ASX 200 Live Today - Monday, 13th July

Welcome to our live ASX coverage for Monday, July 13. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST. Let us know how we can make it even better.

Count clears ACCC hurdle for Oracle Group deal and secures CBA funding

[9:24 am] Count has confirmed the ACCC does not require notification of its Oracle Group acquisition, clearing the way for completion in the coming weeks alongside an enhanced debt facility with CBA.

• The ACCC confirmed, following Count's waiver application, that the Oracle Group acquisition is not required to be notified.

• Completion is expected in the coming weeks, subject to the conditions precedent outlined in the 31 March 2026 investor presentation.

• Count has entered an enhanced CBA debt facility comprising a $77.0 million three-year acquisition facility, a $33.0 million credit-approved accordion facility and a $6.6 million working capital facility.

• The new facility replaces the group's existing Westpac facilities and funds the acquisition, refinances existing debt and supports growth.

• Any earn-out consideration is expected to be funded through future operating cash flows and debt drawdowns.

Company page: Count (CUP)

Orthocell posts record revenue as US Remplir rollout accelerates

[9:23 am] Orthocell delivered record June-quarter revenue of $3.8 million and record FY2026 revenue of $13.2 million, driven by Remplir adoption in Australia and building US commercial traction.

• June quarter revenue rose 20% on the March quarter and 36% on the prior corresponding quarter to $3.8 million.

• FY2026 revenue climbed 44% to $13.2 million, underpinned by Remplir and Striate+ sales growth.

• International Remplir sales now account for over 9% of quarterly revenue, with distributors appointed in Canada and Thailand and UK/EU sales expected in 1H CY2027.

• US Value Analysis Committee approvals rose 38% to 44, opening access to 151 hospitals, with approval also secured across the Department of Defense and Veterans Affairs networks covering 221 medical centres.

• Hospitals purchasing Remplir rose 27% to 70 and surgeons using it rose 55% to 76 over the quarter.

• Funds available were $44.1 million at 30 June, comprising $9.4 million cash and $34.7 million in security and term deposits, with quarterly operating cash burn of $3.6 million.

Company page: Orthocell (OCC)

FleetPartners upgrades FY26 new business guidance as NBW momentum builds

[9:10 am] FleetPartners has lifted its FY26 new business writings forecast to high-single-digit growth, citing an 8% year-to-date rise despite a softer used vehicle market weighing on end-of-lease income.

• New business writing (NBW) grew 8% YTD, with $246m written in 3Q26, up 24% on 3Q25

• FY26 NBW outlook was upgraded from marginal growth to high-single-digit growth, with the June pipeline running 27% above the 1H26 average

• Assets Under Management or Financed (AUMOF) rose 6% year on year to $2.44 billion and Core income grew 7% YTD, with AUMOF on track for mid-single-digit FY26 growth

• End-of-lease profit per unit fell to $4,951 in 3Q26 as the group held back inventory to protect pricing, cutting units sold 31% versus 2Q26

• Novated leasing grew 20% YTD, helped by EV demand and the Remunerator acquisition.

• FY26 operating expenses are guided to $98.5-$99.5m, with a 60% to 70% payout ratio expected to be fully franked

• $8m of the up-to-$20m buy-back announced in March has been completed, with Australian cash tax payments resuming in 2H26 as carried-forward losses are exhausted

Company page: FleetPartners Group (FPR)

Clinuvel wins Health Canada approval for SCENESSE in EPP

[9:08 am] Clinuvel has secured a Notice of Compliance from Health Canada for SCENESSE to prevent phototoxicity in adults with erythropoietic protoporphyria, opening a fourth major market for the drug.

• The NOC grants Clinuvel the right to market SCENESSE in Canada, following approvals in Europe in 2014, the US in 2019 and Australia in 2020

• SCENESSE remains the only EPP treatment to hold marketing authorisation from any regulator worldwide

• Five Canadian Specialty Centers are already trained and accredited and have treated EPP patients under special access arrangements

• EPP affects an estimated 5,000 to 10,000 people globally, including about 1 in 140,000 in Canada

• Over 21,000 doses of SCENESSE have been administered worldwide, with the longest-treated patients receiving up to 20 years of continuous therapy

Company page: Clinuvel Pharmaceuticals (CUV)

GQG Partners posts US$3.2 billion of June outflows as FUM slips to US$156 billion

[9:06 am] GQG Partners recorded net outflows of US$3.2 billion in June and US$15.1 billion for the first half, dragging total funds under management down to US$156.0 billion.

