☕️Yanked North

Wall Street is threatening the ASX for critical minerals crown.

April 07, 2026

Good morning.

In the age of Donald Trump 2.0 the ASX’s status as arguably the pre-eminent bourse for speculative mining stocks is under threat from an unlikely destination: Wall Street.

Two Australian corporate advisers with direct knowledge of live discussions told Capital Brief a host of ASX miners were actively considering listing in the US off the back of support measures from Washington and growing interest towards the sector on Wall Street.

“They’re openly pushing Australian groups that they should list in the US and hire some US directors in a process of assimilation,” one source said.

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

Market movers

Shares in Karoon Energy, one of the Aussie market’s most oil-sensitive stocks, staged a 10% reversal on Thursday, swinging from a 4% loss to close up 6.5% at $2.12 after Trump's midday speech vowing to send Iran "back to the stone ages" sent Brent crude surging.

The quick sync

  • Uber's $81.5m High Court payroll tax fight could reshape Australia's gig economy. (Capital Brief)

  • In Australia's data centre boom, power is the new gold, writes Benjamin Martin-Henry. (Capital Brief)

  • ASIC's damning final report leaves the ASX racing to fix governance failures before its CHESS replacement debut. (Capital Brief)

  • Former silk Norman O'Bryan faces jail after pleading guilty to defrauding Banksia investors, reshaping class action oversight. (Capital Brief)

Trading floor

M&A

  • IMDEX buys remaining Krux stake for $23M, takes full control. (Capital Brief)

  • Goldman Sachs tops M&A; Macquarie leads equity deals in Q1 2026. (AFR)

  • Gulf funds pledge USD24b to back Paramount’s USD81b Warner takeover. (WSJ)

  • Barrenjoey’s $45m pre-merger dividend lowers Magellan deal value. (AFR)

  • Danone eyes Made Group amid TPG sale, Chinese rivals in play. (The Australian)

  • Amazon explores Globalstar buy to rival Starlink. (Reuters)

  • OpenAI buys TBPN to expand AI communication and community engagement. (OpenAi)

  • Virtual IT buys Security Centric, aiming for $200m+ revenue. (AFR)

  • HSBC AU retail business sale attracts Blackstone, peers. (The Australian)

  • Neurocrine buys Soleno for USD2.9b to expand rare-disease treatments. (Bloomberg)

  • Lincoln Place suspends $1b sale amid market and cost pressures. (The Australian)

  • BlueScope Steel preps US business sale, valued at over half its earnings. (AFR)

  • Energy Capital Partners re-acquires EnergySolutions for USD2b. (Bloomberg)

  • KKR considers sale of $1b Synergis disability housing stake. (The Australian)

  • SafetyCulture buys Twine as part of a rapid AI-focused acquisition strategy. (AFR)

  • Strategy buys USD330m Bitcoin despite USD14.5b losses. (Capital Brief)

Capital Markets

  • ASIC report flags ASX governance and risk flaws, prompting reforms. (Capital Brief)

  • Northern Star maintains guidance, launches $500m share buyback. (Capital Brief)

  • Click Frenzy and Power Retail go into liquidation. (Smart Company)

  • PEXA shares slide amid pricing proposal concerns and downgrade. (Capital Brief)

  • EOS to face $4m fine for delayed revenue downgrade disclosure. (Capital Brief)

  • Australia job vacancies rise 2.7%, led by private sector demand. (Capital Brief)

  • Microsoft targets state-of-the-art AI models by 2027. (AFR)

  • KMD shares crash 50% after capital raise and results. (Capital Brief)

  • Blue Owl limits fund redemptions amid record withdrawals. (AFR)

  • Australia trade surplus jumps to $5.7b on gold exports. (Capital Brief)

  • RBA card fee cuts may impact credit reward travel perks. (AFR)

  • SpaceX targets USD2t+ valuation for June IPO. (Bloomberg)

  • CEFC and Australian Ethical launch $600m PE fund with stakes in Neoen and Repurpose It. (AFR)

  • Ellerston Capital backs Winning Group with $100m pre-IPO stake. (AFR)

  • Dimon warns private credit losses may exceed expectations amid weak standards and global risks. (Capital Brief)

  • Whiteoak invests in Zeus Street Greek to fund its expansion. (AFR)

  • QTS issues USD4.6b green bond for Georgia data center. (Bloomberg)

  • NSX upgrades platform to challenge ASX and Cboe Australia. (AFR)

  • BlackRock targets Nasdaq-100 ETF to rival Invesco. (Capital Brief)

  • Barings Private Credit Corp limits redemptions amid investor withdrawals. (Capital Brief)

  • ACCC urges stricter mortgage checks after fraud scandal. (AFR)

  • Power access is the key constraint in Australia’s data centre market, giving a major advantage to investors who already have secured supply. (Capital Brief)

  • The High Court will decide if Uber driver payments are wages subject to tax, with major implications for the gig economy. (Capital Brief)

  • Morgan Stanley launches private credit fund amid redemption strain. (Bloomberg)

  • Wall Street challenges ASX for critical minerals listings. (Capital Brief)

  • Former COO, now at Accolade Wines, pushes for board shake-up at Treasury Wine. (AFR)

  • Japan watches its Middle East investment strategy burn. (AFR)

  • UAE’s surprise USD3b loan move puts Pakistan under strain. (Bloomberg)

  • Private equity buyouts slump as AI fears and war dent dealmaking. (FT)

VC 

  • CBA backs Dom Pym’s $50m Triple Bubble fintech fund. (AFR)

  • Nvidia boosts investment as Firmus nears $7b pre-IPO valuation. (AFR)

People moves

  • Ex-barrister Norman O’Bryan pleads guilty in Banksia fraud, faces jail. (Capital Brief)

  • Goldman ECM banker Anthony Hanna moves to Bank of America. (AFR)

  • Oracle names Hilary Maxson CFO amid data center growth. (Bloomberg)

☝️ Know about a deal or people move we don’t? Hit reply.

The watercooler