Business

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Business
Neuren bolts higher on FDA green light to proceed trials
Shares in Neuren Pharmaceuticals (ASX: NEU) were up 17% at the open after the biotech stock flagged productive discussions with the United States Food and Drug Administration (FDA) on a clinical trial linked to its drug candidate. What appears to have excited investors this morning were revelations that the upcoming Phase 3 trial for NNZ-2591 - a potential treatment for Phelan-McDermid syndrome (PMS) - has been given the all clear from the FDA to proceed as planned. Best estimates suggest that between 1 in 8,000 and 1 in 15,000 people have PMS, which has severe quality of life impacts on those living with it, including moderate to severe developmental and intellectual impairment and developmental delay. Communication is one of the most impactful health concerns in PMS reported by caregivers. Receptive communication, as measured by VABS-3 Receptive-Raw Score, is the ability to receive and understand non-verbal and verbal interactions which is a foundational skill for the development of learning, social interaction, and speech. What makes Neuren's progress all the more significant and potentially commercially valuable is the absence of any current approved PMS treatments. Building on strong Phase 2 results, the com
Business
Gold Road to approve Northern Star's $5bn De Grey buy
Gold Road Resources (ASX : GOR) has finally thrown its support behind Northern Star Resources’ (ASX : NST) takeover of De Grey Mining (ASX : DEG) for $5 billion, which will set up the miner for a >$1 billion pay day. Based on De Grey’s April 11 share price, Gold Road’s 27.36% share is worth over an eye-whopping $1 billion. De Grey owns the 11.5 million ounce Hemi gold project in WA’s Pilbara region, one of the world's largest undeveloped gold projects. If the deal gets approved by De Grey shareholders on 16 April, a second Federal Court hearing is expected on 5 May. “Any decision Gold Road makes regarding the Northern Star shares it will receive if the scheme completes will be made with a view to maximising value for all Gold Road shareholders,” Gold Road said in today’s ASX announcement.Takeover attentionGold Road has been the attention of an M&A spat with its Gruyere gold project JV partner, $35 billion market-capped Gold Fields, with each company trying to takeover one another amidst a peaking gold bull market. Investor sentiment for gold – trading at record prices of >US$3,200/oz, is reflected in recent M&A activity, including Ramelius Resources (ASX: RMS)' recent $2.4 billion bid to acquire Spartan Resour
Business
JPMorgan Chase beats estimates as market activity flies
JPMorgan Chase reported strong increases in revenue and earnings per share, largely due to major growth in investment banking fees and its markets division. The company’s managed revenue was US$46 billion, up from $42.5 billion year-over-year and surpassing estimates of $44.1 billion. “The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility. As always, we hope for the best but prepare the Firm for a wide range of scenarios,” said JPMorgan Chase CEO Jamie Dimon. JPMorgan Chase’s net income was US$14.6 billion, rising from $13.4 billion in the previous year. The company’s average loans increased by 2% year-over-year to $1.3 trillion. Its diluted earnings per share were US$5.07, up by $0.63 and beating estimates of $4.61. JPMorgan Chase’s acquisition of First Republic Bank in 2023 led to a one-time gain of $0.16 per share last quarter, the company said. JPMorgan Chase’s Consumer and Community Banking segment saw average loans rise by 1% while deposits fell by 2%. Its net income fell by 8% to $4
Business
On strong Q1 results, Morgan Stanley shares surge 13%
Wall Street investment bank Morgan Stanley had a strong start to 2025, with impressive results in the first quarter. Shares have rallied 13% in the last five sessions, however, overall the banking major's stocks have tanked 14% year-to-date. They earned a record-breaking $17.7 billion (A$28.14 billion) in revenue. This was a big jump from $15.1 billion ($24.01 billion) last year, and significantly higher than the $16.54 billion expected. Their net income, or profit after expenses, was $4.3 billion ($6.83 billion) or $2.60 per diluted share, up from $3.4 billion ($5.41 billion) last year and beating expectations of $2.21 per share.Credit: Morgan StanleyOne of the key highlights is their Institutional Securities division, which deals with stocks and bonds. This division brought in $9 billion ($14.31 billion) in revenue, with a record $4.1 billion ($6.52 billion) coming from equity trading (buying and selling company shares). Their Wealth Management division, which helps people manage their money and investments, also performed well, earning $7.3 billion ($11.61 billion). Morgan Stanley also saw an increase in total assets managed by its clients, reaching $7.7 trillion ($12.24 trillion). This includes the money a
Business
Tech stocks excluded from China tariff rates... for now
The Trump administration has suspended a tariff increase of 125% on major electronic goods coming from China. This is good news for many tech stocks such as Apple and NVIDIA, some of Wall Street’s largest companies. Smartphones, laptops, PCs, servers, memory chips, flat-panel displays, solar cells and hard drives are exempt from the additional tariff on Chinese goods, yet a 20% levy will remain on them, which is still likely to push prices higher for consumers. Yet some tech companies have already made other plans to avoid such a tax hike. According to Reuters, Apple has flown 600 tonnes of iPhones into the U.S. from India since March alone (roughly 1.5 million handsets) after ramping up production at its India plants. The measure will cover ~US$385 billion worth of 2024 imports - 12% of the total and almost a quarter from China. Trump's backtrack came after pressure from Republican leaders concerned that the significant soaring costs of items such as smartphones (U.S. retailers import about 80% of them) would spark a voter backlash, as many come from China. The U.S. President, speaking on Air Force One on Saturday evening, said he would be more specific about the latest exemption rules later today. “We’ve bee

