ASX tech shares had a very solid day today. The S&P/ASX All Technology Index (ASX: XTX) ended up rising 1.26% to 2,668.1 points. That looks pretty decent against the broader S&P/ASX 200 Index (ASX: XJO), which actually fell 0.32% to 7,092.5 points.

But some ASX tech shares were more equal than others.

WiseTech Global Ltd (ASX: WTC) managed a healthy 3.06% bump to $27.94 per share. Afterpay Ltd (ASX: APT) put on a solid 0.87% to $93.54, leaving the $84.50 level it hit a fortnight ago in the dust. Some of the top performers were NextDC Ltd (ASX: NXT), which managed a 5.17% rise to $11.18, and Domain Holdings Australia Ltd (ASX: DHG), which put on a 5.26% increase to $4.80 per share.

So why were ASX tech shares feeling the love today? Well, as has been the norm over recent months, there might be a couple of factors at play. The first is US tech shares. ASX tech investors seem to be taking their cues more and more from the US markets these days.

We can see this at play with the dance that Afterpay and its US-listed buy now, pay later (BNPL) counterpart Affirm Holdings Inc (NASDAQ: AFRM) have been dancing for the past few months. If Affirm falls hard on any given day, you can probably bet that the Afterpay share price will be following close behind when our market opens. 

ASX tech shares on the rise

Arguably, this situation can be extended somewhat for most ASX tech shares. In that vein, it’s interesting to note that US tech shares have had a pretty decent week so far. The tech-heavy NASDAQ-100 (NASDAQ: NDX) was up 0.12% last night and has risen more than 5% in the past week. This could be supporting the ASX tech sector as a whole. 

The other factor that could be at play is interest rates on government bonds. Now, this doesn’t seem like an obvious connection. But the kinds of shares that dominate the tech sector – namely high-growth companies that don’t yet make solid profits – are extremely sensitive to interest rates. That’s because the market assumes these businesses will be in the most trouble if borrowing costs were to rise. But the opposite is also true.

According to CNBC, the running yield on 10-year US Government bonds was at roughly 1.7% back on 12 May. Today, it is sitting at just 1.57%. That could be giving at least some investors out there more incentive to look in the tech sector for their next buy. 

Since there is no real news out of most of the top-performing ASX tech shares named above, it could well be a combination of these factors that is leading to the outperformance we see today. 

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The Immutep Ltd (ASX: IMM) share price finished strongly today. This came after the company announced it has been granted a new Chinese patent.

At close of trading today, the biotechnology company’s shares were trading at 67 cents, up 13.56%.

Progress with Chinese plans

Investors pushed Immutep shares higher today after digesting the company’s positive update.

According to its announcement, Immutep has been granted another patent to add to its portfolio. Approved by the Chinese Patent Office, the latest addition will seek to further protect Immutep’s intellectual property.

The new patent is titled ‘Combined Preparations for the Treatment of Cancer’ (patent number ZL201480073584.3).

Immutep said the patent follows its previous securing of corresponding European, Australian, Japanese and United States patents.

The patent relates to the company’s lead immunotherapy candidate, eftilagimod alpha (efti or IMP321), which is a LAG-3 fusion protein with a chemotherapy agent.

LAG-3 is an inhibitory co-receptor that plays a vital role in the treatment of cancer and autoimmune diseases. The antigen-presenting cell activator works by controlling signalling pathways and activating T cell function. In layman’s terms, it removes the brakes to allow the immune system to kill cancer cells.

The new patent is solely owned by Immutep and is exclusively licenced to Chinese biopharmaceutical company EOC Pharma. The patent is set to expire on 19 December 2034. Based in Shanghai, EOC Pharma is focused on manufacturing and commercialising oncology products in China.

Judging by the performance of the Immutep share price, investors seem pretty excited by today’s developments.

Immutep chief scientific and chief medical officer Dr Frederic Triebel commented on the new patent, saying:

…this new patent provides protection in the important Chinese territory for a range of novel and highly relevant chemo-immunotherapies featuring efti that could be developed in the future by our partner, EOC Pharma.

EOC Pharma CEO Xiaoming Zou added:

We are very pleased that our partner, Immutep, continues to make important progress in building a robust patent estate around efti. This underpins our continued investment in this unique and promising candidate, and provides a range of future development options for our business.

About the Immutep share price

Over the past 12 months, the Immutep share price has gained almost 319%, with year-to-date performance delivering gains of around 61%.

Based on today’s price, Immutep has a market capitalisation of roughly $466 million, with approximately 696 million shares outstanding.

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The major ASX mining shares are on edge as investors fret over how much lower the iron ore price could sink.

The price of the steel making commodity continues to slump from its record high of over US$230 a tonne to around US$190 a tonne.

Some experts believe the iron ore price won’t be trading over US$200 again – not in this cycle, reported the Australian Financial Review.

ASX mining shares underperform again

This explains why the big ASX mining shares have lagged yet again. The BHP Group Ltd (ASX: BHP) share price tumbled 2.4% to $46.35 and Rio Tinto Limited (ASX: RIO) share price lost 2.2% to $118.74.

The Fortescue Metals Group Limited (ASX: FMG) share price fell by a similar magnitude to $21.22 too.

