ASX 200 Live Today - Wednesday, 9th September

Welcome to our live ASX coverage for Wednesday, September 9. 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.

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New updates

ASX 200 slips banks and healthcare stocks tumble

[1:30 pm] A bit of an earlier wrap up today. The ASX 200 is down 20 pts (-0.22%), with the path of least resistance still lower against a backdrop of higher oil and elevated yields. Brent is fractionally firmer at US$99.48 a barrel. The Aussie 3-year is up 2 bps to 4.84%, and a close here would top the Mar-26 high to mark the highest since Jun-11. Westpac's consumer sentiment index fell 5.2% month-on-month to 84.4 yesterday, wiping out the recent bounce to 88.9 that had marked the highest read since March 2026. UBS reckons a few more months of soft sentiment would slow real consumption growth over coming quarters, and could even see it "weaken sharply towards flat". That's probably why a sector like discretionary is going full circle. It rallied 25% between 12 May and 5 August and has since given back 14%. Energy and materials keep doing the heavy lifting. Oil and gas, coal and refiners are all benefiting from elevated prices, while copper pushes record levels on constrained supply and US tariff concerns. A challenged market overall, where the oil and yield levels everyone is watching offer no relief.

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UBS runs diesel sensitivity across diversified mining coverage

[1:08 pm] UBS has screened diesel exposure across its mining coverage, concluding the majors are largely insulated while road haulage and coal mining intensity leave others geared to fuel prices.

• BHP and Rio Tinto are least exposed, with costs rising just US$0.15/t per US$10/bbl move in diesel, and BHP needing about US$180/bbl to test the top end of cost guidance against spot of US$158/bbl

• Rio's Pilbara sensitivity is similar, though its cost base is already tracking above FY26 guidance, implying operational efficiencies are needed to offset

• Fortescue sits at about US$0.20/t per US$10/bbl and may test the upper end of cost guidance at US$180/bbl diesel, particularly with AUD spot at 0.72 versus a 0.70 guidance basis

• Mineral Resources is among the most sensitive at roughly A$0.4/t per US$10/bbl on higher road haulage intensity, with US$210/bbl diesel lifting FOB costs to about A$58.5/t, above the top end of guidance and consuming the benefit of Onslow operating improvements

• Whitehaven is the most geared, with costs rising almost A$1/t per US$10/bbl, where US$120/bbl leaves costs broadly in line with the guidance midpoint and about US$180/bbl tests the upper limit

• UBS frames diesel as a cost burden rather than a near-term risk to production levels, and on updated spot prices sees Mineral Resources and BHP offering the greatest positive fair value leverage across the coverage group

Company pages: BHP (BHP), Rio Tinto (RIO), Fortescue (FMG), Mineral Resources (MIN), Whitehaven Coal (WHC)

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Japanese retail traders add to yen shorts as the currency rallies

[1:07 pm] Japan's individual investors are leaning further against the yen's advance even as the currency reaches its strongest levels in months, setting up the risk of a forced unwind.

• Retail traders held an estimated ¥3.61tn (US$23.5bn) of net short yen positions last week, up from August, with bearish wagers having peaked at ¥4.41tn in July, the most since 2015

• The yen has strengthened about 4% against the dollar this month, briefly breaching 153, on expectations for further Bank of Japan tightening and speculation over a shift in domestic pension fund allocations

• The rally accelerated as key levels broke, triggering large stop-loss orders, with hedge funds positioning for further gains and some betting dollar-yen falls below 150 by year-end

• Mizuho's Masayuki Nakajima said continued appreciation may eventually force retail investors to unwind dollar-long positions, amplifying yen strength through additional dollar selling

• SBI Liquidity Market's Ryo Suzuki noted retail traders bought the dip as dollar-yen fell from 160 but turned more cautious below 155, and are quicker to cut losses than in the past rather than waiting for forced liquidation

• Retail positioning contrasts with offshore investors, who have rushed to unwind yen-funded carry trades as the currency surged

Source: Bloomberg

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Yuan emerges as carry trade funder as the yen surges

[11:44 am] Strategists at Citigroup, Maybank, Societe Generale and BBVA are pointing to the yuan as a contender to fund carry trades, with Bank of Japan hike signals eroding returns from yen-funded positions.

