ASX 200 Live Today - Wednesday, 8th July
The S&P/ASX 200 is set to fall after oil prices spiked on renewed US-Iran tensions. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Wednesday, July 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. Let us know how we can make it even better.
Sovereign Metals pivots Kasiya to US critical minerals push as Rio Tinto exits operator role
[9:25 am] Rio Tinto has opted not to take up operatorship of Sovereign's Kasiya project, freeing Sovereign to pursue a US-focused strategy.
Rio Tinto will not exercise its right to become operator of Kasiya, citing its change in strategy following a review of its Iron and Titanium business
Rio Tinto's marketing rights over 40% of annual production and its pre-emptive rights over the project have now lapsed
Rio Tinto retains an approximate 18.2% shareholding, a board nominee right above 15% and notification rights on equity issues above 10%
Sovereign says the exit does not change Kasiya's fundamentals or economics, with Rio Tinto having invested over $60m since 2023 and contributed to the DFS
The company will now advance rutile and graphite offtake talks with Mitsui and Traxys from non-binding MOUs toward binding agreements
Kasiya offers exposure to three US-designated critical minerals, titanium via rutile, graphite and heavy rare earths, targeting non-Chinese supply chains
Company page: Sovereign Metals (SVM)
Cogstate posts record $89m of FY26 sales contracts
[9:21 am] Cogstate closed FY26 with record net sales contracts and stronger forward revenue visibility heading into FY27.
FY26 net sales contracts of $89.0m, up 116% from $41.3m in FY25, with $21.9m executed in the June quarter
Total contracted future revenue of $118.5m at 30 June 2026, up 32% year-on-year
Contracted revenue expected to be recognised in FY27 of $48.3m, up 54%
Contracted FY27 Clinical Trials revenue of $46.1m, up 58% from $29.2m, with Healthcare flat at $2.3m
Audited FY26 results and Appendix 4E due 18 August 2026
Company page: Cogstate (CGS)
Opthea rebrands to Ceryvyn Therapeutics
[9:16 am] Opthea has completed its name change to Ceryvyn Therapeutics following shareholder approval, with a new ASX ticker from Thursday.
Shareholders approved the name change at an EGM held on 3 July 2026
ASIC has processed the change to Ceryvyn Therapeutics Ltd
Shares will trade under the new ASX code CYV from the open on Thursday, 9 July 2026
Company page: Ceryvyn Therapeutics (CYV)
Ramelius hits FY26 guidance for sixth straight year
[9:13 am] Ramelius produced 192,182oz in FY26, within guidance, as Dalgaranga's ramp-up drove a sharp lift in June quarter output.
Full-year production of 192,182oz, within the 185,000 to 205,000oz guidance range and the sixth consecutive year of meeting guidance
June quarter production of 53,466oz, up 40% on the prior quarter as Dalgaranga haulage ramped up
Underlying free cash flow of $138.3m, before the $54.1m interim dividend, $30.5m of buybacks and $15.6m of tax instalments
Cash and gold balance of $649.6m at 30 June 2026, with a $131m Spartan stamp duty payment due in July
Edna May hub sale to Forrestania Resources revised to $210m cash plus $90m in shares, leaving RMS with about 9.6% of FRS on completion in the September quarter
AISC to be finalised in the full quarterly report due 29 July 2026
Company page: Ramelius Resources (RMS)
Predictive Discovery pours 64,026oz as Kiniero runs above nameplate
[9:12 am] Predictive Discovery's Kiniero mine in Guinea ran well above nameplate capacity in the June quarter, lifting group output and cash.
Kiniero milled 2.2Mt at 0.86g/t Au to pour 54,252oz, with Nampala adding 9,774oz for a combined 64,026oz Au
Plant throughput averaged 1,113tph, or around 9.0Mtpa, well above Kiniero's 6.0Mtpa nameplate capacity
Gold recovery at Kiniero improved to 90.5% on continued process optimisation
Cash and bullion of $530m (US$365m) at 30 June 2026
A comprehensive June quarter activities report is due later this month
Company page: Predictive Discovery (PDI)
Alkane lands FY26 production in top half of guidance
[9:11 am] Alkane's three mines delivered 168,337 gold-equivalent ounces for the year, near the upper end of guidance, while cash and bullion swelled to $454 million.
Q4 production of 42,491 AuEq oz, comprising 40,949 gold oz and 456 antimony tonnes across Tomingley, Costerfield and Björkdal
Full-year output of 168,337 AuEq oz, in the top half of the 160,000 to 175,000 oz guidance range
Cash, bullion and listed investments of $454m, up $104m on the prior quarter and $214m since December 2025
June quarter activities report due Tuesday 21 July 2026
Company page: Alkane Resources (ALK)
Greatland appoints Nick Strong as COO to lead Telfer and Havieron
[9:10 am] Greatland has hired mining engineer Nick Strong as COO and promoted Otto Richter to Chief Technical Officer.
