ASX 200 Live Today - Friday, 6th February
Welcome to our live ASX coverage for Friday, February 6. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST. Be sure to refresh manually for the latest updates — and let us know how we can make it even better (https://surveys.hotjar.com/58578fe2-a49e-4faf-9594-3a926a54cd03).
ASX 200 Smashed, All Sectors Red
[11:23 am]
ASX 200 trading sharply lower, down 1.59% and still pushing intraday lows. Every sector is red, with a number of moving pieces sending stocks and sectors lower.
- Tech obliteration continued, with S&P/ASX 200 Tech Index now trading at the lowest since December 2023, having tumbled 13% in the last three sessions. US tech stocks continued to fall overnight, with the selling now spreading to the broader tech sector as opposed to just software.
- Materials (-2.7%) is in the midst of a sharp pullback, with pretty much all commodities trading lower. Coal stocks are down 3-6%, Sandfire down 3.0%, gold is in a sea of red with names down 1-6%, PLS Group down 3.1% and uranium names all down around 4-6%.
- Small end of town also getting smashed, with the S&P/ASX Emerging Companies index down 5.1% and now down 15% since 23-Jan.
- Healthcare (-0.1%), Staples (-0.5%), Financials (-0.8%) and Utilities (-0.8%) continue to outperform on a relative basis.
Analysts Take on Beach Energy H1 Earnings
[11:04 am]
Beach’s H1 result on Thursday was broadly in line to modestly ahead on costs, but the softer interim dividend sharpened concerns that cash returns are being deferred to preserve balance sheet optionality.
- Interim dividend missed expectations, reinforcing a capital allocation pivot toward flexibility and potential growth spend, even with guidance maintained.
- Broker views split on whether the lower payout fits the dividend framework or signals a more flexible policy going forward, with M&A seen as the swing factor for equity support.
- UBS cut its target to $1.05 from $1.15 and downgraded to Sell, citing deferred cash returns and a demanding valuation.
Capstone Copper Ends Mantoverde Strike
[10:49 am]
Capstone Copper announced a new three-year collective bargaining agreement with Union #2 has removed a major operational overhang at its Mantoverde mine in Chile. The stock is down about -9% in the last two sessions.
- Capstone Copper says Mantoverde operated at about 55% of normal production during the strike, pointing to scope for a near-term lift as the site ramps back up.
- Union #2 represents about 22% of the total workforce, and Capstone now has three-year agreements in place with all four unions at Mantoverde, lowering any future disruption risk.
- The resolution follows recent operational stress tied to a water supply interruption after interference at the desalination plant that supports Mantoverde, which temporarily halted sulphide operations.
Top ASX 200 Gainers and Losers
[10:26 am]
Defensives like Utilities, Healthcare and Staples are holding up relatively well, while momentum, tech and resources opened sharply lower.
Web Travel Group Shares Dive 40% on Spanish Subsidiary Tax Audit
[10:23 am]
The Spanish Tax Agency has begun auditing Web Travel Group’s subsidiary for direct and indirect taxes, with the company cooperating fully.
- Audit covers direct taxes from April 2021 to March 2024 and indirect taxes from January 2022 to December 2025.
- Web Travel Group is cooperating and will provide updates as required under continuous disclosure obligations.
- WEB shares opened 9.5% lower and now down 40.4% (not a typo, it opened at $3.80, now down to $2.50).
REA's Flash Crash
[10:20 am]
REA suffered a historic one-day selloff this morning, with the stock opening 17.7% lower ($150.01) following a soft 1H26 result and downbeat FY26 listings guidance.
The stock immediately rallied ~15% from the intraday low to $172.80.
GL1 Completes MB Gold Spin Out
[10:06 am]
Global Lithium has finalised its Marble Bar gold spin out with MB Gold listing, freeing up capital and management focus for a 2026 final investment decision at Manna lithium project.
- MB Gold admitted to the Official List of the Australian Securities Exchange, with trading due to commence at 2.00pm AEDT, following an oversubscribed IPO that raised $9m, a clear read through on investor appetite for the gold package.
- Management frames the transaction as a strategic simplification, allowing GL1 to allocate resources primarily to advancing the Manna Lithium Project near Kalgoorlie, targeting a final investment decision by end 2026.
- Funding runway looks supportive, GL1 cites $20.7m cash in the bank and points to improved project economics from its optimised definitive feasibility work.
- Scale context remains the anchor for the pure play lithium pitch, combined Manna and Marble Bar resources total 69.6Mt at 1.0% Li2O, with a Manna ore reserve of 19.4Mt at 0.907% Li2O.
KKR Backs HMC Energy Transition Platform with $603 Million
[9:46 am]
KKR will provide preferred equity funding to accelerate HMC’s renewable energy development pipeline while HMC retains a minority stake and targets strong returns.
