Market Highlights and 5 ASX Small Caps to watch on Wednesday
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US stocks slid overnight to end their eight-day winning streak.
All three major benchmarks were down – the Dow Jones by 0.31%, the S&P 500 by 0.35%. and tech heavy Nasdaq by 0.6%.
The falls came ahead of the key US CPI data release on Wednesday (US time).
Banking stocks were dragged down as 10 and 30 year Treasury yields slid to their lowest levels in months.
Meanwhile Tesla is down 16% over the last two days, after a tweet from Elon Musk suggesting that he would be selling a stake in the company.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
— Elon Musk (@elonmusk) November 6, 2021
Paypal also tumbled 11% after it provided outlook guidance which fell well short of estimates.
In other markets, oil prices were 3% higher overnight, while spot iron ore was down 1.5%.
To cryptos, where Bitcoin is still holding near all-time highs of US$67,500 at 8am AEDT after climbing above US$68,000 overnight.
Meanwhile, a Sydney-based “tech-luxe” fashion house has dropped a melting digital “ice sneaker” NFT to call attention to climate change.
MYAMI has released the “ice runner” NFT on Opensea with a reserve set for 1.26 Ethereum (US$6,000).
Read all about it here on Stockhead.
The ASX 200 looks set to open higher this morning, with futures markets (December contracts) pointing up by 0.27% at 8:30am AEDT.
Yesterday, the local index fell 0.24%, closing at 7,434 points – despite gains in resources and tech most other sectors fell with financials, property and energy retreating 1%.
The NAB business confidence survey for October released yesterday jumped 11 points to 20.8 points, its second highest level on record, and points to a rosy economic outlook.
On the IPO front, set to list today are:
At 12pm AEDT, Green Technology Metals (ASX:GT1) – a mineral explorer that raised $24m at 25c a share.
Followed by Dundas Minerals (ASX:DUN) at 1.30pm – a mineral explorer that raised $6m at 20c a share.
The micro-investing platform announced that its total funds under management (FUM) in Australia has surpassed $1 billion. This came off the back of continued customer engagement, which has seen average balances grow to nearly $3,000 per customer, as well as the growing number of new customers joining the platform.
ReNu will acquire 100% of Australian green hydrogen business, Countrywide Renewable Hydrogen, via a scrip deal. ReNu will issue 134,659,520 fully paid ordinary shares at $0.0688 each, valuing the acquisition at roughly $9.2m.
The Mozambican Government has awarded a mining licence for BAT’s Balama Central graphite project for the production of 50,000tpa of graphite concentrate.
The robotics company said it has signed a MoU with UAE’s Ministry of Energy & Infrastructure to collaborate in bringing the Hadrian X to the UAE. The Hadrian X is a bricklaying robot that builds structural walls with less wastage than traditional manual methods, according to FBR.
The company signed a collaboration agreement with Malaysia-based DPS, a specialist in High Density Poly- Ethylene (HDPE) sheet extrusion. The collaboration will focus on the development of PureGRAPH enhanced HDPE sheet and welding wire, to provide increased durability and abrasion resistance. PureGRAPH is FGR’s branded graphene powders that could enhance the performance of a wide range of materials, from concrete through to batteries.