Nick Strong joins as COO on 5 October 2026, taking responsibility for Telfer and Havieron operations
Strong brings more than 25 years of experience across gold and base metals at Northern Star, Rio Tinto and Newcrest, most recently as GM Hemi and KCGM Growth at Northern Star
He will work with Telfer GM Mark Benson on mining and processing performance while overseeing the Havieron brownfield underground development
Acting COO Otto Richter transitions to CTO on Strong's commencement, focusing on strategic mine planning including the West Dome Underground study
Company page: Greatland Resources (GGP)
ResMed to divest MatrixCare to Frazier Healthcare Partners
[9:04 am] ResMed will offload its MatrixCare software arm to focus on its core sleep, breathing and connected home health businesses under its 2030 strategy.
ResMed has agreed to sell MatrixCare to private equity firm Frazier Healthcare Partners, with terms not disclosed
MatrixCare provides software to more than 15,000 providers across skilled nursing, senior living, long-term care, home health and hospice
The divestiture frees up capital to reallocate toward innovation and scale across ResMed's connected home-based care ecosystem
The deal is expected to close in Q1 of FY27, subject to regulatory approvals and customary conditions, with no changes to MatrixCare service until then
ResMed will detail the financial impact in its Q4 FY26 regulatory filings
Company page: ResMed (RMD)
Charts of interest: Yields up, Oil spikes and Miners crumble
[9:00 am] A few charts of interest from the overnight session.
The rate-sensitive US 2-year yield rose 7.5 bps to 4.18% and remains in a very strong uptrend.
US 2-year yield daily chart (Source: TradingView)
Brent returned to pre-war levels of US$70 a barrel last week, now back above US$75.
Brent crude daily chart (Source: TradingView)
Rare earth, lithium and strategic metal stocks were under pressure overnight, with the VanEck Rare Earth/Strategic Metal ETF down 5.0%. It's now down 26% from the 11 May high and trading below the 200-day moving average for the first time since July 2025.
VanEck Rare Earth/Strategic Metal ETF daily chart (Source: TradingView)
Copper prices fell 1.0% overnight to US$6.19/lb, now down around 8% since early June but still up 8% year-to-date. However, the Global X Copper Miners ETF tumbled 4.9% overnight, closing just below the 200-day moving average, for the first time since May 2025. While copper prices have held up relatively well, the ETF is up just 2.1% year-to-date.
Global X Copper Miners ETF daily chart (Source: TradingView)
Wall Street floods SpaceX with buy ratings as quiet period ends
[8:48 am] More than a dozen brokers initiated coverage with buy-equivalent ratings, implying 58% upside even as the stock sits well below its June high.
Over a dozen brokers including Morgan Stanley, JPMorgan and Goldman Sachs started coverage with buy-equivalent calls, for an average target of US$236, some 58% above Tuesday's US$149.47 close
Raymond James is the most bullish with a strong buy and a Street-high US$800 target, against a low of US$62 from Morningstar, which sees the stock as overvalued
SpaceX fell 6.8% on Tuesday and is now more than 25% below its 16 June closing high of US$201.80, having IPO'd at US$135
Analysts are leaning on long-term Starlink and AI services growth while looking past current losses, questionable profitability and stretched valuation
Nasdaq 100 entry plus earlier Russell 1000 inclusion should drive at least US$5.4bn of forced index buying, offering technical support
Source: Bloomberg
SK Hynix's US$28bn US listing said to be multiple times oversubscribed
[8:46 am] SK Hynix's Nasdaq ADR offering has drawn strong early demand ahead of Thursday's pricing, setting up the biggest ever US listing by a foreign company.
The memory chipmaker is marketing 177.9 million ADRs worth around US$28bn, based on Friday's Seoul close, with the book said to be several times covered
Demand has come from global long-only funds and tech-focused investors, with around 1,000 institutions joining a management call on Monday
Baillie Gifford, Coatue Management and Situational Awareness Partners have indicated interest in up to US$7bn of ADRs
The deal covers 2.5% of SK Hynix's market value, which has more than tripled this year to above US$1 trillion despite sharp swings in chip stocks
Each ADR equals one-tenth of a common share, with pricing due early Thursday in New York and a Nasdaq debut on Friday
Source: Bloomberg
Amazon's US$25bn bond sale hammers hyperscaler debt on AI financing fatigue
[8:46 am] Investors dumped existing tech bonds to make room for Amazon's giant new issue, a sign of growing unease over the wave of AI-related debt.