• A carry trade borrowing offshore yuan and investing in a basket of eight emerging market currencies returned 1.5% over the past three months, while the same strategy funded by the yen lost 1%

• The yen has swung from a loss in August to a 4% gain so far this month, while the offshore yuan has barely moved

• Citigroup's Rohit Garg and Gordon Goh flagged the offshore yuan's high carry-to-volatility ratio and recommended a dollar call, offshore yuan put spread to capture the trend

• Maybank's Fiona Lim said relatively low rates and a stable yuan could enhance its appeal as a funding vehicle, citing the steadiness of Chinese rates against surging global yields

• BBVA's Dariusz Kowalczyk expects yen funding costs to roughly match yuan costs when the BOJ hikes in September, with the following hike making offshore yuan funding cheaper for the first time

• Constraints remain, with the yuan not freely convertible, shallower liquidity in longer-dated Chinese borrowing, and Societe Generale's Kiyong Seong noting PBOC reference rates signal resistance to significant appreciation

Source: Bloomberg

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Banks dip to two-month lows

[11:41 am] The ASX 200 Financials Index is down 1.3%, on the cusp of a fresh two-month low. The declines are headlined by a sharp 1.8% fall for CBA, which is now trading slightly lower year-to-date.

S&P/ASX 200 Financials daily chart (Source: TradingView)

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BHP and Rio Tinto headline miner gains

[11:36 am] Some chunky gains for BHP and Rio Tinto buoyed the broader ASX 200 Materials Index 1.0% higher. Iron ore prices have recovered to US$100 a tonne, while copper rose 1.0% overnight to a near-record close of US$6.78/lb.

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ASX 200 slips as resource gains fail to offset healthcare and bank declines

[11:32 am] The ASX 200 is down 23 pts (-0.26%), trading at a six-week low as gains for Energy (now at the highest since 8-Apr) and Materials were offset by broad weakness, including sharp declines for banks and healthcare stocks.

S&P/ASX 200 sectors (Source: Market Index)

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Echo IQ tanks 50% after FDA declines EchoSolv HF clearance

[10:34 am]The FDA has issued a Not Substantially Equivalent determination for Echo IQ's initial EchoSolv HF 510(k) application, with the stock down 53% in early trade to 59.5 cents though still up 128% year-to-date.

• The initial 510(k) application has not received clearance for commercial use, with Echo IQ and its US regulatory and legal advisors, study partners and independent statistical experts reviewing the matters raised

• The Company believes a pathway forward exists under the 510(k) route and intends to engage with the FDA to clarify the determination and assess all administrative and regulatory options

• The determination does not affect EchoSolv AS, the FDA-cleared platform, with US commercial infrastructure, reimbursement pathway, customer pipeline and strategic relationships continuing to advance

• Cash at bank of over $105m as at July 2026, which management says provides the resources to progress the additional work required for EchoSolv HF

• CEO Dustin Haines said the Company is disappointed and its view differs on certain aspects, but the determination provides detailed feedback that can now be assessed with advisors and discussed directly with the FDA

Company page: Echo IQ (EIQ)

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Top ASX 200 gainers

[10:26 am] Copper stocks opened broadly higher as copper continued to grind towards record highs overnight, while energy, defence and aluminium stocks are also catching a bid.

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Top ASX 200 losers

[10:26 am] Gold miners opened broadly lower after gold prices dipped 1.6% overnight to US$4,354/oz (and down a further 0.3% to US$4,344 in early trade today).

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Westgold guides FY27 production of 385-425koz and outlines path to 500koz

[9:42 am] Westgold has released FY27 guidance alongside an updated three-year outlook targeting a step-up in group production and lower costs by FY29. Comparisons below are to Macquarie ests only, not consensus.

• FY27 production guidance of 385-425koz, with the 405koz midpoint broadly in line with ests of 402koz

• FY27 AISC guidance of $2,980-$3,380/oz, with the $3,180/oz midpoint 2% above ests of $3,108/oz

• Growth capital of $450m-$480m in FY27 funding accelerated underground development, open pits and brownfield plant expansions at Cue and Meekatharra

• Exploration and resource definition spend of $50m-$75m in FY27, with more than $150m across the three-year outlook

• FY29 production targeted at 460-510koz, with the 485koz midpoint 2% above ests of 474koz, and AISC of $2,640-$3,000/oz with the $2,820/oz midpoint, 4% below ests of $2,930/oz

• Group processing capacity to exceed 7Mtpa by FY29 via sequenced brownfield expansion at Cue in FY27 then Meekatharra in FY28

• The Fletcher Zone at Beta Hunt is excluded from the outlook, with internal conceptual studies indicating it could add about 140kozpa and position Westgold above 600kozpa once developed

Company page: Westgold Resources (WGX)

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Catalyst grows Keillor resource 280% on path to 2Moz reserve

[9:40 am] Catalyst has updated the mineral resource for its operating Keillor gold mine on the Plutonic Gold Belt, following the first meaningful drilling at the deposit in 25 years.