- KKR to invest up to $603m in preferred equity, comprising $355m upfront and up to $248m follow-on commitment for Platform growth.
- Funding to progress 5.7GW development pipeline and cover equity portion of future BESS construction costs.
- $35m capital charge recognised by HMC in FY26, proceeds used to repay existing mezzanine facility and corporate debt.
- HMC retains flexibility to bring in third-party capital over time, including syndication of its retained interest, and will charge A$5m annually for corporate services support.
- Transaction subject to conditions including FIRB approval, expected to complete mid-2026.
REA 1H26 Results: Solid Growth but Slight Miss
[9:37 am]
REA delivered solid revenue and profit growth across core operations, alongside an on-market buyback of up to $200 million. However, most numbers were slightly below market expectations, along with soft FY26 guidance commentary.
- Revenue up 5% to $916m vs $927.7m ests (1% miss)
- EBITDA up 6% to $569m vs $570.3m ests (in-line)
- Net profit from core operations up 9% to $341m vs $344.1m ests (1% miss)
- EPS up 9% to $2.58 vs $2.64 ests (2% miss)
- Interim dividend up 13% to $1.24 per share vs. Morgans ests of $1.29 (4% miss)
- Announced on-market buy-back of up to $200m as part of capital management plan.
Berkeley Energia Files $1.25bn ICSID Claim Against Spain
[9:23 am]
Berkeley’s subsidiary has formally submitted its claim alleging Spain breached the Energy Charter Treaty, seeking compensation linked to its Salamanca Project.
- The dispute has delayed or blocked project operations, leading Berkeley to seek arbitration.
- Memorial of Claim filed at ICSID outlines factual background, legal basis, key witness statements, expert reports and a US$1.25bn damages assessment.
- Spain has until July 2026 to respond, or until October 2026 for a jurisdictional submission if ordered by ICSID.
- The claim is 6x Berkeley's market cap (~A$250m).
News Corp Q2 Revenue Growth Offset by Lower Net Income
[9:16 am]
News Corp reported a strong quarter for revenue and segment profitability, driven by Dow Jones, digital real estate and book publishing, though net income was lower year-on-year.
- Revenue up 6% to $2.36bn vs. $2.34bn ests (1% beat)
- Total Segment EBITDA up 9% to $521m vs. $510m ests (2% beat)
- Net income from continuing ops down 21% to $242m vs. $250m ests (3% miss)
- This reflects absence of prior-year $87m gain on REA Group’s sale of PropertyGuru.
- Adjusted EPS $0.40 vs. $0.35 ests (14% beat)
- Dow Jones revenue up 8% to $648m, with 20% growth in Risk & Compliance and record digital advertising revenues.
Carnarvon Energy to Restart Share Buyback
[9:11 am]
The company plans an on-market buyback of up to 10% of issued shares, funded from cash reserves and subject to market conditions.
- Buyback approved for up to 10% of issued capital, set to commence around 20 February 2026 and run for up to 12 months unless completed or terminated earlier.
- Funded from existing cash balance of A$98m as of 31 December 2025.
- Purchases will be at the Company’s discretion, up to 5% above the 5-day VWAP, and may not cover the full 10% allocation.
US Layoffs Surge in January Amid AI and Restructuring Fears
[9:10 am]
Employers announced a sharp jump in job cuts, led by transportation, tech and healthcare, with AI cited as a growing but still limited factor.
- Total layoffs reached 108,435 in January, up 205% from December and the highest January level since 2009.
- Transportation led the surge, driven by UPS cutting 30,000 roles, while Amazon accounted for 16,000 tech-sector layoffs; healthcare also recorded its largest cuts since early in the pandemic.
- Key drivers cited were contract losses, macroeconomic pressures, restructuring, and store/unit/department closures; AI was mentioned in 7% of layoffs, though the full impact remains unclear.
- Goldman Sachs projects AI could contribute to 20,000 monthly job losses in the most exposed industries in 2026, up from 5-10,000 in 2025, reflecting broader market anxiety over automation and software disruption.
Amazon Tumbles on Soft Earnings and Capex Blowout
[9:10 am]
Amazon is trading 9.7% lower after hours, following a relatively in-line Q4 2025 result. However, the magnitude of the beat and capex surprise is likely driving the stock sharply lower.
- Net Sales up 14% to $213.39bn vs. $211.49bn ests (1% beat)
- EPS of $1.95 vs. $1.96 ests (0.5% miss)
- AWS revenue up 24% to $35.6bn vs. $34.8bn ests (2% beat)
- Operating Income of $25.0bn vs. $24.8bn ests (1% beat)
US Pushes Critical Minerals Bloc to Counter China
[9:04 am]
Washington is moving to reshape global critical minerals markets through coordinated pricing, tariffs and new agreements to dilute China’s leverage.
