• Relief over US debt ceiling deal pushed local shares higher today
  • Bitcoin jumps to highest level in more than 2 weeks 
  • AI wars continue as Baidu now come into the fray


Risk asset investors are coming back, pushing the ASX 200 index higher by 1% on Monday.

It comes as Biden and Mr McCarthy reached a deal “in principle” to raise the US government’s $US31.4 trillion debt ceiling, breaking the deadlock that’s been spooking the markets for weeks.

Under the deal, the debt limit increase is expected to last two years, with defence and renewable energy to get the most funding.

“The tentative agreement will take away some uncertainty for investors, and that will improve sentiment, helping to drive equities higher,” said Josh Gilbert, a market analyst at eToro.

“The market’s AI-fuelled tech rally of last week should also allow tech, the best-performing sector this year, to continue its strong performance.”

On the ASX, all sectors except for Discretionary finished higher. Banks, miners and property stocks led.

Lithium miners climbed, with Lynas (ASX:LYC) and Mineral Resources (ASX:MIN) up by around 4% each. 

Bitcoin has meanwhile jumped to its highest level in more than two weeks, at just about bang on US$28,000 at the time of writing.

BTC is on a five-day winning streak, but is still way off its all-time high of around $US69,000 in November 2021.


AI war heats up

Elsewhere, Baidu shares surged 3% in Hong Kong after founder and CEO Robin Li said the company will launch its own version of ChatGPT.

“Baidu will become the first company to rework all of its products. It’s not about integrating or accessing AI. It’s about rework and restructuring,” Li said.

Red hot AI chipmaker Nvidia meanwhile has unveiled a new batch of products tied to AI, with a lineup that includes an AI supercomputer platform called DGX GH200.

“We have reached the tipping point of a new computing era,” Huang told the audience at the Computex show in Taiwan this morning.

Back home, tax accountant PWC has put nine senior partners on leave as chairman Tracey Kennair resigned.

This follows the backlash over the the tax-leaks scandal.



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Code Name Price % Change Volume Market Cap
LLL Leo Lithium 0.85 16.90 17,050,848 $715,326,261
BRN Brainchip Ltd 0.46 5.81 11,632,366 $759,835,002
ARU Arafura Rare Earths 0.38 4.79 9,749,972 $771,378,113
360 Life360 Inc. 6.77 4.64 398,540 $1,286,802,080
ABC Adbri Limited 2.16 4.61 1,605,096 $1,344,412,763
CQE Charter Hall Soc In 3.01 4.15 222,440 $1,064,641,647
LYC Lynas Rare Earths 7.67 4.07 2,165,478 $6,882,220,065
CRN Coronado Global Res 1.38 3.77 1,606,510 $2,221,301,192
MGH Maas Group 3.42 3.64 116,872 $1,080,509,031
NIC Nickel Industries 0.88 3.55 4,942,469 $2,555,497,396
CMM Capricorn Metals 4.24 3.55 504,001 $1,537,668,936
CNI Centuria Capital 1.79 3.18 431,322 $1,383,648,454
CHC Charter Hall Group 11.60 3.11 414,563 $5,321,218,489
ARF Arena REIT. 3.74 3.03 269,138 $1,273,059,422
WAF West African Res 0.87 2.96 866,982 $864,923,196
CXO Core Lithium 1.05 2.94 11,245,973 $1,895,687,130
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Leo Lithium (ASX:LLL) executed a strategic placement with China’s largest lithium producer, Ganfeng. The placement will raise $106.1 million from the issue of 131 million new shares to Ganfeng, representing 9.9% of Leo Lithium’s total pro-forma shares on issue, at $0.81 per share. Proceeds will be used to fund the Goulamina Stage 1 development and operational ramp-up costs.



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Code Name Price % Change Volume Market Cap
IEL Idp Education Ltd 21.88 -15.28 4,813,321 $7,186,640,968
TLX Telix Pharmaceutical 11.12 -6.00 915,859 $3,766,178,559
EMR Emerald Res NL 1.90 -4.29 406,428 $1,175,797,197
PNV Polynovo Limited 1.49 -4.19 1,885,590 $1,069,860,764
MP1 Megaport Limited 6.56 -4.09 2,012,840 $1,083,617,424
AX1 Accent Group Ltd 1.78 -3.26 1,659,955 $1,016,526,323
ALQ ALS Ltd 11.87 -3.22 1,229,943 $5,935,895,806
YAL Yancoal Aust Ltd 4.81 -3.22 1,958,059 $6,562,584,002
WHC Whitehaven Coal 6.14 -2.62 4,724,954 $5,502,218,142
NEU Neuren Pharmaceut. 13.39 -2.01 204,070 $1,728,887,134
CHN Chalice Mining Ltd 7.00 -1.89 1,318,364 $2,752,569,904
LNK Link Admin Hldg 1.97 -1.87 986,112 $1,031,104,837
EVN Evolution Mining Ltd 3.41 -1.73 5,392,614 $6,367,506,627
JDO Judo Cap Holdings 1.15 -1.71 854,927 $1,293,458,250
IRE IRESS Limited 10.25 -1.63 211,351 $1,946,346,319
NHC New Hope Corporation 4.88 -1.52 2,784,566 $4,367,233,911
WEB Webjet Limited 7.49 -1.51 1,196,954 $2,908,683,278
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IDP Education (ASX:IEL)’s fell -15% today on no specific announcement.

When queried by the ASX, IDP said it did not know why, adding that Canada’s decision to recognise additional providers for English language proficiency for its visa scheme is not expected to have a material impact on IDP’s FY23 revenue or earnings.