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ASX Live Coverage Summary – Thursday, June 4
Welcome to our live coverage of the ASX for Thursday, June 4. We anticipate a busy pre-market session with updates throughout the day, concluding around 2:00 pm AEST.
Chalice Mining’s Deep Blue Upgrade
- Update Time: 9:35 am
Chalice Mining has upgraded its Deep Blue project to a drill-ready Copper-Molybdenum-Silver-Rare Earth Element target, with initial drilling expected in the coming weeks. Key highlights include:
- Rock chip assays show high-grade results, reaching up to 19.3% Total Rare Earth Oxides (TREO) and 384-377ppm copper within a 2.5 km anomaly.
- The Rare Earth Element distribution is weighted towards high-value magnets critical for defence.
- Magnetic and gravity anomalies indicate a significant hydrothermal system extending over 2 km near the Caravel Copper Project.
- The area remains largely untested, and land access is secured for at least ten drill holes pending approvals.
- Chalice is well-positioned financially with approximately $63 million in cash as of March 31, 2026.
Pro Medicus Signs Ohio State Renewal
- Update Time: 9:30 am
Pro Medicus’ subsidiary Visage Imaging has established a new $16 million five-year agreement with The Ohio State University Wexner Medical Center, expanding services to include workflow and cardiology imaging solutions.
- The contract is structured for transaction-based revenue, offering potential growth due to increased fees per transaction.
- Total renewals for FY26 now total $141 million, highlighting robust client retention.
Magnetic Resources Approves Genesis Acquisition
- Update Time: 9:28 am
Magnetic Resources’ shareholders have endorsed the acquisition by Genesis Minerals at an implied price of $2.00 per share.
- The deal comprises $1.40 in cash plus 0.0873 Genesis shares for each Magnetic share, with all-cash or all-scrip options available.
- The Supreme Court of WA will hold a hearing on June 9 to finalise the transaction.
- Trading for Magnetic is expected to cease following close on June 10, with completion on June 22.
CEO of GDI Property Sells Shares
- Update Time: 9:20 am
Stephen Burns, CEO of GDI Property Group, has sold 500,000 shares to fulfil personal tax obligations but retains 1.6 million shares.
US Services Sector Activity Increases
- Update Time: 9:20 am
The ISM services PMI exceeded expectations in May, reporting a rise to 54.5 against a forecast of 53.8.
- New orders surged to 57.3, the highest since last year.
- Despite positive order statistics, price pressures persist, with the price index reaching its highest level since last August.
Tesla’s Chinese Deliveries Surge
- Update Time: 9:19 am
Tesla saw a 39% year-on-year increase in deliveries from its Shanghai factory, with 85,982 vehicles delivered in May. The broader Chinese EV market also recorded a 12% rise in sales.
Markets Uncertain on Federal Reserve Actions
- Update Time: 9:18 am
Market predictions show nearly equal probabilities (~41%) for either a 25 basis point rate hike or a hold by year’s end, reflecting a cautious investor sentiment.
New Tariffs Proposed Amid Trade Tensions
- Update Time: 9:16 am
The USTR has suggested implementing 10-12.5% tariffs on various imports due to forced labour concerns. The tariffs are set against several trading partners, including China and others.
Market Sentiment Shift to "Greed"
- Update Time: 9:01 am
Goldman Sachs’ CEO indicated a “greed” phase dominates the markets as AI funding is anticipated to surge, driven by ample liquidity from recent successful IPOs and capital raises.
Vanguard’s ETF Milestone
- Update Time: 9:00 am
Vanguard’s VOO has become the first ETF to surpass $1 trillion in assets, buoyed by significant inflows this year, indicating strong investor confidence.
Tensions Rise with Iran
- Update Time: 8:59 am
Recent missile strikes have resulted in injuries to US personnel in Kuwait, raising concerns about escalating tensions in the Middle East as military operations continue.
Conclusion
Today’s ASX session opens with a negative outlook as futures indicate a drop of 75 points (-0.85%) in the index, amidst a backdrop of rising global tensions and market recalibrations.
Stay tuned for more updates throughout the day!
