ASX 200 Live Today - Thursday, 8th January

Welcome to our live ASX coverage for Thursday, January 8. 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. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.

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ASX 200 higher, yields slip for a second day

[2:05 pm] ASX 200 up 0.19%, on track to close around the midpoint of today's trading range. The Index continues to trade on the right side of all key moving averages and set higher highs. Fairly quiet session, with the battered Healthcare (+1.22%), Tech (+1.01%), Discretionary (+0.88%) and Energy (+0.60%) sectors continuing to bounce.

The Aussie 10-year is down for a second straight session, marking the most meaningful retreat since last October. The 10-year is now down 18 bps since hitting a two-year high on 2 January. This pullback was largely thanks to yesterday's CPI print, which had November inflation at 3.2% vs. market expectations of 3.6%. It's a good start following ~4 straight months of unexpectedly higher inflation readings.

Australia 10-year bond yield daily chart (Source: TradingView)

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Lithium stocks continue to rally

[1:26 pm] Chinese lithium carbonate futures currently up 4.7% to 148,220 yuan a tonne. Seeing some very strong moves towards the developer end of town, with sizeable moves from Core Lithium (which just received a speeding ticket), Lake Resources and PMET.

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Intraday gainers and losers

[12:51 pm] A few heavily sold off names like Zip, Telix and Codan catching a bid today (e.g. Zip is down ~30% from its Oct-25 record high). Meanwhile, Droneshield and a handful of resource stocks (gold, uranium, rare earths and nickels) are selling off.

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Block trades of interest

[12:44 pm] Two interesting block trades crossed earlier today:

• Healius (+0.00%): 4.0m share block trade at 96.75 cents vs. 95 cents now

• Reliance Worldwide (-0.7%): 14.1m shares crossed via five block trades at $3.935 vs. $3.89 now

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Ramelius slips on production miss

[11:54 am] Ramelius is trading 2.3% lower (vs. XGD down 1.0%) after 2Q26 gold production of 45.6koz missed consensus expectations of 47koz (~3% miss).

"A small miss to Q2 production, but FCF was relatively in line. Importantly, Dalgaranga development is on track and on budget and is expected to deliver high grade ore to the Mt Magnet mill from Q3FY26," RBC Capital Markets analyst Alex Barkley wrote in a note this morning.

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Analysts' take on Bellevue Gold

[11:50 am] Shares in Bellevue Gold shares dipped 6.4% on Wednesday after the company's preliminary 2Q26 production missed market expectations. This was largely due to delayed access to higher-grade areas in late December, though management maintained FY26 guidance (which calls for a stronger H2 outcome).

A positive takeaway was the strategic decision to aggressively reduce hedge book exposure, which weighed on cash flows but positions Bellevue to fully benefit from the gold price environment in the second half.

• Macquarie maintained Outperform, target $1.80. Production affected by safety and stope issues, but development remains ahead of plan; hedge pre-deliveries seen as de-risking, with H2 production crucial to meeting guidance.

• RBC Capital Markets maintained Outperform, target $2.00. Slight production miss was offset by higher grades, pre-deliveries weighed on cash but tactical; improved mined tonnes and stockpile build add flexibility, supporting positive valuation view.

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ASX 200 flat

[11:01 am] ASX 200 currently trading around breakeven, with minimal price action (intraday high/low of +0.14%/-0.02%). Continue to see a few battered sectors like Tech (+1.4%) and Healthcare (+1.3%) bounce from a dire place.

As noted yesterday:

• XHJ down 27% since late August and bouncing from the lowest level since June 2019 (though this is largely due to CSL)

• XIJ down 30% since late September, closed at the lowest level since April's Liberation Day low on Tuesday

ASX 200 sector performance (Source: TradingView)

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Top ASX 200 gainers and losers

[10:18 am] Austal has topped the leaderboard after Trump said the US should set its military budget for 2027 at US$1.5 trillion instead of US$1 trillion after market close. Meanwhile, James Hardie is leading the downside, also due to Trump (calls to ban large institutional investors buying single-family homes).

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Alcidion selected for EPR rollout

[9:36 am] University Hospitals Sussex NHS Foundation Trust has selected Alcidion to supply its new Electronic Patient Record (EPR) system, with deployment of the Miya Precision platform expected in Q4 FY26.

