Local markets opened higher this morning, despite a wobble on Wall Street overnight. The ASX 200 benchmark hit the ground running and managed to maintain a Biden-esque steadiness at or somewhere near +0.2% on the run up to lunch.<\/p>\n
I\u2019ll get into the details of that shortly, but first we\u2019re off to China again, and \u2013\u00a0you\u2019re not going to believe this \u2013 but there\u2019s yet another counterfeiting scandal erupting that has social media all a-buzzin\u2019.<\/p>\n
It turns out that China\u2019s longest, uninterrupted waterfall is a fake.<\/p>\n
Boasting a vertical drop of 312 metres, and definitely Insta-worthy good looks, the Yuntai Waterfall is undeniably spectacular, attracting tourists from all over the world who gather at its base and make all the appropriate \u201cooh\u201d and \u201caah\u201d noises that Mother Nature loves to hear.<\/p>\n
However, earlier this week a hiker in the tourist park was poking around at the top of the falls, and found this:<\/p>\n
\u00a0<\/p>\n
The source of Asia\u2019s highest #waterfall<\/a> is a water pipe? In Xiuwu County, Henan Province, the Yuntai Mountain Scenic Area boasts the \u201chighest waterfall in Asia,\u201d the Yuntai Mountain Waterfall, with a staggering drop of 314 meters. \u2014 Shanghai Daily (@shanghaidaily) June 4, 2024<\/a><\/p>\n\n \u00a0<\/p>\n Yes, that is most definitely a pipe that\u2019s been concreted into the top of the falls, to keep it looking all nice and watery, even when there hasn\u2019t been enough rain.<\/p>\n The video caught the attention of Chinese officials, who forced the operators of the park to issue an apology \u2013 which they did in a wonderfully baffling fashion, by putting out a press release written on behalf of the waterfall itself.<\/p>\n \u201cI didn\u2019t expect to meet everyone this way,\u201d the waterfall said. \u201cAs a seasonal scenery I can\u2019t guarantee that I will be in my most beautiful form everytime you come to see me.\u201d<\/p>\n \u201cI made a small enhancement during the dry season only so I would look my best to meet my friends,\u201d the unusually loquacious geological structure continued.<\/p>\n So, it\u2019s another case of \u201cbuyer beware\u201d on the tourist trail in China. We can add it to the list of things that aren\u2019t what they seem, alongside those \u201cpandas\u201d everyone\u2019s still laughing about.<\/p>\n Tune in next week, when it\u2019s revealed that the Great Wall of China is really a half-dozen slabs of drywall from Bunnings with a very convincing paint job, and the South China Sea turns out to be four Olympic swimming pools stickytaped together.<\/p>\n \u00a0<\/p>\n Local markets were up before lunchtime today, with gains among the goldies and other miners more than accounted for a slump among the techies in the lead up to lunch.<\/p>\n The sectors looked like this:<\/p>\n \u00a0<\/p>\n Chart via Marketindex.com.au<\/p>\n \u00a0<\/p>\n The ASX indices look like this:<\/p>\n \u00a0<\/p>\n Chart via Marketindex.com.au<\/p>\n \u00a0<\/p>\n Among the big winners this morning was mega-goldie Resolute Mining (ASX:RSG)<\/strong><\/a>, which popped close to +6.0% despite a lack of fresh news.<\/p>\n That result is part of a very solid showing among the Materials sector, where no less than 22 companies were packing better than +10% gains so far today.<\/p>\n Consumer Discretionary was also surging this morning, with Aristocrat Leisure (ASX:ALL)<\/strong><\/a> adding weight to the gains with its own +1.7% boost.<\/p>\n One of the overarching reasons for the buoyancy we were seeing this morning was news from Europe that the ECB has followed Canadia\u2019s lead, rolling out a 25 basis point interest rate cut \u2013\u00a0just like everyone was expecting.