Business
Sayona-Piedmont merger to reincarnate as Elevra Lithium
One stock that wasn’t dragged into the sea of red on the ASX200 today – down 1.3% in afternoon trading - was Sayona Mining (ASX: SYA). The stock’s share price was up 13% on revelations that following the consummation of its merger with Piedmont Lithium (ASX:PLL), the entity will trade under the name Elevra Lithium. Today’s rise provided some welcome relief for shareholders who have watched the share price tumble 33% year to date. Underscoring the 1H FY25 loss of $37 million – up from a loss of $9 million in 1H FY24, was the underlying weakness in unit operating costs per tonne of spodumene, down 35% to $1,060 per dry metric tonne. However, the miner expects full-year spodumene concentrate sales of 200,000 dmt to 230,000 dmt, which implies 85,000 dmt to 115,000 dmt in the second half. Costs are forecast to be in the range of $1,150 to $1,300 per DMt sold. Once the transaction is completed - by mid-2025 - both companies expect Sayona's production capabilities, combined with Piedmont's market presence in North America, to reap significant synergies. Post the transaction, ownership will be split 50/50 between Sayona and Piedmont shareholders prior to the conditional placement. The merged entity will be domiciled
Business
Azzet Unpacked: Sinking in a tariff'ic week in business
All the top moves, shakes and red hot takes from Azzet's editorial team are right here in your weekly business wrap every Friday (11 April, 2025). As United States President Donald Trump's scorched earth tactics to restructure global trade send markets into flux make all the headlines, there's a little thing called a federal election on the horizon here in Australia too. To kick off the week, our very own Mark Story reminded us how lower interest rates can impact shares as the U.S. market bloodbath continued its downward trajectory amid mixed messaging from U.S. officials. That's because the Reserve Bank is now expected to reduce the cash rate to 3.1% after three or four cuts later this year, even as RBA governor Michele Bullock said it will “take some time” to see how the tariffs issue plays out, Azzet's Chloe Jaenicke reported today. In positive news, U.S. Inflation fell - by just 2.4% - below the expected 2.6%, yet still offering a sign (or sigh…) of relief.Markets dive, bounce and dive againAs we slid into the week, so did the markets, with the ASX 200 dipping to fresh 15-month lows and oil sunk to its lowest price in four years amid market volatility, as Azzet's market guru Oliver Gray pointed out. That may hav
Business
Mission Critical: The gravity of China's rare earth bans
Azzet’s Mission Critical is a weekly column that lays out the ebbs and flows around critical minerals supply chains - from pricing, production, refinement and mergers & acquisitions, to manufacturing and consumer products. China's rare earths play underlying Trump's tariff war: Part 1Flying under the radar as part of the ensuing and now global trade war that is currently being waged is China’s retaliatory restrictions on critical minerals to the United States and its allies. In its latest salvo, China has imposed export restrictions on seven more rare earth elements (REE) as part of escalating economic warfare between the two superpowers. They include the light rare earths (LREE) scandium and yttrium, and the heavy rare earths (HREE) of samarium, gadolinium, terbium, dysprosium and lutetium. The move follows on from similar export bans on gallium, germanium, and antimony to the U.S. entirely, including bans on the technology to process and refine the materials - intellectual property that China is much more advanced in. Businesses and governments in the West and right across the value chain are now increasingly worried about securing materials in the near future. That’s because REEs – comprised of 17 critical meta
Business
Shares in IVF clinic dive after distressing birth mix-up
The value of Monash IVF Group plunged by more than a quarter after it disclosed that a woman had given birth to another couple’s baby as a result of a mistake at one of its fertility clinics. Although the fertility and reproductive health company said the incident was not considered material to its financial performance, the share price dived 28.4 cents or 26.51% to 79 cents after trading between 78 cents and 90 cents, valuing it at A$418.9 million (US$259.7 million). Monash IVF Group said the embryo of one patient was incorrectly transferred to another patient at its Brisbane clinic in February 2025, which resulted in the birth of a child. “Monash IVF has notified its insurers and does not currently consider the incident as material to FY2025 financial performance and will keep the ASX informed of any developments, if necessary,” the company said in an announcement to the Australian Securities Exchange (ASX). The company said it had informed, and was continuing to support, the affected patients. “Monash IVF's focus is on supporting our patients through this extremely distressing time,” it said. An initial investigation into the incident found that it was the result of human error. However, to identify the furthe