Yesterday
Market rout hits $97b and investors fear there are billions more to go
Brokers and fund managers said the Trump administration’s tariffs were threatening to turn into a full-blown economic crisis as global markets plunged.
Super funds urge members not to panic after rout takes losses to $170b
The country’s largest retirement investors say they are leaning in to the meltdown, which they see as a short-term problem that presents buying opportunities.
Where’s the circuit breaker? Traders stare into abyss
It will require a lot of hope and optimism to go against a tide of panic and fear. Especially when the market feels the White House is content to let it burn.
This Month
ASX braces for capitulation after $9trn wiped from Wall Street
The country’s major asset managers and hedge funds will suffer historically large losses when the market opens, compounding a difficult year with poor returns.
With global markets in turmoil, big super faces an epic stress test
The major funds will get a chance to prove they can handle the turbulence. But the financial system’s vulnerabilities have shifted from banks to pensions.
$90b wipeout in superannuation wealth could force RBA to cut rates
There’s good news and bad news for Australian households as Trump’s trade agenda pushes the sharemarket into correction territory.
ANZ review found staff raised concerns and middle managers failed them
Oliver Wyman’s detailed report into the cultural problems within the bank’s markets unit has singled out weak leaders who failed to supervise powerful traders.
APRA lashes ANZ’s risk culture, raises capital penalty to $1b
A separate review of the bank found “weaknesses in culture, leadership, and infrastructure could lead to material issues in the future”.
RBA frets over global markets, hedge fund leverage
Australian households have weathered high interest but the Reserve Bank of Australia is worried about a global market storm that’s coming our way.
Phil King’s Regal writes Opthea to zero and backs off risky bets
The veteran stockpicker told investors the firm would review how its $220 million wager on the biotech went so wrong “to ensure it does not occur again”.
March
Opthea in active talks with funders after second trial fails
The little hope left for Opthea shareholders has been crushed after the biotech said a second late-stage trial of its eye disease treatment had failed.
A trillion-dollar sovereign wealth fund could be Trump’s grandest plan
There are plenty of big assets that could be sold to get the White House’s hopes in motion. Investors are already being told not to underestimate the impact.
Used car refurbisher and dealer Carma hopes to break the IPO drought
Should it proceed with an initial public offering, it would counter a trend of venture-backed companies delaying listings for years or even indefinitely.
ANZ backflips on culture review and agrees to release report in full
The Melbourne-based bank’s board will meet this week to consider a report into governance in its markets unit authored by consultants at Oliver Wyman.
Regal’s listed funds slash value of biotech Opthea by two-thirds
The hedge fund run by veteran stockpicker Phil King has told investors that the eye treatment play is worth 20¢ per share. It is the company’s largest investor.
Investors fret over clinical trial failure’s hit on Regal funds
Phil King’s investment firm was the largest shareholder in Opthea, the eye treatment play that could become insolvent after a poor medical result.
ASIC demands answers from private credit as it beefs up surveillance
ASIC has given a select group of private credit funds until mid next month to explain how they value assets, manage conflicts and look after its investors’ interests.
Metrics in the middle of a private credit storm
The private credit pioneer has won support from big funds, brokers, advisers and research consultants, but its rise has divided opinions.
SQM issues warning on private credit after uptick in bad loans
One of the largest ratings agencies said it was concerned by “questionable” practices and a lack of transparency in the non-bank lending sector.
Metrics hits back at critics, says there’s plenty of money flowing in
The private credit giant held a conference call with investors after a big financial planner recommended advisers sell their funds.