☕️Playing it Cool

Good morning.

ASX chief Helen Lofthouse wants you to know that the bourse is super-chill-not-even-slightly-worried-or-in-any-way-threatened by Cboe Australia entering the listing market.

Speaking to Capital Brief on the sidelines of the Citi Investment Conference 2025, Lofthouse said that with Cboe’s entrance, the ASX would continue doing what it always had and that she doesn’t “have a strong view” about whether Cboe’s entry would create a more vibrant market.

Lofthouse was also quick to say that the ASX was not a monopoly in corporate listings, countering last week’s comments from Ten Cap Investments founder and lead portfolio manager Jun Bei Liu who said the move meant the ASX would no longer be a monopolistic asset where investors paid a high price for very little growth.

The ASX share price fell 1.36% to a 15-month low last week after ASIC gave Cboe the green light.

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Market movers

Shares in Iluka Resources surged on Tuesday, leading a rally in rare earth and uranium producers after last week’s announcement of new export controls by China.

The quick sync

• Australia’s cyber chief wants password-only logins scrapped, warning they remain the weakest link in rising corporate breaches. (Capital Brief)

• SQC is seeking NRF backing to scale its uniquely precise quantum chip production after Telstra confirmed its processors reduced AI training time. (Capital Brief)

• Labor abandons judicial pension tax after sustained opposition from judges and legal warnings it would breach constitutional protections. (Capital Brief)

• AGL progresses plan to replace coal with 12 GW of wind, battery and gas peaking power by 2035, but 30% of shareholders want it done faster. (Capital Brief)

• The government develops plan to streamline approvals for data centres that use their own renewable energy as part of its broader AI infrastructure strategy. (Capital Brief)

Trading floor

M&A

• Lederer secures 42.7% of Elanor Commercial Property Fund as takeover offer closes. (Capital Brief)

• Beef processor G & K O’Connor hires PwC for $400m sale after founder’s death. (AFR)

• South32 hires Barrenjoey and JPMorgan for $1b Cannington mine sale amid silver price surge. (The Australian)

• Capstone to sell 25% of Santo Domingo mine to Orion for up to $552m, with buy-back option post-production. (Capital Brief)

• Queensland executive bids $465m for Gupta’s Tahmoor coal mine, replacing Oaktree. (AFR)

• Mineral Resources adds Standard Chartered to lithium asset sale team amid debt reduction push. (The Australian)

• Oracle and AMD are expanding their partnership to deploy 50,000 new AI chips to rival Nvidia and boost computing power for AI growth. (Capital Brief)

• Bickford’s owner Angelo Kotses lifts Maggie Beer stake to 19.99% and eyes board role in turnaround push. (AFR)

Capital Markets

• US stocks fell after Trump threatened new trade limits with China. (Bloomberg)

• Walmart shares at record high after announcing a fall launch of ChatGPT shopping, deepening its partnership with OpenAI. (Bloomberg)

• Genesis Energy lifts earnings outlook following strong Q1 from good water and wind conditions. (Capital Brief)

• Rio Tinto boosts bauxite output guidance as Amrun mine outperforms, keeps other forecasts steady. (Capital Brief)

• Paladin Energy sees uranium sales drop 14% in September quarter, production rises 67%. (Capital Brief)

• Carma fast-tracks $95m IPO for $300m ASX debut. (AFR)

• Ansell reports data breach affecting personal information; operations unaffected. (Capital Brief)

• Light & Wonder to leave Nasdaq on 13 Nov, ASX becomes its sole listing. (Capital Brief)

• VC-backed site ContactOut leaks phone numbers of Australian leaders and executives. (AFR)

• Miners drive ASX 200 up as rare earths, uranium, and gold rally on US-China tensions. (Capital Brief)

• DroneShield drops 4% even after launching software linking counter-drone tech to Team Awareness Kit. (Capital Brief)

• Quadrant completes $600m QMS refinancing ahead of planned exit. (AFR)

• ASX boss says Cboe entry won’t hurt the exchange, insisting the market is already competitive. (Capital Brief)

• Telix boosts 2025 revenue guidance to up to USD820m after strong Q3 sales of its cancer imaging products. (Capital Brief)

• Dennis Bastas’ $7b DBG Health posts big profit jump but pays no dividends. (AFR)

• AGL CFO Gary Brown says the company is on track to replace coal with 12 GW of renewables and batteries by 2035, citing progress at Liddell and Tomago. (Capital Brief)

• BlackRock’s AUM jumped 17% to a record USD13.46t in Q3, fuelled by strong ETF inflows and its USD12b HPS acquisition. (Capital Brief)

• Saluda Medical readies $200m IPO at $1b valuation with new broker team. (The Australian)

• JPMorgan Chase beat expectations in Q3, driven by surging trading and investment banking revenue amid renewed dealmaking activity. (Capital Brief)

• Goldman Sachs’ record Q3 profits, fueled by strong dealmaking, highlight a banking rebound as Wells Fargo and Citi also beat earnings expectations. (Capital Brief)

• GXE raises $3.3m Series A to expand platform and client base. (Capital Brief)

• IMF lifts 2025 growth forecast to 3.2% but warns global momentum is fading. (Capital Brief)

• ASD warns businesses to ditch passwords after Qantas hack exposes rising cyber risks. (Capital Brief)

• Big banks are profiting from record trading and increased lending to non-bank financiers as the Fed prepares to cut rates, despite rising concerns about market overheating. (WSJ)(Bloomberg)

VC 

• AI-fueled Silicon Valley funding rounds outpace Australian VCs, pushing local funds to focus on deep tech opportunities. (Capital Brief)

• Spark Festival returns Oct 27–Nov 2 with 100+ speakers celebrating Australian innovation. (Startup Daily)

• Conry Tech raises $3m to develop energy-saving “BullAnt” air-conditioner ahead of 2026 Series A. (Startup Daily)

People moves

• Santos CFO Sherry Duhe exits after a year; deputy Lachlan Harris named acting CFO. (Capital Brief)

• $4b NSW pumped hydro project seeks partners ahead of 2033 launch. (AFR)

• Fortescue Zero will cut hundreds of jobs, mainly in the UK, as the company scales back hydrogen ambitions and shifts focus to more efficient renewable manufacturing. (Capital Brief)

• KordaMentha hires ex-Bank of Melbourne CEO Scott Tanner to lead financial services consulting. (AFR)

• Oryx hires top Australian mining execs, including Peter Nicholson and Damian Pearson, ahead of first critical minerals investment. (The Australian)

• Ownership Matters urges vote against Super Retail chair Judith Swales over CEO misconduct scandal. (AFR)

The watercooler