<\/p>\n But that doesn\u2019t make it any less exciting for investors who have been groping around desperately for even the slightest hint that rate relief could be on the way, both here and in the US, where possible interest rate moves have been having a tediously massive impact on market sentiment for months.<\/p>\n It\u2019s worth mentioning here again that RBA boss Michele Bullock spent the day being grilled at Senate Estimates in Canberra yesterday, and thankfully managed to survive the barrage of self-important weaponised gormlessness our beloved Upper House members dished out.<\/p>\n The take-home message from Bullock was the same as it\u2019s been for months, namely:<\/p>\n I have one lever to pull to try to \u201cfix\u201d inflation. Deputy RBA Chair Andrew \u201cDoogie\u201d Hauser is making his first public appearance since rumours of him becoming Deputy Chair rocked Australia\u2019s tabloid press.<\/p>\n He\u2019s set to appear for a \u2018fireside chat\u2019 at an event called \u201cAustralia\u2019s Economic Outlook\u201d in Sydney today, where he\u2019s expected to toe the company line. If he says anything fascinating, I\u2019ll let you know.<\/p>\n \u00a0<\/p>\n US investors were sending mixed messages overnight, as the market there braced for a crucial US jobs report which will play a significant role in determining the Fed Reserve\u2019s next actions.<\/p>\n The S&P 500 fell by -0.02%, the blue chips Dow Jones index was up by +0.20%, and the tech-heavy Nasdaq slipped by -0.09%.<\/p>\n In the run up to that payrolls report, which is due out on Friday at 8:30am NY time, Wall Street sifted through a bunch of other data last night.<\/p>\n US jobless claims were higher than expected, labour costs went up but not as much as predicted, and the trade deficit got bigger.<\/p>\n The banner headline in US stock news comes via memestock Gamestop, which has gone a bit nuts again thanks to investor Keith Gill, aka \u201cRoaring Kitty\u201d, who recently broke a self-imposed social media hiatus to light another fire under the company\u2019s share price.<\/p>\n Gill is famously in very deep with his money in GME shares\u00a0\u2013 as this humblebrag posted to a certain subreddit suggests:<\/p>\n\n \u00a0<\/p>\n He\u2019s also announced that he\u2019s going to be hosting a livestream later on today, and the discussion is most likely going to focus on what he believes has been happening with Gamestop\u2019s stock.<\/p>\n It\u2019s\u2026 a lot. I have never the time, nor the patience, to try to pick it apart for you here \u2013 but if you\u2019ve got nothing to do for the rest of the month and you feel like disappearing down a rabbit hole of QAnon + JFK Assassination conspiracy-driven crazy talk, then this could be just the thing to drive you slowly mad in time for Christmas.<\/p>\n The news (without the hysterical MOASS hype) is that whatever Gill\u2019s up to, it\u2019s definitely having an effect on GME\u2019s price \u2013 it climbed +47% yesterday.<\/p>\n In other US stock news, Microsoft was up slightly and Nvidia was down -1% after reports that the US government was launching antitrust inquiries into both companies over their dominant roles in artificial intelligence.<\/p>\n In Asian markets this morning, things are looking fairly subdued throughout the region.<\/p>\n Japan\u2019s Nikkei is down a smidgen at -0.36%, the usually quite gregarious Hang Seng is barely registering a -0.08% flatline, and Shanghai markets are as flat as a Canberra journo this morning, on +0.08%.