The ASX appears to have shaken off the bears for now, maintaining its upward trajectory throughout the week to gain 3.40% over the past five days, now down just 3.45% for the year.
The other indices made similar gains: S&P500 (+6.36%), Nasdaq (+7.48%), FTSE100 (+3.60%) and Nikkei225 (+3.63%) all rose over the course of the year. the week and even the Hang Seng started to recover. , up +4.65% but still down 33.01% over the year.
The ASX200 sectors were mostly in the green this week, with only energy (-3.21%) and information technology (-0.73%) absent, utilities (+14.41%) ) and materials (+8.10%) which experienced the strongest increases.
Commodities were a similar story; base and precious metals increased, not more strongly than silver (+14.74%), platinum (+13.69%) and tin (+10.11%), although copper ( +9.76%) and palladium (+9.50%) were not far behind .
West Texas Intermediate crude was the only commodity to fall, losing 1.98% although still up 6.04% for the year.
US capital market predicts strong growth
Research from lending agency provider Ocorian found that positive sentiment is growing among financial market executives, who expect strong growth in the direct lending market to be driven by corporate mergers and acquisitions ( M&A) and refinancing.
Some 99% of market executives working in direct lending in the UK and US – which specialize in senior lending to businesses with less than $1 billion in annual turnover – expect a loan volume growth, with only 1% expecting the status quo.
The Ocorian study found that 59% predict growth of 10% or more over the next 18 months, with one in seven (14%) expecting 15% growth.
The complete results are shown in the table below:
“Our research shows that regulatory improvements are seen as the main driver of growth in the direct lending market, with senior executives working in the industry expecting an increase in lending volume over the next 18 months,” said said Ocorian, Head of Capital Markets – Americas. said Martin Reed.
“Of course, regulation is not the only factor, and our research has identified the need for diversification and the performance of these asset classes in volatile markets also drives expansion.”
71% of Australians lose trust in banks
A new study from Money Transfer Comparison, a money transfer rate comparison site, has suggested Australians may be reaching their limit on the level of interest rates, fees and charges that banks charge.
Almost three-quarters (71%) of Australians say they have lost some confidence in banks due to high interest rates and fees, and 74% would consider moving their accounts, loans or transactions to more affordable online services .
While the RBA is certainly to blame for the high rates, banks were increasing fixed rate loans long before RBA mandates started rolling out, with some interest rates on loans being 4-5% above the rate current cash flow of 2.85%.
The survey also cited high international transfer fees, high exchange rates and fees on missed payments or overdrafts as points of contention.
Younger age groups are more likely to have lost at least some level of trust in traditional banking services; 74% of 18-54 year olds compared to 58% of over 65 year olds.
“Our research shows that the majority of customers aren’t blindly loyal to their banks – and will go elsewhere if rates and fees rise disproportionately,” said Alon Rajic, Founder and Managing Director of Money Transfer Comparison.
“With so much information available online and so much competition in the marketplace, it’s very easy for consumers to compare interest rates and fees from dozens of financial service providers.
“It’s also quite simple to switch to a new provider using online comparison services – and I’m heartened to hear that three in four Australians are willing to switch to innovative, low-cost financial platforms if they can get a better deal.
“A significant consumer shift from traditional banks to innovative fintechs can also incentivize banks to increase their competitiveness.”
The desire to switch banks for cheaper services remained in all age groups; The 35-54 age group was the most willing at 80%, but 73% of 18-34 year olds and 67% of those over 55 said they were likely to take the plunge.
Small caps gain for the week
Skyfii leaps 100%
Skyfii Ltd (ASX: SKF, OTC: SFIIF) has had an impressive performance this week, doubling SKF’s share price in the past five days after announcing that the company had delivered a global surveillance solution. “industry first” restaurant at McDonald’s USA.
Venture Minerals soars 40%
Venture Minerals Ltd (ASX:VMS, OTC:VTMLF) lifted its share price by 40% this week after discovering high-grade REE mineralization at up to 12.5% TREO at Golden Grove North.
Sarytogan Graphite climbs 30.43%
Shares of Sarytogan Graphite Ltd (ASX:SGA) rose more than 30% following high-grade results from the central graphite zone of the company’s namesake project in Kazakhstan.
QMines shares rise 17.94%
The share price of QMines Ltd (ASX:QML) also rose this week, after the company announced it was on track to deliver the first JORC-compliant mineral resource estimates of Mt Chalmers and Woods. Shaft.
Core Lithium jumps 16.37%
Core Lithium Ltd (ASX:CXO) achieved a major milestone at Finniss this week, commencing transport of DSO spodumene to the Port of Darwin.