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Melbourne-based biotech firm PolyActiva has secured AU$40 million (US$26.4 million) in a series C funding round to advance its biodegradable glaucoma treatment and bolster local manufacturing. The investment includes AU$27 million from Australia’s National Reconstruction Fund and AU$13 million from Brandon Capital, supporting ongoing phase 2B clinical trials and consolidating operations in Melbourne. With glaucoma affecting over 70 million people globally, PolyActiva's innovative implant aims to improve medication adherence, addressing a critical need in long-term treatment management.
The CIO anticipates renewed weakness in the US dollar as the economy slows and fiscal deficits come into focus. Despite a recent rebound, the dollar is expected to decline further, prompting recommendations for investors to reduce USD exposure and diversify into currencies like the yen, euro, and British pound. The unsustainable twin deficits and potential changes in Fed leadership may exacerbate this trend.
US stock markets declined as bond yields surged amid cautious investor sentiment and concerns over rising debt from proposed tax legislation. In Australia, the ASX 200 saw limited gains following a 25 basis points rate cut by the RBA, as rising long-term yields pressured key sectors like financials and real estate, which make up about 50% of the index.
The recent downgrade of the US's AAA rating by Moody's has heightened concerns over the USD, prompting investors to consider rebalancing their FX exposure. With expected gradual USD weakness, opportunities to diversify into currencies like EUR, JPY, GBP, and AUD are emerging, alongside maintaining a 5% gold allocation due to ongoing geopolitical tensions. Additionally, the AUD faces downside risks from a dovish RBA, while the USDHKD remains a viable funding currency within its pegged trading band, particularly when interest rate differentials favor HKD borrowing.
AUD/USD closed lower at 0.6403, influenced by easing US-China trade tensions and a strong Australian jobs report, which saw 89,000 jobs added in April. Despite a US credit rating downgrade by Moody's, the Australian dollar remained stable ahead of the RBA's interest rate decision, with expectations of a 25 basis point cut to 3.85% at the upcoming meeting. The RBA's cautious stance reflects ongoing inflation concerns and a balanced labor market, with further cuts anticipated in August.
The unemployment rate held steady at 4.1% as the participation rate rose to 67.1%. Crude oil remained flat at $61.31, while gold fell 2.76% to $3,235. Key upcoming economic events include the RBA interest rate meeting on May 20 and the US S&P Flash PMI on May 22. In the UK, inflation slowed to 2.6%, prompting a 25 bp rate cut by the Bank of England. Japan's inflation eased slightly to 3.6%, but persistent pressures may complicate the Bank of Japan's policy decisions.
UBS has downgraded Coronado Global Resources Inc. from Buy to Neutral, lowering the price target from AUD0.31 to AUD0.19 due to a less favorable coal market outlook. The firm anticipates margin pressures will hinder long-term growth, necessitating additional funding and resulting in reduced earnings per share forecasts for 2025 and 2026.
The US dollar is poised for long-term depreciation due to extreme valuations and changing fiscal policies, according to Deutsche Bank. The dollar has been overvalued by over 20% relative to purchasing power parity for three years, while the widening current account deficit raises further concerns. Although short-term fluctuations may support the dollar, multiple downward pressures suggest a challenging outlook ahead.
The US Tech 100 has gained 1.6%, driven by a resurgence in AI investments, suggesting a potential retest of record highs. Meanwhile, crude oil has rebounded amid easing US-China trade tensions, while gold prices have retreated as economic outlook improves. The Australian dollar shows positive momentum, and Bitcoin is consolidating after recent gains, with a bullish outlook for future highs.
Gold prices have plateaued amid improved risk appetite and recent US-China tariff de-escalation, prompting a recommendation to optimize gold allocations during price dips. Despite a stronger USD potentially cooling demand, robust medium-term gold demand persists, driven by central banks and ETFs. As USD strength may be temporary, diversifying out of USD into gold and other currencies is advised, with expectations of gold reaching USD 3,500/oz in the central scenario.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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