• Resource up about 280% to 3.2Mt at 3.0g/t Au for 307koz, from the previously reported 81koz at 3.6g/t Au

• The indicated portion of the underground resource rose about 500% to 187koz, informed by 30,000m of underground drilling from dedicated platforms

• Deeper holes returned 7m at 5.1g/t Au some 350m beneath the West Lode and 4m at 10g/t Au 180m beneath the East Lode, indicating potential to extend at depth

• A reserve update is underway and expected in coming weeks, with Catalyst expecting the initial three-year mine life to extend

• Metallurgical testwork confirmed free milling ore with recoveries above 92% and gravity recovery above 40%, while development capital is now largely spent with ongoing requirements limited to mine development

• September 2025 ten-year guidance should now be treated as a general guide only, with Catalyst flagging changes to permitting timelines, reserves and resources, geological understanding, operational delays and processing capacities

Company page: Catalyst Metals (CYL)

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PMET conducts large scale caesium sampling at CV13

[9:40 am] PMET has provided an update on its BerryPick bulk sampling program at the Vega Caesium Zone within the CV13 pegmatite in Quebec.

• More than 2.5 tonnes of pollucite pegmatite collected to date from outcrop at the Vega Zone

• Collection uses very large diameter core of about 30cm from a grid of shallow holes under 60cm, described as a fast, low-cost method delivering larger fragments and greater sample volume

• Previous channel sampling at the outcrop returned 3.0m at 9.43% Cs2O

• Ore sorting testwork including geochemical analysis is anticipated to commence in Q4 2026, with final composite grades to be announced alongside those results

• Sampling continues through the fall, with the resulting concentrate to support larger scale downstream chemical testwork and industry product engagement

• PMET continues engaging strategic caesium players downstream, including building on its existing relationship with Koch Technology Solutions for chemical processing

Company page: PMET Resources (PMT)

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Syrah pushes back financial close on strategic funding proposals

[9:23 am] Syrah has updated the market on implementation of its non-binding funding proposals from the DFC, DOE and AustralianSuper, with timelines slipping on both the near-term loan drawdown and the broader package.

• Financial close on the proposed transactions is now expected in the first half of 2027, with binding documentation taking longer than expected

• A further US$15m DFC loan disbursement to subsidiary Twigg Exploration and Mining is now expected to complete in October 2026, funding working and sustaining capital at Balama

• The disbursement remains subject to DFC approvals and other conditions, and its completion is part of the reason binding documentation on the wider package has been delayed

• Remaining conditions include execution of binding transaction documentation plus government, regulatory and Syrah shareholder approvals

• The proposals are intended to fund operation and ramp-up of Syrah's ex-China natural graphite and active anode material assets as graphite markets evolve

Company page: Syrah Resources (SYR)

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Exploration and drilling wrap

[9:23 am] A busy morning of drill results and project updates across gold, copper, silver, antimony and fluorspar.

• Sunstone Metals (STM) hit 6.0m at 26.60g/t AuEq within 9.4m at 17.23g/t AuEq in MEDD005 between the Melonal and Alba porphyry systems, while MEDD007 returned 368m at 0.45g/t AuEq, completing a 30-hole program at Bramaderos with all holes intersecting mineralisation outside the existing 3.6Moz AuEq resource ahead of a resource update next quarter

• Corazon Mining (CZN) validated and extended the Wembley Line at its Feather Cap Gold Project with 4m at 10.60g/t Au from 66m and 4m at 9.20g/t Au from 65m, with the best intercept 60m east of historic drilling and the structure open at depth

• Maronan Metals (MMA) intersected shallow copper-gold north of its 2025 Indicated resource, including 20.0m at 0.83% Cu and 0.42g/t Au from 257m, with 14,000m of a planned 40,000m program complete in support of a pre-feasibility study

• Kali Metals (KM1) confirmed an outcropping gold system over 3km of cumulative strike at Marble Bar, with diamond results of 2.6m at 10.8g/t Au from 8.7m and 1.8m at 7.4g/t Au from surface, tested to only about 50m vertical depth