<\/p>\n And if you\u2019re looking for market news from Peru or Malta, there won\u2019t be any because those two venues are closed for the day. Peru is celebrating Flag Day, while in Malta everyone has the day off to remember the time British troops murdered four people in 1919.<\/p>\n \u00a0<\/p>\n Here are the best performing ASX small cap stocks for 07 June [intraday]:<\/strong><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/strong><\/p>\n <\/em><\/strong><\/p>\n Code Name Price % Change Volume Market Cap JAY Jayride Group 0.011 38% 12,276 $1,890,473 LNU Linius Tech Limited 0.002 33% 2,585,500 $8,320,111 MHC Manhattan Corp Ltd 0.002 33% 1,050,000 $4,405,470 SKN Skin Elements Ltd 0.004 33% 307,051 $1,768,458 WEL Winchester Energy 0.004 33% 3,102,000 $3,061,266 LTP Ltr Pharma Limited 0.840 31% 2,598,184 $45,059,512 REM Remsensetechnologies 0.030 30% 1,267,414 $3,791,773 IXC Invex Ther 0.078 30% 182,550 $4,509,231 BCK Brockman Mining Ltd 0.019 27% 1,935,251 $139,203,482 1AG Alterra Limited 0.005 25% 128,945 $3,448,586 ATH Alterity Therap Ltd 0.005 25% 2,185,168 $20,980,461 AUC Ausgold Limited 0.040 25% 10,375,666 $73,476,519 CCO The Calmer Co Int 0.010 25% 9,596,950 $11,045,767 SIH Sihayo Gold Limited 0.003 25% 215,575 $24,408,512 TMR Tempus Resources Ltd 0.005 25% 7,154,806 $2,923,995 DRE Dreadnought Resources Ltd 0.021 24% 32,632,170 $59,722,240 8VI 8Vi Holdings Limited 0.086 23% 9,451 $2,933,800 AEV Avenira Limited 0.006 20% 76,464 $11,745,170 BLZ Blaze Minerals Ltd 0.006 20% 51,000 $3,142,791 PRX Prodigy Gold NL 0.003 20% 40,000 $5,294,436 ASV Assetvisonco 0.020 18% 168,225 $12,339,222 AGC AGC Ltd 0.370 17% 2,284,966 $74,872,656 DXN DXN Limited 0.054 17% 473,411 $8,504,910 BFC Beston Global Ltd 0.004 17% 460,274 $5,991,141 TMK TMK Energy Limited 0.004 17% 14 $20,734,836 <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n Jayride (ASX:JAY)<\/strong><\/a> enjoyed a boost on Friday morning, after providing a trading update on its airport transfer marketplace business that showed that \u201ccontribution profit continued to increase on a lower passenger trips base\u201d, which the company says is a validation of its recently updated business strategy.<\/p>\n LTR Pharma (ASX:LTP)<\/strong><\/a> had a firm grip on the winner\u2019s list on Friday morning, after some solid news from its recent primary and secondary clinical studies for its Spontan erectile dysfunction spray.<\/p>\n Initial data showed that Spontan\u2019s nasal spray reached the same Cmax (maximum concentration) level as an oral administration, despite being administered at a lower dose, with volunteers showing observable effects of the drug in as little as 9 minutes, with an average of 12 minutes across the study compared to 56 minutes (Tmax) in patients receiving oral treatment.<\/p>\n RemSense Technologies (ASX:REM)<\/a> was the early leader on Friday morning, climbing nicely on news of a new contract with Chevron Australia to undertake virtualplant high-resolution photogrammetry scanning and image processing of Chevron\u2019s Gorgon LNG Train 1 in northwestern Australia for a contract value of $534,195.33.<\/p>\n Dreadnought Resources (ASX:DRE)<\/a> was up early on news that mineralogical work at its Gifford Creek Carbonatite \u2013 part of DRE\u2019s 100% owned Mangaroon Critical Minerals project \u2013 has confirmed that the dominant niobium mineral is pyrochlore, which is a high niobium mineral (>50%) from which ~95% of global niobium is produced.<\/p>\n Gold project developer MetalsTech (ASX:MTC)<\/a> says a key condition has been satisfied for its ~$120m (~A$0.639 per share) acquisition by Trans Metals Fund, following the granting of underground mining activity permit No. 2440-3935\/2023 for the Sturec Gold Mine.