{"id":7617,"date":"2024-03-25T22:41:55","date_gmt":"2024-03-25T22:41:55","guid":{"rendered":"https:\/\/economicherald.net\/?p=7617"},"modified":"2024-03-25T22:41:55","modified_gmt":"2024-03-25T22:41:55","slug":"market-highlights-reddit-bitcoin-pop-and-why-aussie-small-caps-are-undervalued-compared-to-the-us","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7617","title":{"rendered":"Market Highlights: Reddit, Bitcoin pop; and why Aussie small caps are undervalued compared to the US"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><a href=\"https:\/\/www.amscot.com.au\/\" target=\"_blank\" rel=\"noopener\"><\/a><\/p>\n<p><strong>Markets pulled back after a strong week<\/strong><br \/>\n<strong>Bitcoin is trading above US$70k again<\/strong><br \/>\n<strong>And which has more undervalued opportunities, Aussie small caps or American ones?<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The ASX is set to open lower on Tuesday in line with Wall Street. At 8am AEDT, the ASX 200 index futures contract was pointing down by -0.3%.<\/p>\n<p>Overnight, stocks in New York pulled back after a strong week of trading. The S&amp;P 500 fell by -0.31%, the blue chips Dow Jones index was down by -0.41%, and tech-heavy Nasdaq slipped by -0.27%.<\/p>\n<p>Amongst the headlines was <strong>Boeing<\/strong>, which rose +1.5% after firing its CEO, Dan Calhoun, following recent mishaps.<\/p>\n<p><strong>Advanced Micro Devices<\/strong> and <strong>Intel<\/strong> both slipped around 1% after a story published on the FT said China would phase out the use of their chips in government computers.<\/p>\n<p>New IPO stock <strong>Reddit<\/strong> popped another 30% on no specific news after rising by 40% on its first day of trading last week. In its S-1 IPO filing, Reddit explicitly acknowledged the risk of becoming a meme stock, citing stocks such as GameStop and AMC Entertainment.<\/p>\n<p><strong>Bitcoin<\/strong> meanwhile rose another +6% in the past 24 hours to US$70,005.<\/p>\n<p>A report by <strong>10x Research<\/strong> said that Bitcoin tends to perform well during US election years \u2013 and 2024 is one \u2013 historically rising by 100%-200%.<\/p>\n<p>\u00a0<\/p>\n<h2>Do Aussie small caps punch more above their weight than American ones?<\/h2>\n<p>The US small cap sector might offer greater depth and diversity, but Australian small caps present distinct advantages for investors seeking value and growth \u2013 according to Datt Capital.<\/p>\n<p>Datt says that while the US market is undeniably deeper and more mature compared to its Australian counterpart, the Aussie small cap market remains under-researched, and this inefficiency can present unique opportunities for astute investors to uncover undervalued assets.<\/p>\n<p>\u201cThe Australian market is considerably cheaper than the US market on a relative basis,\u201d said Emanuel Datt, CIO of Datt Capital.<\/p>\n<p>\u201cValuation differentials between the two markets are quite apparent, with Australian equities trading at more attractive multiples compared to their US counterparts.<\/p>\n<p>\u201cThis affordability could appeal to investors seeking exposure to high-growth companies at more accessible entry points.<\/p>\n<p>\u201cThe outlook for the Australian small cap sector also looks bright.<\/p>\n<p>\u201cAustralian small caps present opportunities for growth, particularly in emerging industries like technology, healthcare, and renewable energy. These sectors may offer significant growth potential for investors seeking exposure to innovative companies,\u201d said Datt.<\/p>\n<p>\u00a0<\/p>\n<h2>In other markets \u2026<\/h2>\n<p><strong>Gold price<\/strong> rose by +0.35% to US$2,171.75 an ounce.<\/p>\n<p><strong>Oil prices<\/strong> climbed by +1.7%, with Brent now trading at US$86.74 a barrel.<\/p>\n<p>The benchmark <strong>10-year US Treasury yield<\/strong> jumped by around 5 basis points (bond prices lower) to 4.25%.<\/p>\n<p><strong>Iron ore futures<\/strong> lifted slightly by +0.2 % to US$108.40 a tonne.<\/p>\n<p>The <strong>Aussie dollar<\/strong> rose by +0.4% to US65.38c.<\/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\/veris-vrs\/\">Veris (ASX:VRS)<\/a><\/strong><br \/>\nData services company Veris has successfully led a consortium to become a Digital Twin Victoria Innovation Partner for the next three years. Veris says the services to be provided under the appointment are expected to be significant in value to its operations over the duration of the program.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/avecho-ave\/\">Avecho Biotech (ASX:AVE)<\/a><\/strong><br \/>\nRecruitment has now begun on Avecho\u2019s pivotal Phase III Clinical Trial testing its oral cannabidiol TPM-enhanced soft-gel capsule for insomnia, a global market estimated at more than $4 billion. The trial is the largest insomnia study of its kind, recruiting 519 patients across sites located in Melbourne, Sydney, Central Coast, Brisbane and Perth.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/tennant-minerals-tms\/\">Tennant Minerals (ASX:TMS)<\/a><\/strong><br \/>\nBluebird\u2019s first-pass metallurgical test-work delivers 23% copper and 1.5g\/t gold in concentrate. The company says this and the high copper recoveries of up to 97% are extremely encouraging, and indicate potential for positive outcomes from future economic studies into mining and extraction to produce a saleable copper and gold concentrate.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/mandrake-resources-man\/\">Mandrake Resources (ASX:MAN)<\/a><\/strong><br \/>\nRock chip samples that exceeded laboratory radiation limits have returned consistent, significant concentrations of uranium up to 0.73% U3O8. These results have validated high-grade uranium prospectivity within Mandrake\u2019s extensive land position, which incorporates much of the historic mines that extracted 78 million pounds of U308 between 1949 and 2019.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/rincon-resources-rcr\/\"><strong>Rincon Resources (ASX:RCR)<\/strong><\/a><br \/>\nDiamond hole 24WADD001, drilled to 601m, has successfully intercepted multiple zones of disseminated and blebby sulphide mineralisation in its first diamond hole at Pokali. The diamond core is currently in transit to Perth where it will be sampled and delivered to a Perth laboratory as soon as possible for analysis. Results are anticipated to be received from May.<\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/news\/market-highlights-reddit-bitcoin-pop-and-why-aussie-small-caps-are-undervalued-compared-to-the-us\/\">Market Highlights: Reddit, Bitcoin pop; and why Aussie small caps are undervalued compared to the US<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u00a0 Markets pulled back after a strong week Bitcoin is trading above US$70k again And which has more undervalued opportunities, Aussie small caps or American <a href=\"https:\/\/economicherald.net\/?p=7617\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":7618,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Highlights: Reddit, Bitcoin pop; 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