• OD6 Metals (OD6) extended the Rocket, Big Jim and Spar fluorspar corridor across roughly 700m at Quinn, with six samples at 97% CaF2 or better including three at 99.9%, across at least four mineralised structures

• Cobre (CBE) executed ore purchase agreements with two Antofagasta copper oxide miners, expected to deliver 50 to 75kt per month of 1.0 to 1.5% CuT ore from Q4 2026 and add about 300t of monthly cathode at no mining or development cost, incremental to the 400 to 500t/m underground target

• Nova Minerals (NVA) received about 500 tons of crushing, ore sorting, milling, flotation and refining equipment at Port MacKenzie for its Alaskan antimony facility, funded by a US$43.4m Department of War award under Title III of the Defense Production Act

• Olympio Metals (OLY) commenced field work at the Jacknife and Raven silver projects in Idaho's Silver Valley, with drill pads under preparation and a diamond rig mobilising imminently to test the historical Conjecture Mine and Conjecture Shear Zone

Company pages: Sunstone Metals (STM), Corazon Mining (CZN), Maronan Metals (MMA), Kali Metals (KM1), OD6 Metals (OD6), Cobre (CBE), Nova Minerals (NVA), Olympio Metals (OLY)

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Viridis approved for R$77.5m BNDES financing facility

[9:16 am] Viridis has secured approval for a long-term, low-cost Brazilian government facility supporting its rare earths processing centre and reducing the remaining debt requirement for Colossus.

• BNDES approved a R$77.5m facility (A$21m) for wholly owned subsidiary Viridis Mineração, with a 16-year total tenor comprising a four-year grace period and 12-year amortisation

• Indicative pricing of TR plus 2.70% per annum equates to roughly 4.8% per annum based on the current annualised TR of about 2.1% as at August 2026

• Funding covers eligible expenditure already incurred on the Rare Earths Research and Processing Centre at Poços de Caldas, plus ongoing demonstration plant operations and RD&I activities

• The approval converts the July 2025 Joint Support Plan with BNDES and FINEP under Brazil's strategic minerals funding initiative into committed long-term financing

• Remaining senior debt requirement falls to about US$280m against US$449m of development capital for Colossus, alongside US$154m of identified equity funding versus a US$135m target

• The CPTR produced first mixed rare earth carbonate in May 2026 and continues demonstration-scale production, metallurgical optimisation and process validation

Company page: Viridis Mining and Minerals (VMM)

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Marimaca drilling delivers 216m of 1.0% copper at Pampa Medina

[9:14 am] Marimaca Copper has reported further assays from Pampa Medina in Chile, with infill drilling on 150m centres confirming continuity of the stacked manto system and step-out holes extending mineralisation to the south and west.

• SPRD-15 returned 216m of 0.96% Cu and 7.2g/t Ag from 466m, including 62m of 2.20% Cu and 21.5g/t Ag from 602m, and 12m of 3.25% Cu and 36.7g/t Ag from 632m

• SPD-13 extended both the historical oxide and new sulphide zones near the south-east limit, intersecting 222m of 0.50% Cu from 194m including 48m of 1.05% Cu from 368m

• SPRD-12 extended the sulphide manto 300m west of previous drilling with 56m of 0.95% Cu and 4.2g/t Ag from 748m, including 22m of 1.80% Cu from 750m

• SPRD-17, drilled 150m east of SMRD-16, intersected 104m of 0.65% Cu from 522m across multiple stacked mantos

• Mineralisation now extends 300m to the south and west of the central corridor within the defined 3km by 1.5km area of interest

There's a good chance you've never heard of Marimaca, despite its ~$1.1bn market cap. The stock is listed on the Toronto Stock Exchange and made its ASX debut in September 2025. Its flagship Marimaca Project sits in Chile, not far from BHP's Spence and Capstone Copper's Mantos Blancos. The company completed a DFS last year across a sizeable 179Mt grading 0.42% copper, or 748,000 tonnes of contained metal. The stock is extremely illiquid (you'd be hard pressed to buy $10,000 of stock on the ASX without crossing a massive spread).

Company page: Marimaca Copper (MC2)

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Sovereign Metals scoping study adds rare earths by-product at Kasiya

[9:07 am] Sovereign Metals has released a scoping study for recovering a monazite rare earths concentrate as a by-product from streams already generated by the Kasiya DFS flowsheet, with the project renamed the Kasiya Critical Minerals Project.

