{"id":10969,"date":"2023-06-18T23:10:38","date_gmt":"2023-06-18T23:10:38","guid":{"rendered":"https:\/\/economicherald.net\/?p=10969"},"modified":"2023-06-18T23:10:38","modified_gmt":"2023-06-18T23:10:38","slug":"market-highlights-wall-street-retreats-chinas-ev-domination-and-bitcoins-10x-call","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10969","title":{"rendered":"Market Highlights: Wall Street retreats, China\u2019s EV domination, and Bitcoin\u2019s 10x call"},"content":{"rendered":"<p>The ASX to open flat today as Wall Street retreated on Friday<br \/>\nA Bank of America analyst says current market looks more like 2000 or 2008<br \/>\nFord says the US is \u201cnot quite yet ready\u201d to compete with China in EVs<\/p>\n<p>\u00a0<\/p>\n<p>Australian shares are poised to open flattish this morning after Wall Street took a breather.<\/p>\n<p>At the close on Friday, the S&amp;P 500 was down -0.37%, and tech heavy Nasdaq finished -0.68% lower ahead of the long Juneteenth holiday weekend.<\/p>\n<p>Experts think the recent stock market rally seems a bit overextended, but too much money still remains on the sidelines.<\/p>\n<p>\u201cThis means if the AI trade remains intact, this winning streak for mega-cap tech stocks can last a while longer,\u201d said Oanda analyst, Edward Moya.<\/p>\n<p>Bank of America analyst Michael Hartnett however said he wasn\u2019t convinced that we\u2019re in a new bull market.<\/p>\n<p>\u201cThe current market looks more like 2000 or 2008, with a big rally before a big collapse,\u201d Harnett warned.<\/p>\n<p>To stock news, Spotify rose 3% after parting ways with the \u00a0production company founded by Prince Harry and Meghan Markle, Archewell Audio.<\/p>\n<p>Disney fell -2% after announcing the departure of its longstanding CFO, Christine McCarthy.<\/p>\n<p>Shares of Virgin Galactic surged 16.5% after announcing that it will launch commercial space operations\u00a0later this month.<\/p>\n<p>Meanwhile, \u00a0the Consumer Sentiment Index in the US came in at 63.9, versus forecast of 60.5 \u2013 suggesting that there\u2019s hope of a soft landing.<\/p>\n<p>\u00a0<\/p>\n<h2>China to dominate EVs<\/h2>\n<p>Ford Motor executive chairman Bill Ford Jr said the US is \u201cnot quite yet ready\u201d to compete with China in the production of electric vehicles (EVs).<\/p>\n<p>\u201cThey developed very quickly, and they\u2019ve developed them in large scale, and now they are exporting,\u201d Ford told CNN on the weekend.<\/p>\n<p>Projections show that China will become the world\u2019s No 2 exporter of passenger vehicles, and will challenge traditional car exporters such as Japan and Germany.<\/p>\n<p>China\u2019s electric cars are already selling well, with the Chinese brand BYD poised to overtake Tesla this year as the world\u2019s top EV maker.<\/p>\n<p>In terms of market cap, BYD\u2019s market cap of US$760bn trails behind only Toyota and Tesla.<\/p>\n<p>\u00a0<\/p>\n<h2>In other markets \u2026<\/h2>\n<p>Crude oil prices pared gains, down by -0.5%, after maintenance work caused refinery outages across Asia.<\/p>\n<p>Gold price was flat at US$1,957.58.<\/p>\n<p>\u201cGold won\u2019t be attracting safe-haven flows until this stock market breaks, and that might not if the AI trade remains intact,\u201d said Moya.<\/p>\n<p>Bitcoin meanwhile was down half a per cent in the last 24 hours to US$26,413.<\/p>\n<p>MicroStrategy\u2019s Michael Saylor has issued a 10x price increase for BTC, and said it could happen very quickly.<\/p>\n<p>\u201cI have confidence that the crypto exchanges will come around to realising that Bitcoin really is the dominant asset in this space, and their business models are fine when Bitcoin goes up by a factor of 10,\u201d Saylor\u00a0told\u00a0Bloomberg.<\/p>\n<p>\u00a0<\/p>\n<h2>5 ASX small caps to watch today<\/h2>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/dubber-corp-dub\/\">Dubber Corporation (ASX:DUB)<\/a><\/strong><br \/>\nThe Saas company says it\u2019s on track to deliver a record revenue result of $30m in FY23, with an annualised exit revenue run-rate of $36m based on expected revenues for June. Q4 FY23 revenue expected to be up 20% on Q3 FY23. The company also says it\u2019s on track to achieve cash flow break even during FY25 within existing cash reserves.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/lithium-power-international-lpi\/\">Lithium Power (ASX:LPI)<\/a><\/strong><br \/>\nLPI announced that it has entered into a binding agreement to sell its wholly-owned Australian subsidiary, Western Lithium, to Albemarle Lithium for an all cash-for-shares transaction of $30m. LPI said the proceeds will result in a healthy cash balance as the company progresses to finance and construct its flagship Maricunga lithium brine project in Chile.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/fineos-fcl\/\">FINEOS Corporation (ASX:FCL)<\/a><\/strong><br \/>\nThe tech company focusing on the insurance sector announced that Guardian Life Insurance Company of America has signed an agreement to implement the FINEOS platform for its absence products. FINEOS also notes that its results to mid-June support delivery of revenue nearer the lower end of the range of \u20ac124 million to \u20ac128 million communicated to the market in February.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/avita-medical-avh\/\">AVITA Medical (ASX: AVH)<\/a><\/strong><br \/>\nThe regenerative medicine company said the US FDA has approved its application for premarket approval (PMA) of its RECELL System for the treatment of vitiligo. The PMA approval was based upon results from the company\u2019s pivotal trial of the RECELL System.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/gold-50-g50\/\">Gold 50 (ASX:G50)<\/a><\/strong><br \/>\nWide-spaced drilling at the Golconda Project has intersected high-grade gold-silver mineralisation within several broad mineralised zones including: 35m at 5.2g\/t gold and 5.9g\/t silver from 176.8m, including 9m at 19.5g\/t gold and 17.8 g\/t silver in GRC06.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/news\/market-highlights-wall-street-retreats-chinas-ev-domination-and-bitcoins-10x-call\/\">Market Highlights: Wall Street retreats, China\u2019s EV domination, and Bitcoin\u2019s 10x call<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>The ASX to open flat today as Wall Street retreated on Friday A Bank of America analyst says current market looks more like 2000 or <a href=\"https:\/\/economicherald.net\/?p=10969\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10970,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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