ASX Small Cap Lunch Wrap: Who’s launching a surprisingly boring podcast today?

You would think a podcast about Central Intelligence Agency (CIA) escapades would be thrilling and entertaining, but you’d be wrong.

Because there aren’t enough podcasts in the world, the CIA has launched “The Langley Files” where it promises to share stories that go “beyond those of Hollywood scripts and shadowed whispers.”

But it’s actually super dry.

CIA Director Bill Burns is the featured guest on Episode 1 and instead of Jason Bourne and Jack Ryan style adventure defusing bombs and epic car chases, he rather boringly drives a Subaru Outback … at the speed limit.

This episode of The Langley Files bought to you by Skillshare. Are you 200 miles deep undercover in enemy territory and need to fashion a shiv out of a stick and a rock to escape your commie captors? Use code CIA at checkout to get 3 months of Skillshare for free. https://t.co/Gl0CxVrNV6

— Jackson Clarke (@zealotonpc) September 23, 2022

It’s basically a PR exercise, talking about what misconceptions people have (cough… see above) about glamorous operatives solving world crises on their own every day.

He did flag that the intelligence community was able to “paint a pretty clear picture of Putin’s plans” to mount a major invasion of Ukraine, months before Putin actually did.

Burns also briefly mentions a strike against an Al-Qaeda leader… aaaaand the rest is essentially a recruitment spiel about the Agency.

But hey, if you’re an insomniac, tune in, it’s worth a shot.

TO MARKETS

The ASX 200 is trading down 1.61% at lunch today, with most sectors looking sad and red. 

Energy is the biggest loser, down 6.02% with big names like Woodside (ASX:WDS) down 6.48%, and Santos (ASX:STO) down 6.33%, with global oil prices falling by around 5% on Friday to eight-month lows on fears that rising interest rates will tip major economies into recession, cutting demand for crude.

Materials was a close second last, at -4.12%, with mining giants like BHP (ASX:BHP) down 4.38%, Fortescue (ASX:FMG) down 4.18%, and Pilbara Minerals (ASX:PLS) down 6.29%.

Only four sectors were in the green with Healthcare in the lead, up 1.75%.

All eyes are on the final budget outcome for 2021/22 which will be released on Wednesday. 

The Treasurer has announced the outcome could be ~$50bn better than the initial estimate due to delayed spending, stronger commodity prices and a better performing economy – fingers crossed.

NOT THE ASX

At the US Federal Reserve’s Listens event, Chair Jerome Powell said the US economy may be entering a “new normal” following disruptions from the Covid-19 pandemic. 

This comes after a wave of selling in financial markets swept across the globe Friday, with nervous investors forced to again confront the spectre of recession. 

New signs of slowing global growth rocked investments of all sorts, with investors wary of stubbornly high inflation and unnerved by Russia’s attempts to escalate the war in Ukraine.

In the UK, Chancellor Kwasi Kwarteng announced a historic tax cut and pledged further tax cuts.

“There’s more to come,” Kwarteng said in a BBC television interview on Sunday.

The tax cuts have fuelled concerns that inflation could accelerate further as more money stays in people’s pockets.

Goldman Sachs Research says what the US Fed does next year will depend on how quickly growth, hiring and inflation slow.

“Our economists see more risk a higher peak rate will be necessary to cool the overheated economy than policy makers will stop earlier,” they said.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for September 26 [intraday]:

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Big news today, with NYSE listed Chinese EV maker Nio subscribing for $12m of shares in lithium minnow Greenwing Resources (ASX:GW1) ahead of a potential JV and offtake deal.

Nio will hold about 12.16% of GW1 at completion of the placement, done at 55c per share – a big premium to the last closing price.

Thing is, GW1 doesn’t even have a lithium resource yet at its flagship San Jorge project in Argentina.

That’s what this cash will be used for, the company says — “to accelerate its exploration program”.

Maiden drilling is now planned to commence September/October 2022, GW1 says.

Nio also gets a call option to acquire up to 40% of the project within a year of a JORC resource being announced and will have first dibs on offtake.

And nickel, copper, cobalt, and gold explorer Dundas Minerals (ASX:DUN) has hit shallow massive sulphides and ultramafic rocks in water drilling at the Central Target, in southern WA.

“Unexpectedly, massive sulphides were intersected in hole 22CEWB003 (from 17m) and pyrite rich altered stockwork veins, also from 17m, in hole 22CEWB001,” the company says.

pXRF readings also picked up anomalous (low grade) cobalt, nickel, copper and silver.

“What is most exciting about Central is that there are a series of EM anomalies that extend over a length exceeding 10km,” managing director Shane Volk said..

“As far as Dundas Minerals can determine, there has been no prior exploration ever conducted in this area of the Albany-Fraser Orogen, we are working in an absolute greenfield exploration environment.”

ASX SMALL CAP LOSERS