• Base case pre-tax NPV8 uplift of US$722m for incremental capital to first production of about US$29m, implying an incremental IRR of roughly 151% and payback of around 1.5 years, with upside NPV8 of US$883m

• Total integrated Kasiya pre-tax NPV of US$2.9bn, with pre-tax unlevered free cash flow of about US$1.8bn over a potential 23-year initial mine life

• Incremental steady state EBITDA of about US$84m on roughly 90% operating margins, with incremental site operating costs of about US$0.90/kg of concentrate

• Steady state production of 2,626tpa of monazite rare earth concentrate containing 1,485tpa of total rare earth oxides, including 310tpa NdPr, 36tpa DyTb, 193tpa yttrium and 82tpa samarium plus gadolinium

• Maiden monazite resource of 524.4Mt at 0.0132% monazite underpins the production profile, with no additional mining or front-end processing required

• Next steps include variability testwork on TREO distribution, concentrate marketing and offtake discussions commencing immediately, and PFS completion in 2027

Company page: Sovereign Metals (SVM)

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Forrestania secures hub agreements and advances restart readiness

[9:06 am] Forrestania has executed a suite of commercial and supply agreements underpinning restart readiness at its Lake Johnston and Edna May processing hubs.

• An ore purchase agreement with First Au establishes a framework for up to 2 million tonnes of third-party ore over 24 months, with campaign parcels of 50,000 to 150,000 tonnes processed at either hub at Forrestania's election

• Forrestania takes title to delivered ore and retains ownership of recovered gold, with supplier payments set under pricing formulae linked to ore characteristics and processing outcomes

• A 5-year sodium cyanide supply agreement with Orica for Lake Johnston commences in 2027, covering roughly 1,000 tonnes per annum and a minimum 5,000 tonnes over the initial term, plus handling infrastructure and technical support

• Framework agreements signed with SGS Australia for laboratory services across both sites and Campbell Gold Haulage for ore transport and future regional ore sourcing

• Replacement SAG and ball mill liners ordered for Edna May with delivery scheduled for November 2026, alongside grinding media and activated carbon for the grinding and gold recovery circuits

• Executive Chairman David Geraghty said the Company is securing the critical ingredients required for successful operations following the Edna May acquisition, while building the platform for long-term hub utilisation

Company page: Forrestania Resources (FRS)

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Copper miners back near record highs

[9:00 am] The NYSE-listed Global X Copper Miners ETF rallied as much as 5.7%, closing 4.1% overnight, and within 2% of its 27 August record high.

• Refined metal shifting to the US ahead of possible tariffs has drained LME stockpiles, triggering a squeeze last month and keeping the curve in steep backwardation

• SHFE inventories fell to the lowest since 2024, with Chinese demand expected to pick up as manufacturing enters its traditional peak season

• Global mined production is at risk of its first annual decline since 2017 unless output recovers in the second half

NYSE-listed Global X Copper Miners ETF (Source: TradingView)

This is probably why ASX futures are tracking higher today, despite the weak lead from Wall Street. NYSE-listed BHP and Rio Tinto shares finished 1.7% and 0.5% higher respectively overnight, TSX-listed copper names like Capstone Copper rallied 7.6%, Marimaca surged 12.7% and FireFly Metals slipped 0.5%.

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Latam currencies lead EM gains ahead of US inflation prints

[8:56 am] Latin American currencies outperformed on Tuesday as the dollar slipped, though the broader EM currency gauge still finished lower.

• The Brazilian real jumped as much as 1.1% against the dollar after polls showed Flavio Bolsonaro gaining on Lula ahead of the October vote, with the local stock gauge at its strongest since April

• The Chilean and Colombian pesos posted some of the best moves after stronger-than-expected inflation data raised the odds of hawkish central banks, lifting carry appeal

• Copper hit a record for a second session, supporting the peso and helping offset higher oil, with Chile's central bank expected to hold at 4.5%

• A Bloomberg dollar gauge declined toward its lowest since February, with markets pricing a 60% chance of a quarter-point Fed hike next week ahead of Wednesday's PPI and Friday's CPI

• MSCI's EM currency index still fell, with the Malaysian ringgit and Indian rupee the biggest laggards and the EM equity gauge also lower

• RBC BlueBay's Graham Stock said the evaporation of Lula's second-round lead is driving increased appetite for Brazilian local currency risk, particularly in FX and rates

Source: Bloomberg

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Qualcomm signs Amazon as data centre chip customer and investor

[8:55 am] Qualcomm has landed AWS as a customer for custom AI infrastructure chips, in a deal that pairs supply with an equity option for Amazon.

