Our sister column Chanticleer has reported that trading desks are frustrated a bunch of their key fund manager clients had headed to watch the Wallabies in France. That’ll be a short trip.
But Street Talk understands there’s another factor depressing trading volumes. Sources said a flurry of overseas research trips was monopolising fund managers.
The main draw is Carsales, which hosted an investor tour to the US and Brazil. The jaunt pulled in a crowd of buy-side and sell-side analysts who hit the Goldman Sachs Communacopia + Technology Conference in San Francisco and toured São Paulo in Brazil.
Investor groups were also spotted on tours of Indian Casinos in Vegas hosted by sell-side analysts, presumably to better understand ASX-listed gaming manufacturers like Aristocrat Leisure and Light and Wonder.
BlueScope Steel and Orica have also held site visits at their local operations, while Macquarie sell-side analysts held a series of meetings in the US to understand Brambles.
This doesn’t account for bespoke research trips, which sources say are widespread.
As Chanticleer noted, this isn’t a great sign for trading volumes, falling when fund managers would normally be adjusting portfolios post-reporting season. Let’s just hope they’re back in time for AGM season.
Betr’s Matt Tripp says the bookmaker is profitable and in the market for deals, writes Kylar Loussikian.
Charles Wang Zhonghe, China investment banking chairman at Nomura, has been barred from leaving the country, Reuters reports.
Pacific Investment Management Co is pitching more bespoke and private financing to businesses struggling to raise funds, Bloomberg News reports.
The chart
Investors are keenly watching to see whether the newly merged Newcrest-Newmont entity looks to divest non-core Australian assets such as Telfer in Western Australia after the takeover is formalised.
Best and worst
Tech rally edges ASX into the green as iron ore rout drags on miners.
