Goodbye Afterpay – Afterpay was officially suspended from trading on Wednesday afternoon to make way for their new owner, Jack Dorsey’s Block ASX:SQ2 (formerly Square). Afterpay closed at $66.47 after seeing lows of $10 and highs of $155 in the past 2 years. Although Block has listed with a market valuation of $80 Billion, it too has seen its share price 54% since it bought out Afterpay.
Beforepay tumbles – A new Fintech, allowing access to your pay on demand at 5% cost, listed on the ASX on Monday, plunging 42%. The worst opening day performance in history. The record breaking day has casted doubt on the fintech’s chances of riding the pay-day lending wave.
China cuts rates – Amid growing chatter of the Fed raising interest rates, China has unexpectedly cut interest rates for the first time in almost 2 years as figures show a slow down in economic growth. Some economist believe that the current figures have not taken into account the latest omicron breakouts. The moves put China even further apart from major central banks around the world.
Iron Ore Rallies – May 2021 saw Iron Ore prices rocket to a whopping $US233 a tonne, a 250% increase from a year earlier. Widespread affects of the COVID pandemic on supply and demand saw the price fall to $US92 in November of 2021, a 60% decrease. The new year however has seen prices rally, already gaining 10% since Jan 1.
Oil Soars – Oil prices surged on Wednesday to their highest in since October 2014 ($US87.76 a barrel). Adding to the bullish indicators, Goldman Sachs has raised its forecast for oil to reach $US100 a barrel as early as Q3.
Click here to open a POEMS trading account
This publication has been prepared solely for the information of the particular person to whom it was supplied by Phillip Capital Limited (“PhillipCapital”) AFSL 246827. This publication contains general securities advice. In preparing the advice, PhillipCapital has not taken into account the investment objectives, financial situation and particular needs of any particular person. Before making an investment decision on the basis of this advice, you need to consider, with or without the assistance of a securities adviser, whether the advice in this publication is appropriate in light of your particular investment needs, objectives and financial situation. PhillipCapital and its associates within the meaning of the Corporations Act may hold securities in the companies referred to in this publication. PhillipCapital believes that the advice and information herein is accurate and reliable, but no warranties of accuracy, reliability or completeness are given (except insofar as liability under any structure cannot be excluded). No responsibility for any errors or omissions or any negligence is accepted by PhillipCapital or any of its directors, employees or agents. This publication must not be distributed to retail investors outside of Australia.