• Total contract value expected to exceed $35m over a minimum seven-year period, depending on modules included (vs. Alcidion market cap of ~$130m and FY25 revenue of $40.8m)

• EPR will provide clinicians real-time patient record access, streamline patient flow, and improve clinical decision-making.

• UHSx operates seven hospitals, serving ~1 million people, with ~20,000 staff and 1.5 million outpatient appointments, A&E visits and surgeries annually.

Company page: Alcidion Group (ALC)

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Miners held up relatively well overnight

[9:30 am] Despite a broad-based pullback in commodity prices, most resource-related stocks held up relatively well overnight.

Here's how major US-listed resource ETFs performed overnight, most of which fell 1-2%.

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Commodities pullback: Copper, aluminium, nickel and silver slip

[9:23 am] Fairly broad-based pullback across the commodity spectrum, with notable decliners including aluminium (-1.6%) copper (-3.4%), silver (-3.6%) and nickel (-4.4%).

Most commodities have rallied in a rather vertical fashion in recent months. Given how overextended and high-profile they've become, pullbacks are becoming increasingly volatile (e.g. copper suffered a ~5.7% selloff on 10-Oct, down ~5.2% between 29-Oct and 4-Nov, and dipped 4.7% on 29-Dec).

Copper daily price chart (Source: TradingView)

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Ansell CEO to retire, succession planned

[9:10 am] Neil Salmon will retire as Ansell CEO, with Nathalie Ahlström appointed as his successor. Ahlström will start a transition period on 26 January and take over as Managing Director and CEO on 16 February, based in Brussels.

Mr Salmon joined Ansell back in June 2013 as CFO and appointed CEO as of September 2021. He beneficially owns ~232,600 shares in the company, with approximately $8.2 million.

Company page: Ansell (ANN)

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Black Cat Q2 gold production rises 24% QoQ

[9:08 am] Black Cat Syndicate reported preliminary December quarter group gold production of 25,437 ounces, up 24% vs. the prior quarter and within guidance of 23–28.5koz.

Gold sales totaled 17,485 ounces at an average realised price of A$6,325/oz, generating over $110m in revenue.

Cash, bullion and investments rose to $91 million from $56 million in the prior quarter.

Q3 production guidance has been set at 25–28koz.

Company page: Black Cat Syndicate (BC8)

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Ramelius Q2 gold production falls 17% QoQ

[9:06 am] Ramelius Resources reported preliminary December quarter gold production of 45,610 ounces, down 17% vs. the previous quarter, but remains on track to meet FY26 guidance of 185–205,000 ounces.

Cash and gold holdings stood at $694.3 million as of 31 December 2025.

Company page: Ramelius Resources (RMS)

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Talga secures Japanese patent

[8:57 am] Talga Group has secured a Japanese patent for its Talnode-C graphite anode technology, giving it exclusive rights in Japan until at least 2040. The technology supports high-power applications including robotics, hybrid EVs, and AI energy storage, complementing the US patent granted in October 2025. This milestone follows multi-year testing with Japanese cell producers and positions Talga to benefit amid China’s export restrictions on graphite.

Company page: Talga Group (TLG)

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Global bond markets kick off year with record issuance

[8:54 am] Borrowers across the US, Europe and Asia are rushing to raise funds, with January’s global bond sales hitting record levels as investors continue to absorb risk eagerly, according to Bloomberg.

• Approx US$245 billion of bonds have been issued globally through January 7, the highest ever for this period.

• US investment-grade issuance hit a two-day record of US$72 billion, including Broadcom’s US$4.5 billion multi-tranche deal and Orange SA’s US$6 billion five-tranche offering, reflecting strong demand for longer-dated debt.

• Europe saw a record day of new issuance with €57 billion ($66.6 billion) raised, while mandated deals from Italy and Portugal are expected this week.

• Asia raised over US$22 billion, with more deals anticipated as previously announced mandates come to market.

• High-yield issuance is also active, including CCC-rated bonds, highlighting investor appetite for risk despite abundant supply.

