ASX 200 Live Today - Wednesday, 17th September

Welcome to our live ASX coverage for Wednesday, September 17. We’re excited to trial this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Today's live blog will wrap 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 falls ahead of Fed decision

[2:00 pm] Tuesday's session looked already, with solid breadth, and today we get the complete opposite. ASX 200 currently down 0.71%, hovering around session lows, with 148 constituents (74%) trading lower or flat. Nine out of 11 sectors trading lower, four of which are down more than 1% (Discretionary, Real Estate, Materials and Staples).

All eyes on the Fed decision at 4:00 am tomorrow morning. It'll be interesting to see what policymakers are thinking ... the craziest outcome could look something along the lines of a 25 bp cut but several members dissenting for 50 bps.

ASX 200 daily chart (Source: TradingView)

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Peninsula Energy new sub holder

[1:48 pm] A UK-based fund has emerged as a major shareholder in embattled Peninsula Energy. Tees River, a long-biased hedge fund focused on the Clean Energy Transition, operates both a dedicated uranium fund and a pan-commodity critical resources fund. The uranium fund has disclosed a 9.14% stake in Peninsula Energy, which likely includes its recent $22.5 million commitment to Peninsula's $69.9 million equity raise.

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Gold prices slip, miners ease

[1:45 pm] Gold prices started off the Wednesday session around breakeven, currently down 0.2% to US$3,682. Most gold names have slipped further and trading around intraday lows.

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Corporate Travel remains suspended

[12:58 pm] Corporate Travel Management shares will remain suspended as the company's FY25 audit faces delays due to potential adjustments in how it recognises revenue and costs in its European operations. While these adjustments are expected to reduce FY25 earnings and boost prior year results, they shouldn't affect cash flow or FY26 operations.

The company noted that FY26 has started positively and expects to provide an audit update in November 2025. CTD shares have been suspended since August 22.

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Hang Seng Tech Index nears four year high

[12:49 pm] The Hang Seng Tech Index is up 2.5% today, trading at levels not seen since November 2021. The Index is up 11% in the past month and 43% year-to-date. Lots of Chinese tech heavyweights surging, with Baidu up over 10% and Alibaba up 3.4% following a rare public appearance by founder Jack Ma.

Hang Seng Tech Index chart (Source: TradingView)

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Coal and critical metal stocks on the move

[12:42 pm] Coal stocks trading broadly higher, with Whitehaven (+5.1%), Coronado Global (+4.2%), Yancoal (+2.5%) and Stanmore (+2.5%) trading around 2-3 week highs. Newcastle coal futures up 2.8% overnight to US$106.9 a tonne. BHP's move to suspend operations at its Saraji South coking coal mine might be another catalyst buoying the sector.

A few rare earth names are also ticking higher and pushing weekly highs, with notable gainers including Northern metals (+8.5%), Lindian Resources (+5.0%) and Australian Strategic Metals (+5.0%).

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Block trades of interest

[12:40 pm] Two small caps with massive volume (but share price relatively flat).

• Atturra ($0.76) had 5.4 million shares cross via two blocks at 76 cents

• Bathurst Resources ($0.74) logged a 1.2 million share block trade at 76 cents

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ASX 200 lower, retail and telcos fall

[11:00 am] ASX 200 down 0.42%, erasing yesterday's 0.28% gain. Quite a choppy, sideways market in recent days.

• Discretionary was the best performing sector on Tuesday, now leading today's decline

• Notable decliners include Flight Centre (-2.7%), Guzman Y Gomez (-2.6%), Harvey Norman (-2.0%) and Wesfarmers (-1.3%)

• Energy stocks bucking the trend after oil prices gained ~1.5% overnight

• Defensives including Utilities, Staples also outperforming in a relative basis

ASX 200 sectors (Source: Market Index)

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Uranium stocks broadly lower

[10:56 am] Uranium stocks are giving back some of yesterday's gains, with most names down around 3-5%.

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BHP to suspend Queensland coking coal mine

[10:42 am] BHP and its partner Mitsubishi Development will suspend operations and cut 750 jobs at the Saraji South coking coal mine in Queensland, effective November 2025.

The decision is due to a combination of low coking coal prices and what the company calls "unsustainable" state government royalties.

Source: Reuters

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ASX 200 gainers and losers in early trade

[10:39 am] Lithium, rare earth and energy stocks broadly higher, while a few risk/growth related names slip in early trade.

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DroneShield: contract wins and trading update

[9:52 am] DroneShield has announced a number of updates this morning, including:

• DroneShield received two new contracts worth a combined $7.9 million from the US Department of Defense for handheld systems. All equipment is expected to be delivered and paid for in the fourth quarter of 2025.

• With these new contracts, DroneShield has now sold more than 4,000 systems globally.

• 3Q25 recognised revenue to date currently stands at $77 million and growing, "already in excess of the previous two record quarters combined."

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Syrah and Tesla extend sample deadline

[9:51 am] Tesla has sent a notice to Syrah Resources, alleging that the company is in default of its agreement to supply conforming active anode material (AAM) samples from its Vidalia facility.

While Syrah does not accept that it is in default, the two parties have agreed to extend the deadline to cure the alleged issue from September 16, 2025, to November 15, 2025.