• Qualcomm will design customised chips for AWS AI infrastructure across multiple generations, covering both AI accelerators and interconnect parts

• Amazon gains the right to acquire up to 25 million Qualcomm shares at US$161.26 each, worth about US$4bn, vesting in stages tied to chip orders

• Payments could reach US$60bn over the next decade under the agreement

• Revenue starts booking in the fiscal first quarter to December, with CFO Akash Palkhiwala saying it gives "very high confidence" in the US$5bn FY27 data centre target and calling the deal "the first of many"

• Palkhiwala flagged strong engagement with another hyperscaler, adding to previously announced customers Meta, Saudi Arabia's Humain and ByteDance

• Shares closed up 3.2% at US$174.09 after rising as much as 8.7%

Source: Bloomberg

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Oil nears US$100 as Houthi strikes halt Saudi energy sites

[8:42 am] A wave of Houthi missile and drone attacks on southern Saudi Arabia has pushed Brent to its highest level since late July, with the spillover now visible across refined fuels, European gas and equity markets.

• Brent settled 2.1% higher to US$99.38 a barrel

• Houthi forces targeted civilian and economic sites at Abha, Khamis Mushait, Jazan and Najran, wounding 73 people and temporarily suspending operations at several oil facilities and utilities including the 400,000 barrel-a-day Jazan refinery

• Reported explosions at Kharg Island, Iran's main crude export terminal, lifted prices into the settlement, though crude came off its highs after Tehran flagged progress with Oman on a temporary transit route through Hormuz

• Vitol's Russell Hardy estimated Hormuz flows at about 10 million barrels a day, roughly half pre-war levels, while Goldman Sachs modestly raised its oil price estimates assuming shipping disruption persists into 2027 and Eurasia Group sees crude holding a US$85 to US$105 range

• Refined fuels are tightening faster than crude, with Europe's diesel benchmark closing in on US$200 a barrel and US average diesel prices hitting a record high on Monday, per AAA

• European gas hit a three-year high, with Dutch front-month futures up 4.7% at €76.74 a megawatt hour and storage just 67% full against a seasonal norm of 83%, less than a month before the heating season

• Qatar posted a second-quarter budget deficit of 21.2bn riyals (US$5.8bn), its widest since late 2016 and almost double the prior quarter, with LNG exports down from about 20 million tons a quarter last year to under 2 million and the IMF forecasting an economic contraction of more than 8% this year

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Copper hits record high on supply squeeze outside the US

[8:40 am] Copper extended its rally to a fresh record on Tuesday, up around 18% this year as tariff-driven flows to the US drain inventories elsewhere.

• Three-month LME copper gained 1.3% to US$14,703 a ton, a fourth straight session of gains and a second consecutive record

• COMEX inventories hit a record 766,795 short tons, with the total US hoard including off-exchange stock estimated above 1 million tons

• LME warehouse stocks have shed nearly 40% since late May, while SHFE inventories are down 85% from the March peak to the lowest since January 2024

• Macquarie's Alice Fox pointed to storms in Chile, guidance downgrades, Middle East escalation and data centre demand as amplifying the squeeze

• Global mined production is at risk of its first annual decline since 2017 unless output recovers in the second half

• Zinc rose 0.5% to US$4,002 a ton, its highest in more than four years, with aluminium, nickel and iron ore all modestly higher

Source: Bloomberg

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Good morning!

[8:26 am] ASX 200 futures are up 17 pts (+0.19%). Here's what happened overnight:

• Major US benchmarks closed lower for a second straight session, with the Dow hit the hardest after a sharp pullback for healthcare stocks

  • S&P 500 (-0.58%), Equal-weight S&P 500 (-1.04%)

  • Nasdaq (-0.32%), Dow (-1.18%), Russell 2000 (-0.52%)

  • US 2-year up 2 bps to 4.40%, US 10-year up 1 bp to 4.79%, US 30-year up 0.5 bp to 5.24%

• Oil continued its nerve-racking ascent, with Brent up 2.0% to US$99.25 a barrel after Houthi drone and missile attacks halted operations at Saudi energy facilities

• Two big single-stock stories to highlight – Amgen tanked 10% as Novartis's failed cholesterol trial reset the odds for an entire drug class, while Qualcomm landed Amazon as a second hyperscaler customer for its data centre chips