Get ready for an exciting day of live ASX coverage! We're kicking things off on Tuesday, January 20, with a high volume of pre-market updates and periodic insights throughout the day. So, grab a cup of coffee and let's dive into the latest financial news.
AMP's Leadership Transition: A New Era Begins
AMP, a leading financial services company, is undergoing a significant leadership change. Blair Vernon, the current CFO, will step into the role of Group CEO, succeeding Alexis George on March 30, 2026. With over 30 years of experience in the industry, Vernon has led AMP's transformation and simplification program, including the divestment of AMP Capital assets. His appointment brings a wealth of expertise to the table.
Vernon's CEO contract includes a salary of $1.4 million, with short-term incentives up to 125% of his salary and a long-term incentive target of 100%. The contract also outlines a six-month termination notice and a 12-month post-employment restraint period. Meanwhile, Alexis George will retire from executive roles but remain available for a smooth transition, with all incentives treated as per the existing contract terms.
Hub24's Record-Breaking Performance
Hub24, a platform known for its robust funds administration, delivered impressive results in the December quarter. Platform FUA (Funds Under Administration) grew by 5% quarter-on-quarter and a substantial 29% year-on-year, reaching $127.9 billion. This growth was driven by record net inflows of $5.6 billion. Hub24's performance in the first half of 2026 exceeded expectations, with net inflows of $10.7 billion, ranking the platform first for both quarterly and annual net inflows. The company has also commenced the development of 'myhub,' leveraging its capabilities to address productivity challenges for advice practices.
Qoria's Strong Q2 Performance
Qoria, a tech stock, delivered record ARR (Annual Recurring Revenue) growth in a typically slower quarter. The company surpassed the US$100 million mark in ARR and built a robust K12 pipeline for FY26. Despite facing challenges in recent months, with a 48% decline from its record high in October 2025, Qoria's fundamentals and growth rates remain solid. The market's valuation of software names has shifted, but Qoria's quarterly performance suggests it's still a force to be reckoned with.
Origin Energy's Commitment to NSW Power Security
Origin Energy is extending the operations of the Eraring Power Station until 2029 to support NSW's electricity reliability. This move ensures a stable power supply while staying on track with emissions targets. The extension will not impact Origin's 2030 emissions reduction goals or its net zero by 2050 ambition. The Eraring site will continue to play a vital role in the National Electricity Market beyond 2029, with the Eraring Battery reaching full capacity in Q1 2027, providing approximately 4.5 hours of storage for NSW.
Bellevue Gold's Q2 Production Update
Bellevue Gold delivered Q2 production of 32koz, with realized pricing offsetting slightly higher costs. Gold sales of 31,905oz were marginally below consensus, while AISC (All-In Sustaining Cost) of A$2,989/oz was slightly above the consensus estimate of A$2,914. However, the company remains confident in its cost reduction plans for the second half and is on track to meet FY26 production and cost guidance.
Northern Star's FY26 Cost Guidance Lift
Northern Star has increased its FY26 AISC guidance to A$2,600-2,800/oz, an 8% increase at the midpoint compared to the previous guidance of A$2,300-2,700/oz. This revision is primarily driven by lower gold sales and higher royalties from elevated gold prices. The company's sustaining capex guidance of A$750 million remains unchanged. Northern Star's recent downgrade of FY26 gold sales guidance to 1,600-1,700koz (7% downgrade at the midpoint) was attributed to isolated negative events in late December, including a primary crusher failure and longer-than-expected recovery at certain sites.
Yancoal's Record Performance in Q4 2025
Yancoal delivered a stellar performance in the December quarter, with Q4 attributable saleable coal production up 7% year-on-year to 10.4Mt. The company's 2025 attributable saleable coal production increased by 5% to 38.6Mt, exceeding the guidance of 35-39Mt. Yancoal's operational guidance for 2025 remains unchanged, with a range of $89-97 a tonne and $750-900m capex. The Q4 average realized price was up 6% quarter-on-quarter but down 16% year-on-year to A$148 a tonne. Yancoal's cash balance increased by 18.3% quarter-on-quarter to $2.13 billion, strengthening its financial position and enabling it to consider dividends and value-adding growth opportunities.
A2 Milk's Dip: A Reaction to Chinese Economic Data
A2 Milk experienced a sudden sell-off on Monday, coinciding with the release of Chinese economic data. The stock closed down 11.7% ($8.30), reaching its lowest level since August 19, 2025. Interestingly, A2 upgraded its FY26 guidance just two months ago on November 20, 2025, making the sell-off seem like an overreaction. The guidance upgrade included revenue growth of 10-13% and a slight increase in NPAT compared to FY25. A2 also announced its intention to declare a special NZ$300m dividend, subject to regulatory approvals.
China's Economic Data and Market Impact
China's economic data release on Monday had a significant impact on the market. Iron ore miners saw a downward move (FMG -1.8%), and A2 Milk experienced a sharp sell-off (-11.7%). The GDP growth slowed to 4.5% year-on-year in the December quarter, the weakest since the pandemic. The full-year real growth of 5% masked nominal growth of just 4%, indicating a third year of deflation. Industrial output rose by a strong 5.9%, supported by resilient exports, while retail sales lagged at 3.7% due to household constraints. Fixed asset investment excluding rural households fell by 3.8%, the first annual contraction in decades, reflecting tighter controls on local government debt.
Geopolitical Tensions: China's Drone Incursion into Taiwan
Beijing's confirmed military drone incursion into Taiwanese airspace is a concerning development. A Chinese reconnaissance drone entered Taiwanese airspace over Pratas Island for four minutes, operating above air defense systems before departing after radio warnings. This marks the first acknowledged military drone penetration, escalating China's grey zone tactics compared to previous civilian drone incidents. The move comes amid heightened military activity, including PLA live-fire drills, following a $11 billion US arms package for Taiwan. China framed the flight as lawful training, aiming to normalize provocative actions while avoiding direct confrontation.
US-Europe Strains: Greenland Standoff
Washington is intensifying its push for Greenland, imposing tariffs and employing security rhetoric, which deepens strains with Europe and raises the risk of economic and political retaliation. The US is moving beyond rhetoric, imposing tariffs on goods from eight European countries, signaling a willingness to use trade pressure to force concessions. Europe's response is becoming sharper, with French President Macron urging the activation of the EU's anti-coercion instrument, potentially shifting from diplomacy to formal retaliation. Washington's rationale centers on Arctic competition, missile defense ambitions, and Europe's past energy dependence on Russia, tying Greenland to broader US security and industrial strategy.
US 10-Year Yields Hit Four-Month High
US 10-year yields rose overnight, reaching 4.22%, the highest level since September 3, 2025, and above the 200-day moving average for the first time since last August. Trump's trade threats over Greenland increase the risk of Europe rebalancing away from US assets, impacting the dollar, euro, and global markets. Europe is the US's largest external financier, holding about $8 trillion in US bonds and equities, almost double the rest of the world combined. Deutsche Bank argues that geopolitical strain undermines Europe's willingness to continue underwriting US deficits, increasing the risk of dollar rebalancing. The initial dip in the euro looks fragile, but tariffs could accelerate European political cohesion, limiting sustained downside for the currency.
A Quiet Overnight Session
The US market was closed overnight, leading to a relatively quiet session. However, we have a lot to catch up on, so be sure to check out today's Morning Wrap for a comprehensive overview of the latest developments.
