financial giants Charles Schwab, Fidelity Digital Assets and Citadel Securities.



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Real estate developer Dexus (ASX:DXS) rose more than 1% despite announcing that an external valuation of its property portfolio resulted in a total decrease of around $1 billion, or 6% on prior book values for the six months to June 30.

Telix Pharma (ASX:TLX) rose after providing an outline agenda for the company’s briefing session to be held on June 21 in New York City. Telix says it will focus the session on its vision for the field of urology, the commercialisation of Telix’s lead product Illuccix for prostate cancer imaging, and the company’s pipeline in urologic oncology.



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TPG Telecom (ASX:TPG) fell 6% after receiving a notice that the Australian Competition Tribunal has declined to authorise its regional network sharing arrangement with Telstra.

The proposed agreement would have allowed TPG to use around 3,700 additional regional mobile sites, increasing TPG’s regional mobile network sites by around five times. TPG said it will review the Tribunal’s determination before considering its options for further appeal including a judicial review in the Federal Court.

Cleanaway Waste Management (ASX:CWY) fell more than 2% after presenting a blueprint for its 2030 strategy. Separately, CWY said yesterday that a court in Queensland has dismissed an appeal by Cleanaway against the decision of the Ipswich Council to refuse an application by Cleanaway that would have allowed for additional airspace at the New Chum landfill.

Rio Tinto (ASX:RIO) fell 1% after saying it will invest around $800 million to expand its Kennecott copper operations in Utah.

Inghams Group (ASX:ING) dropped 3% after announcing the resignation of non-executive director, Robyn Stubbs, following a recent illness.