<\/p>\n \u00a0<\/p>\n Here are the most-worst performing ASX small cap stocks for 07 June [intraday]:<\/strong><\/p>\n Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/strong><\/p>\n <\/em><\/strong><\/p>\n Code Name Price % Change Volume Market Cap JAV Javelin Minerals Ltd 0.001 -50% 70,000 $4,352,462 GRV Greenvale Energy Ltd 0.055 -35% 2,191,424 $37,417,881 ICU Investor Centre Ltd 0.002 -33% 2,046,552 $913,534 MRQ Mrg Metals Limited 0.001 -33% 1,762,749 $3,787,678 ENT Enterprise Metals 0.003 -25% 13,693 $3,538,884 HCD Hydrocarbon Dynamic 0.003 -25% 955 $3,234,329 TD1 Tali Digital Limited 0.002 -25% 1,500,000 $6,590,311 NPM Newpeak Metals 0.020 -23% 84,790 $3,214,078 LML Lincoln Minerals 0.007 -22% 14,053,629 $15,336,407 88E 88 Energy Ltd 0.002 -20% 2,128,974 $72,231,680 ADD Adavale Resource Ltd 0.004 -20% 750,008 $5,201,327 ESR Estrella Res Ltd 0.004 -20% 118,960 $8,796,859 PUR Pursuit Minerals 0.004 -20% 102,502 $14,719,857 SGC Sacgasco Ltd 0.004 -20% 1,620,193 $3,898,435 VRC Volt Resources Ltd 0.004 -20% 11,458 $20,793,391 BPP Babylon Pump & Power 0.005 -17% 85,000 $14,997,294 BKG Booktopia Group 0.041 -16% 271,865 $11,182,050 CLU Cluey Ltd 0.042 -16% 106,500 $10,080,678 FTL Firetail Resources 0.098 -15% 3,578,921 $17,124,139 AQX Alice Queen Ltd 0.006 -14% 790 $4,836,930 POS Poseidon Nick Ltd 0.006 -14% 791,261 $25,994,743 TGN Tungsten Min NL 0.060 -14% 28,641 $55,048,999 TMG Trigg Minerals Ltd 0.006 -14% 85,119 $3,024,915 VML Vital Metals Limited 0.003 -14% 2,337,187 $20,632,734 STM Sunstone Metals Ltd 0.010 -14% 13,349,069 $42,220,940 <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n European Lithium (ASX:EUR)<\/strong><\/a> has received a major confidence boost with one of the world\u2019s largest automotive makers, BMW, providing US$15m in offtake financing to the Wolfsberg lithium project in Austria.<\/p>\n Greenvale Energy (ASX:GRV)<\/strong><\/a> has issued a further 18.5 million shares to Pioneer Resource Partners as partial repayment of its loan facility, reducing the face value from $3.28m to $2.28m.<\/p>\n The company also intends to offer eligible shareholders the opportunity to purchase up to $30,000 worth of shares priced at 5c each to raise up to $1.9m.<\/p>\n Proceeds will be used to advance development studies for its Alpha Torbanite project and support exploration activities at the newly acquired EP145 helium project.<\/p>\n Victory Metals\u2019 (ASX:VTM)<\/strong><\/a> cash position has been strengthened by the receipt of a $773,335 R&D tax offset for the 2023 financial year.<\/p>\n The funds relate to research and development activities carried out at the company\u2019s s North Stanmore heavy rare earth element project near Cue, Western Australia.<\/p>\n With further eligible R&D activities undertaken at North Stanmore during the 2024 financial year, the company expects to be able to claim further tax offsets in the coming financial year.<\/p>\n \u00a0<\/p>\n At Stockhead, we tell it like it is. While European Lithium, Greenvale Energy and Victory Metals are Stockhead advertisers, they did not sponsor this article.<\/em><\/p>\n <\/span><\/p>\n The post ASX Small Caps Lunch Wrap: Whose wonderful waterfall is a big, fat phony this week?<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\nA man discovered with a #drone<\/a> on Tuesday that\u2026 pic.twitter.com\/m4EJ7rjQz7<\/a><\/p>\nTO MARKETS<\/h2>\n
\nI don\u2019t know when I\u2019m going to pull it, because I don\u2019t have all the data.
\nI\u2019ll pull it when I\u2019m goddamned good and ready.<\/p>\nNOT THE ASX<\/h2>\n
ASX SMALL CAP WINNERS<\/strong><\/h2>\n
ASX SMALL CAP LOSERS<\/strong><\/h2>\n
ICYMI \u2013 AM EDITION<\/h2>\n