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Citi's take on Paladin Energy

[9:23 am] Citi describes Paladin Energy's $300 million raise (at an 8% discount) as "well-timed", leveraging recent share price gains and strong demand signals after the recent World Nuclear Symposium. Here are some of the analysts' key takeaways:

• Langer Heinrich Mine is running ahead of expectations with higher ore grades, lower production costs (US$40.7/lb vs. guidance of US$44–48), and realised prices of US$67.4

• Full year 2026 production guidance is reaffirmed at 4.0–4.4 million pounds with sales of 3.8–4.2 million lbs, inventories have increased to 1.47 million lbs, adding balance sheet flexibility.

• The PLS project is expected to produce around 9 million pounds a year at low costs (cash cost US$11.7/lb, all-in sustaining cost US$15.2/lb) but requires around US$1.2 billion in pre-production capital, with first output not expected until 2031.

• Citi forecasts uranium prices will remain strong for the next two to three years, reaching US$100/lb in 2026, with Paladin seen as its preferred Australian-listed exposure.

Citi retained a Buy rating for Paladin, but lowered its target price from $9.30 to $9.00.

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Insider Trade: Bubs Chairman

[9:18 am] Bubs Australia Chairman Paul Jensen purchased 500,000 shares at 16 cents a piece. The shares are held indirectly under his retirement trust.

The stock closed at 15 cents on Tuesday, but up 50% year-to-date amid a turnaround in earnings and cashflow.

Source: ASX Announcement | Company page: Bubs (BUB)

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Uranium stocks to ease

[9:10 am] Tuesday was a massive day for uranium stocks, with names like Bannerman, Deep Yellow, Lotus Resources and Boss Energy all up 7-12%. This was driven by a US and UK agreement to accelerate nuclear power approvals as well as plans to increase the US strategic uranium stockpile.

However, the Global X Uranium ETF slipped 3.5% overnight, a move that could see local uranium stocks follow suit.

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Gold extends gainers, miners not so much

[9:08 am] Gold prices gained another 0.29% overnight and briefly crossed US$3,700 for the first time on record.

Despite another record setting session, gold miners struggled for upside, with the VanEck Gold Miners ETF down 2.0%.

Gold price chart (Source: TradingView)

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New Hope earnings call highlights

[8:52 am] New Hope shares rallied 5.0% on Tuesday after reporting a relatively in-line set of numbers for FY25 and a stronger-than-expected dividend. Here are some of the key takeaways from the company's earnings call:

• Facing operational challenges from weather, logistics, and soft coal prices due to global oversupply

• No significant increase in coal prices expected over the next six months

• Focusing on operational efficiency and cost controls to maintain resilience

• Planning organic growth with Maxwell Mine production starting in Q1 2026, targeting future supply shortfalls

• Committed to disciplined capital management through dividends, share buybacks, and a new Dividend Reinvestment Plan

• Expects to generate consistent margins from its low-cost assets, regardless of market cycles, and continue to provide shareholder returns through dividends and buybacks

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US retail sales continue to beat estimates

[8:50 am] US retail sales increased for a third straight month in August, up 0.6% month-on-month vs. consensus for a 0.2% increase.

The sales increase was widespread, with nine out of 13 retail categories showing gains. This was particularly driven by online retailers, clothing stores, and sporting goods, suggesting strong back-to-school shopping.

The data indicates that consumers remain resilient and are still spending, even amid factors like tariffs, a subdued economic outlook, and a weakening labor market.

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US reach framework agreement for TikTok

[8:48 am] US and Chinese officials have reached a framework deal to allow TikTok to continue operating in the US. This agreement, which is subject to a phone call between Presidents Trump and Xi on Friday, is a major step toward a resolution.

Trump hinted that this progress on TikTok could lead to a wider trade accord.

The deal's framework involves the app's US operations moving to US-controlled ownership. It also includes the licensing of ByteDance's content-selection algorithms to the US business to address national security concerns.

Source: Bloomberg

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US IPO revival

[8:46 am] The US IPO market is seeing its best quarter since 2022, with 104 filings in the September quarter, according to Wall Street Horizon. Following successful debuts from high-profile names like Klarna and Figma, focus has shifted to upcoming names like StubHub and Netskope this week.

Source: Wall Street Horizon

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Bank of America's Global Fund Manager Survey

[8:42 am] BofA's monthly FMS survey is stacked with insights. It covers 196 global institutional fund managers with $490 billion under management. Here are some of the key takeaways from the latest report:

• September FMS showed sentiment at seven month highs while cash levels held near record lows of 3.9%

• Contrarian “Sell” signal triggered back in July when cash fell from 4.2% to 3.9%

• Equity allocation jumped 14 pp to 28% overweight, a seven month high, despite record 58% of investors saying global equity markets are overvalued

• Global growth expectations up 25 pp to 16%, biggest jump since Oct-24

• Inflation views remain sticky, with net 25% expecting global CPI to rise over the next 12 months

• Long May 7 was the most crowded trade for a second-straight month (previously gold)

• “Second wave of inflation” now the biggest tail risk as “trade war triggering global recession” fell from first to fourth

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Good morning!

[8:30 am] ASX 200 futures are down 40pts (-0.45%).

• Major US benchmarks slightly lower (S&P 500 -0.13%, Dow -0.27%, Nasdaq -0.07%)

• A fairly quiet and rangebound session ahead of the highly anticipated FOMC decision

• Fed widely expected to cut rates by 25 bps, CME's Fedwatch tool shows 3.9% likelihood of a 50 bp cut

If you’re new to the blog – catch up quick via today’s Morning Wrap.