• Total FUM fell to US$156.0 billion at 30 June, down from US$163.3 billion a month earlier, a decline of about 4.5%

• June net outflows of US$3.2 billion were compounded by negative investment performance of US$4.1 billion

• International was the largest drag, ending the month at US$70.1 billion after US$1.6 billion of outflows and US$1.6 billion of negative performance

• For the half year, net outflows totaled US$15.1 billion, partly offset by positive investment performance of US$7.2 billion

• All four strategies saw first-half outflows, led by Emerging at US$5.2 billion and International at US$4.7 billion

• GQG said its strategies underperformed benchmarks in the first half but delivered positive absolute returns, with double-digit net returns over three years

Company page: GQG Partners (GQG)

Rox Resources fully permitted at Youanmi as mill construction begins

[8:59 am] Rox Resources has secured its final major environmental approval for the Youanmi gold mine, clearing the way for processing plant construction and keeping first gold on track for mid-2027.

• The Works Approval covers the processing plant, tailings storage facility, wastewater treatment, power station and associated infrastructure, leaving the project fully permitted

• EPC contractor Interquip has mobilised to site and begun construction on the 1.0Mtpa processing plant, with first steel due this month

• The historic Youanmi Decline is advancing and the high-grade Pollard Decline has started, giving three separate mining fronts

• United North mining is running ahead of the DFS, with 339m of advance in June and ROM stockpiles building toward a 190,000t at 3.3g/t target for commissioning

• Underground diamond drilling has started at United North, focused initially on infill to improve geological control

• Cash stood at $152.7 million at 30 June, down $47.7 million over the quarter as mining and construction ramped up, with $350 million in debt facilities available to draw in 2H CY2026

Company page: Rox Resources (RXL)

Terra Metals extends Southwest sulfide discovery to surface at Dante

[8:57 am] Fresh drilling has grown Terra Metals' Southwest PGM-copper-nickel discovery to more than 950m of strike, with a near-surface 157m intercept lifting confidence in a potential low-strip starter pit.

• The Southwest Main Sulfide Corridor now spans over 950m of strike, about 700m of width and at least 750m down-dip, and remains open in all directions

• The discovery sits entirely outside the existing 148Mt Dante mineral resource, marking a new growth avenue within the Jameson Layered Intrusion

• The company is targeting a maiden Southwest resource in late 2026, ahead of metallurgical test work and a potential pre-feasibility study

Company page: Terra Metals (TM1)

Vault to terminate Regis deal and sign with Genesis after matching period lapses

[8:56 am] Vault Minerals will terminate its scheme with Regis Resources and enter a definitive agreement with Genesis Minerals after Regis declined to match Genesis' superior proposal.

• Regis confirmed earlier today it will not submit a counter proposal under its matching rights, with the matching right period set to expire later today

• Vault has until 7:00 am AWST tomorrow, 14 July, to terminate the Regis SID and accept the binding Genesis Proposal

• Vault intends to terminate the Regis deal and sign a definitive agreement with Genesis as soon as it is able

• A break fee of about $50.7 million becomes payable to Regis on termination

Company page: Vault Minerals (VAU)

Global EV demand rises for fourth month as Europe offsets China and US weakness

[8:52 am] Global electric vehicle sales rose again in June, with record European growth more than compensating for declines in China and North America.

• Battery-electric and plug-in hybrid registrations rose 7% year-on-year to 2 million in June, with first-half volumes up 2%, per Benchmark Mineral Intelligence

• Europe registrations jumped 31% to about 530,000 units, a record for June, and remain the main engine of global EV growth

• China registrations fell 11% to around 1 million vehicles

• North America registrations fell 13% following the end of US EV tax credits

• Chinese automakers continue expanding overseas amid weaker domestic demand

Source: Reuters

Fuel prices squeeze consumers even as crude retreats

[8:50 am] Gasoline, diesel and jet fuel prices are climbing even as crude oil eases, a rare divergence driven by refinery bottlenecks and supply shocks that threatens to keep inflation sticky.