Source: Bloomberg

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Trump targets defence returns, housing investors

[8:50 am] President Trump signalled potential limits on dividends, buybacks and executive pay for US defence contractors while proposing restrictions on institutional purchases of single-family homes.

• Defence contractors must prioritise new production plants, equipment maintenance and faster output before returning capital to shareholders

• Trump says executive pay could be capped at US$5m until targets met.

• Defence stocks like Lockheed Martin (-4.8%), Northrop Grumman (-5.5%) and RTX (-2.4%) sold off and closed at intraday lows

• Trump also proposed banning large institutional investors from buying single-family homes, citing housing affordability, to be discussed further at Davos.

• Asset managers linked to housing, including Blackstone (-5.5%), saw share declines, while companies like Rocket and Zillow rallied.

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US labour market steady, services rebound

[8:45 am] November JOLTS data show job openings at their lowest since September, while ISM services point to stronger activity and demand in December.

• Job openings fell to 7.14m vs 7.70m expected, rate down to 4.3% from 4.5%, led by declines in accommodation, food services, transport, warehousing and wholesale trade.

• Hiring rate dropped to 3.2% from 3.4%, with federal government adding ~11,000 jobs

• Data reflects a “low hiring, low firing” labour market environment.

• ISM services index rose to 54.4, highest since October, driven by new orders sub-index at 57.9 and employment sub-index at 52.0, the first expansion in seven months.

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US Supreme Court tariff test looms

[8:44 am] The US Supreme Court is set to release decisions on Friday, with markets focused on a potential ruling that could materially narrow presidential tariff powers and lower the US effective tariff rate.

• Court watchers flag strong judicial scepticism during November oral arguments, with up to six justices questioning the administration’s expansive use of the International Emergency Economic Powers Act.

• Market consensus expects Trump’s IEEPA tariffs to be largely invalidated, with a base case that reciprocal tariffs are struck down while narrower applications may survive.

• A negative ruling would cut the US effective tariff rate from 16.8% to 9.3%, a meaningful easing in trade-related inflation pressure, according to Yale’s Budget Lab estimates

• The administration has signalled it would pivot to other tariff authorities, but these are constrained by time limits under Section 122 and lengthy investigation requirements under Section 301.

• An adverse ruling could also trigger tariff refunds, with more than US$133bn collected by mid December, though repayment mechanisms are expected to be slow and administratively complex.

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US geopolitical moves: Venezuelan oil boost, Greenland friction, Ukraine security progress

[8:42 am] Geopolitics is the talk of the town right now, but seems to have very little implications for markets outside of energy (lower oil prices, bullish outcome for refiners).

The top overnight headlines include:

• Trump says Venezuela could send 30–50 million barrels of oil to the US, potentially worth up to about $2.8 billion at current prices, to be sold at market value with proceeds under US control. Oil markets reacted with WTI briefly dipping below US$56 amid speculation this is from storage rather than new output. Talks with major US oil companies are set for Friday on Venezuela engagement.

• The Trump administration is renewing efforts to engage Denmark and Greenland, with options ranging from purchase proposals to controversial comments that military force is “always an option.” Denmark, other Nordic states and NATO allies have strongly rejected any coercive acquisition.

• On Ukraine, US special envoy Steve Witkoff and allies reported significant progress on binding security guarantees contingent on a future ceasefire and peace deal, including deterrence measures and multinational support frameworks. At a Paris summit, the US and European partners endorsed protocols to deter and defend Ukraine against future aggression, potentially including a US-led ceasefire monitoring mechanism.

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Good morning!

[8:30 am] ASX 200 futures are down 10pts (-0.11%) as of 8:30 am AEDT. Just getting the Morning Wrap out. The blog will start firing up in a minute.

The overnight session in a nutshell:

• Major US benchmarks broadly lower, with the S&P 500 fading a ~0.30% early gain to close 0.34% lower

• Geopolitics continues to dominate the headlines, with a myriad of moving pieces surrounding Venezuela, Japan-China, US-Greenland and EU-Ukraine security plans

• Relatively heavy data day, with solid ISM services, soft ADP private payrolls and unexpectedly weaker JOLTs job openings, though data did not have much impact on Fed policy expectations or bond yields