Amazon is raising US$25bn in an eight-part offering that drew around US$62bn in peak demand, about half the orders for its US$37bn deal in March
The spread on Amazon's 5.65% 2046 notes widened around 21 bps to 97 bps, while Alphabet's 5.75% 2066 bonds widened 12 bps to 98 bps
Existing notes from SpaceX, Alphabet, Nvidia, Meta and Oracle were also hit, making tech among the worst performers in the US high-grade secondary market
Source: Bloomberg
Vertex to buy Crinetics for US$10bn in endocrinology push
[8:45 am] Vertex has struck its largest ever acquisition, paying a roughly 102% premium for endocrinology player Crinetics to diversify beyond cystic fibrosis, and likely, another positive catalyst for the broader healthcare sector.
Vertex will acquire Crinetics for US$85 per share in cash, valuing the San Diego company at around US$10bn, or US$8.8bn net of acquired cash
The offer is more than double Crinetics' prior close, sending its shares up around 100%
The deal brings in Palsonify, an FDA-approved oral acromegaly pill, and atumelnant, a Phase 3 candidate for congenital adrenal hyperplasia, together seen generating more than US$5bn in peak annual revenue
The transaction dwarfs Vertex's prior record, the US$4.4bn purchase of Alpine Immune Sciences in 2024, and is expected to close in Q3 2026 and turn accretive to adjusted operating income in 2029
US stocks slip as chip selloff deepens and oil jump lifts yields
[8:41 am] A second day of semiconductor selling and a spike in oil weighed on Wall Street, though most S&P 500 names rose on rotation into other sectors.
Nasdaq 100 fell 1.8%, the S&P 500 lost 0.4% and the Dow eased 0.2% after trading as much as 0.44% higher earlier
Semiconductors led losses for a second day, with the VanEck Semiconductor ETF down 3.7%, Intel off 9.6%, AMD down 6.5% and Micron down 4.7%
Mag-7 names held up, with Meta up 2.5%, Nvidia up 0.7%, Amazon up 0.7% and Microsoft up 0.5%
Healthcare rose 1.55% to a fresh record and Energy gained 3.0%, helped by a biopharma M&A wave including Vertex's US$10bn deal for Crinetics
US 10-year yield rose 8 bps to 4.55%, its highest since 10 June, with the 2-year up 7.5 bps to 4.18%
Oil surges as US strikes Iran and revokes oil sale waiver
[8:39 am] Renewed US-Iran hostilities in the Strait of Hormuz have reignited energy supply fears, driving crude sharply higher and pressuring gold.
US Central Command launched fresh strikes on Iran in retaliation for attacks on three commercial vessels transiting the Strait of Hormuz, the most in a single day since late April
US Treasury separately revoked the waiver allowing Iranian oil sales after 7 July, a licence that had authorised production and sale through 21 August
WTI surged above US$72 a barrel and Brent popped ~5.6% to US$76
Gold slumped on fears that elevated energy prices could push the US Federal Reserve to raise rates
Both sides accused the other of breaching the 17 June interim deal, with Iran vowing "decisive actions" and separately telling the IMO it has authority over parts of Hormuz
Asian tech sells off as Samsung's blowout profit fails to impress
[8:39 am] Investors used Samsung's results to bank profits on a strong chip rally, rotating out of crowded memory names into defensive sectors.
Samsung quarterly profit surged 19-fold on AI demand but landed just 6% above ests, triggering a share slide of as much as 10% in Seoul
MSCI Asian technology gauge fell as much as 4.9%, dragging peers SK Hynix and Kioxia lower, while financial and communications shares rose
Korea's Kospi tumbled as much as 8.2% and briefly halted trading
The Asia tech gauge trades above 6x book value, near a record high and more than double the region's health, consumer and financial indexes
Analysts framed the move as healthy rotation rather than the end of the semiconductor trade, with money able to flow back quickly if memory prices or chip earnings surprise
Source: Bloomberg
Good morning
[8:27 am] ASX 200 futures are down 39 pts (-0.44%) as chip stocks sold off again to drag the Nasdaq lower and oil jumped on renewed Strait of Hormuz attacks.
The overnight session in a nutshell:
Major US benchmarks lower, hit by several catalysts including further semiconductor weakness, re-escalation in the US-Iran conflict and rising bond yields
Samsung posted a record quarterly profit but shares tumbled 6.9%, while a Reuters report that China's DeepSeek is building its own AI chip rattled chipmakers
Oil spiked after Iran struck three tankers, prompting the US to launch fresh attacks in retaliation and revoke Iran's oil sale licence