- The US is proposing coordinated price floors backed by adjustable tariffs to stop cheap, subsidised critical minerals undercutting domestic and allied producers.
- New bilateral critical minerals agreements have been signed with 11 countries, with 17 more negotiations completed, expanding coordination and access to financing for projects.
- A new FORGE partnership was launched to align allies on mineral policy, pricing and project development, broadening coordination beyond AI-focused supply chains.
- Marco Rubio warned that heavy concentration of supply in one country creates geopolitical risk and exposes supply chains to shocks.
- The push is reinforced by Project Vault, a $12bn US-backed stockpile covering rare earths, lithium and copper, aimed at stabilising prices and supporting manufacturers.
ECB and BOE on Hold, as Expected
[9:01 am]
The European Central Bank held rates steady while reaffirming inflation is under control, whereas the Bank of England hinted at imminent cuts amid slowing growth and easing price pressures.
- ECB kept rates on hold for a fifth consecutive meeting, maintaining a steady monetary stance.
- President Christine Lagarde said the bank is in a “good place” on rates and inflation, with consumer-price growth expected to stabilise around the 2% target.
- The ECB is monitoring the euro’s appreciation but stressed overall economic resilience, while noting risks from trade and geopolitical tensions.
- Meanwhile, the BOE decision was a close call, with markets pricing in a potential rate cut in the coming months.
- BOE left rates at 3.75% in a narrow 5-4 vote, with Governor Andrew Bailey signaling scope for cuts later this year as inflation approaches the 2% target.
- Inflation is projected to fall below target from April, supported by fading tax and regulated-price pressures, while growth is downgraded to 0.9% for 2026 and unemployment expected to peak at 5.3%.
- Markets now price over a 50% chance of a 25 bp cut at the March meeting.
US Job Openings Sink to Pandemic Lows
[8:58 am]
US labour demand weakened further in December as vacancies fell to their lowest since 2020, reinforcing a cooling jobs market and easing wage pressure concerns.
- Job openings fell to 6.54m from a downwardly revised 6.93m in November, below all economist estimates, per Bureau of Labor Statistics data.
- Layoffs edged up to 1.76m, driven by transportation and warehousing, while hiring rose but remained subdued.
- Openings declined most in professional and business services and retail, signalling selective hiring amid slower activity.
- The vacancies to unemployed ratio held at 0.9, down from a 2022 peak of 2, aligning with the Federal Reserve view that wage growth is not inflationary.
- Fed policy remains on hold after January, though Chair Jerome Powell flagged that further labour market softening could open the door to rate cuts.
AI Selloff Snowballs into Global Tech Rout
[8:55 am]
Markets are rapidly repricing software and tech as investors shift from bubble fears to concerns that AI is about to disrupt core business models.
- The speed is extreme, with hundreds of billions wiped from stocks, bonds and loans in two days, and software names in an iShares ETF down almost $1trn in value over the past seven days.
- The selloff is broadening beyond software, with notable overnight decliners including Microsoft (-4.9%), Amazon (-4.4%), Oracle (-6.9%), Palantir (-6.8%), Salesforce (-4.7%) and Qualcom (-8.4%).
- Even AI beneficiaries are wobbling, with Alphabet flagging higher-than-expected AI capex and Arm issuing a revenue outlook that missed ests, dragging sentiment across global tech.
Huang Dismiss AI-Driven Software Selloff
[8:54 am]
Nvidia’s CEO says markets are misreading AI’s impact, arguing new models will use software tools rather than replace them.
- Jensen Huang said the selloff in software stocks is “illogical”, framing software as tools AI will operate, not reinvent, likening it to using a screwdriver rather than building a new one.
- Huang pushed back on the replacement narrative, arguing AI augments productivity rather than obsoletes software, freeing staff to focus on higher-value work.
- Nvidia has already adopted AI tools internally, with Huang saying they release employee time to concentrate on core strengths like advanced chip design.
Anthropic’s AI Jolts Financial Data Sector
[8:52 am]
Anthropic has rolled out a more powerful Claude model for financial research, accelerating AI disruption fears across financial and legal software markets.
- Anthropic launched Claude Opus 4.6, designed to analyse company data, regulatory filings and markets to produce research that would normally take days, while also building spreadsheets, presentations and software.
- The release triggered an immediate market reaction, with FactSet falling as much as 10%, while S&P Global, Moody’s and Nasdaq all sold off.
- Anthropic is pushing beyond coding into finance and legal work, after a recent legal automation tool helped spark a roughly trillion-dollar selloff in software stocks over fears some services could become obsolete.
- The company now has more than 300,000 business customers, with Claude Code leading in programming use cases, and its Cowork agent built in days using mostly AI-written code.
**US Stocks Tumble,