• The gap between refined product prices and raw crude has hit a record in the US and other regions, even as oil benchmarks have all but erased the Iran war spike

• Russia, the world's second-largest diesel exporter at 11% of global shipments, has banned diesel exports after Ukrainian attacks on its refineries, sending Brazil and Turkey into a bidding war for non-Russian supply

• Refined product flows through the Strait of Hormuz have fallen to near 1 million barrels a day from about 5 million before the US attacked Iran, per Citigroup

• US distillate stockpiles sit just off all-time seasonal lows and are drawing when they typically build, while European refiners face heatwave output cuts of up to 15%

• China authorised larger fuel exports this week for the first time since March, though traders warn Middle East tensions could prompt Beijing to pull back

Source: Bloomberg

China drops five-year urban jobs target for first time in decades as AI looms

[8:50 am] China omitted a numerical urban job creation target from its 2026-2030 plan for the first time since at least the 1990s, signalling rising uncertainty over AI-driven displacement.

• The five-year plan pledges to keep new urban jobs at a "considerable scale" over 2026-2030, with annual targets now set flexibly year by year

• It is the first medium-term plan since at least the 1990s to omit a headline urban jobs number, which last stood at more than 55 million for the previous five years

• Beijing said it will address the employment impact of AI and other new technologies alongside a shifting external environment, a likely nod to trade barriers

• The March work report had targeted more than 12 million new urban jobs for 2026 alongside a 4.5% to 5% growth goal, the most modest since 1991

Source: Bloomberg

Delta slips despite profit beat and reaffirmed guidance

[8:47 am] Delta topped earnings estimates and revived its full-year profit forecast on strong premium and corporate demand, but shares fell on fuel cost pressure and fare structure concerns.

• Adjusted EPS of $1.56 vs $1.51 ests (3% beat)

• Revenue up 14% year-on-year, with capacity up just 1%

• Premium revenue up 17% year-on-year, loyalty and related revenue up 19%, and American Express payments up 16% to US$2.4bn

• Reaffirmed 2026 adjusted EPS guidance of $6.50 to $7.50, restoring the January forecast it omitted in April, but declined to guide for 2027

• Adjusted fuel expense up 77% year-on-year to US$4.4bn

• CEO Ed Bastian said airfares are unlikely to decline as carriers recover higher fuel costs, with fuel still up 50%

• Shares fell 1.8%

A very interesting comment from management: “We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base.”

US steps up Iran strikes as Hormuz status flips to closed

[8:44 am] The US has hit Iran four times in a week and both sides now issue contradictory claims over whether the Strait of Hormuz is open, keeping oil markets on edge.

• US Central Command says weekend strikes hit around 140 Iranian military sites, taking the total across the week's rounds to more than 300 targets, ordered by Trump in response to Iranian attacks on commercial shipping

• Iran declared Hormuz closed "until further notice", but CENTCOM, Trump and the US Navy insist the waterway remains open, with the JMIC saying the southern route is still transitable

• Tracking data showed traffic reduced to a trickle on Sunday, with only two oil-products tankers seen approaching

• Iran retaliated against US assets across the Gulf, striking bases in Jordan and Qatar and hitting a Kuwait Oil Co drilling rig, with only minor damage and a handful of injuries reported

• The escalation casts doubt over the June US-Iran memorandum of understanding, which UN ambassador Mike Waltz said has "broken down", though he confirmed technical talks continue

• Oman has drafted a proposal to manage Hormuz transits via two separately controlled routes, with Pakistan urging all sides to de-escalate

SK Hynix jumps 13% in record Nasdaq debut

[8:43 am] SK Hynix's American depositary receipts closed 13% above their offering price on their first US session, capping the largest ever first-time share sale by a foreign company.

• ADRs closed at US$168.01, up 13% from the US$149 pricing but below the US$170 open, with more than 106 million ADRs traded, around half the outstanding ADRs

• The US$26.5bn offering was more than seven times oversubscribed and ranks as the third-largest debut share sale ever

• ADRs trade at roughly a 16% premium to the Seoul-listed common stock, narrowing the valuation gap with Micron, helped by restrictions on converting the Korean shares

• Baillie Gifford, Coatue Management and Situational Awareness Partners took about US$5bn as cornerstones, US$2bn below the filing maximum

• Proceeds will fund additional capacity and EUV lithography machines, with management and Gabelli Funds flagging tight memory supply-demand into at least 2028

• Chairman Chey Tae-won signalled scope for further US share issuance if returns and demand hold, though leveraged ETFs continue to amplify volatility, with Seoul shares logging more than 50 sessions of 5%-plus moves this year versus about 37 last year

SK Hynix Nasdaq-listed ADRs, intraday chart (Source: TradingView)

Wall Street dealers turn net short on corporate bonds for first time

[8:41 am] Primary dealers are running an aggregate net-short position in corporate bonds for the first time on record, prompting debate over whether it signals caution or simply a structurally changed market.

• Dealers hold a net-short position of roughly US$4bn in corporate bonds so far this year, versus a peak average inventory of US$16bn over 2017, per Crisil Coalition Greenwich data going back to 1998

• The short is concentrated at the long end, around US$13.7bn short in bonds maturing in five years or more, offset by a US$9.66bn long in shorter-dated debt, where prices are more exposed to yield shifts

• Credit spreads sit near multi-decade lows at around 0.74 percentage points over Treasuries, leaving dealers thinly paid to hold credit risk amid sticky inflation and elevated rates

• Strong demand from insurers, pensions and money managers reinvesting higher-yielding coupons has left dealers unable to keep bonds in inventory

• Electronic execution now handles 49% of investment-grade and 32% of high-yield trades, up from 8% and 2% a little over a decade ago, letting dealers match client flows without warehousing risk

• Lazard flags the position's asymmetry, warning that if spreads tighten dealers forced to cover into thin supply could amplify a rally

Source: Bloomberg

SK Hynix US listing spawns leveraged ETF wave

[8:37 am] SK Hynix's record US debut is triggering a rush of leveraged ETF launches, importing the volatility-amplifying bets that already dominate its Seoul trading.

• At least six leveraged products launch next week offering two times the daily return of SK Hynix's US-listed ADRs, with some issuers preparing inverse products for bearish bets, from ProShares, Leverage Shares and Rex Shares

• SK Hynix, Samsung and the leveraged products tracking them account for more than 70% of trading value in Korea's $4.3 trillion equity market, a concentration that has whipsawed the Kospi

• CSOP's Hong Kong-listed SK Hynix leveraged product is the world's largest of its kind, holding more than US$16bn in assets before a recent share price slide

• Bloomberg Intelligence warns US investors may face the same tracking errors seen in Hong Kong, as issuers struggle to source shares and hedge when demand outstrips inventory

• JPMorgan Asset Management's John Cho flagged the launches as a sign of late-cycle, momentum-driven retail behaviour rather than a healthy development

Source: Bloomberg

Good morning!

[8:31 am] ASX 200 futures are up 43 pts (+0.49%).

The overnight session in a nutshell:

• S&P 500 (+0.42%), Dow (+0.29%), Nasdaq (+0.29%), Russell 2000 (-0.49%)

• Major US benchmarks mostly higher, with the S&P 500 and Nasdaq booking a second straight weekly gain amid relatively broad gains for Tech, Defensives and Materials

• SK Hynix stormed its Nasdaq debut, opening around 14% above its offer price after raising US$26.5bn, the largest ever US listing by a foreign company

• Iran declared the Strait of Hormuz closed over the weekend after a third US strike wave, reviving oil supply fears just as crude had settled back near its lowest since the war began

• Brent up 4.9% in early trade on Monday to US$78.90 a barrel, gold trading sharply lower, down 0.9% to US$4,083/oz