In contrast, the S&P/ASX 200 Index (Index:^AXJO) shed a more modest 0.3% at the close of trade today.

Why iron ore prices have fallen from record high

The iron-fisted clampdown by Chinese authorities on commodity speculators and hoarders is driving the downtrend.

The AFR reported that the National Development and Reform Commission said China would show no tolerance for monopoly behaviour.

And we all know China follows through on its threat. Just ask Ant Group Co.’s Jack Ma whose IPO dream was shattered earlier this year.

Iron ore price set to weaken further

It isn’t only China’s crackdown that’s weighing. There is also speculation that steel prices have shot up too high and will correct. The high steel price is dragging the iron ore price higher as the latter is needed for steel.

The question for ASX investors now is where will the iron-ore sell-off end? Credit Suisse doesn’t think we have seen the worst of the falls, although investors shouldn’t be alarmed. I’ll explain why later.

The broker warned that the iron ore price will continue to soften into the second half of this calendar year.

Softening prices still signal a profit upgrade

“Construction accounts for about 60% of China steel use and potentially over 80% if machinery is added,” said Credit Suisse.

“Our iron ore price forecasts of Jan, were based on a premise of firm demand for property and infrastructure in 1H-21, potentially fading into 2H.

“But we missed the strength of manufacturing FAI [First Article Inspection] (factories), recovering from the Trump trade war.”

So, while the broker believes the iron ore price has further to fall this year, it reckons it will still hold around US$160 a tonne on average.

Why this isn’t bad news for ASX mining shares

That’s around US$20 to US$30 above its previous forecast and an upgrade is in order for the sector.

The same would be true for most other brokers as their price forecasts are closer to US$100 a tonne than US$200 a tonne.

The iron ore price may be well off its record high and may not be revisiting its peak anytime soon. But ASX miners will still be making a lot of profit.

Remember that Credit Suisse’s price estimate is close to iron ore’s previous peak of circa US$180 a tonne back in the 2011 supercycle.

Now isn’t the time to turn bearish on ASX iron ore shares.

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The Antisense Therapeutics Limited (ASX: ANP) share price finished the day higher today following a progress update.

At market close, shares in the biotechnology company ended the day at 21 cents, up 5%.

What did Antisense announce?

In its announcement, Antisense advised that the manufacture of its ATL1102 active pharmaceutical ingredient (API) was undertaken by oligonucleotide therapeutic manufacturing company, Nitto Denko Avecia.

This completes the batch for its planned Phase 2b clinical trial of ATL1102 in non-ambulant Duchenne Muscular Dystrophy (DMD) patients.

Antisense stated that Nitto Denko Avecia fulfilled the batch last month, and shipped the material to Pyramid Laboratories in Southern California. The latter specialises in injectable drug product manufacturing. Since then, Pyramid Laboratories has formulated the ATL1102 API into an injectable product for use in the Phase 2b trial.

The finished product is undergoing product release testing for clinical use, and is expected to release the results next month.

Antisense CEO, Mark Diamond commented:

We are very pleased with how the manufacture of clinical supplies for our planned Phase IIb trial of ATL1102 has proceeded particularly given the challenges that have presented to all CMO’s during the global covid pandemic.

We are indeed fortunate to be partnered with such high quality CMOs that have a deep experience with antisense drugs and both of which we have been working with for over 15 years and that can support manufacture all the way through to commercial sale of product.

About the Antisense share price

Founded in 2000, Antisense is focused on developing and commercialising antisense pharmaceuticals for patients suffering from rare diseases.

The Company is developing ATL1102, an antisense inhibitor of the CD49d receptor, for DMD patients. Recently Antisense reported promising phase II trial results, indicating a significantly reduced number of brain lesions in patients with relapsing-remitting multiple sclerosis.

Over the past 12 months, the Antisense shares have jumped more than 170%, with 55% gains on year-to-date performance.

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The Ramsay Health Care Limited (ASX: RHC) share price will be one to watch on Thursday.

This follows the announcement of a potential new acquisition after the market close today.

What did Ramsay announce?

This afternoon Ramsay announced that it has made an all-cash offer of 240 pence per share to acquire 100% of Spire Healthcare Group plc shares via a scheme of arrangement. This represents a premium of approximately 24.4% to the closing price of Spire shares on 25 May.

According to the release, Spire is a London Stock Exchange-listed independent hospital group in the United Kingdom with a focus on the private patient market. It is also a leading provider of high-acuity care.

The offer of 240 pence per share values Spire’s entire issued and to be issued share capital at approximately 1 billion pounds (A$1,822 million) on a fully diluted basis and approximately 2 billion pounds (A$3,707 million) on an enterprise value basis.

The good news for Ramsay and its shareholders is that the Spire Board is unanimously recommending its shareholders vote in favour of the scheme. In addition, directors that own shares have irrevocably undertaken to vote in favour of the scheme, as has major shareholder Mediclinic International and the former Chairman of Spire, Garry Watts.

Though, Mediclinic International’s vote is subject to no competing higher offer emerging at 10% or more than the offer consideration.

Combined, the irrevocable undertakings represent approximately 30.4% of Spire’s issued share capital.

Acquisition rationale

Management believes the acquisition will be transformational for Ramsay’s UK business.

It is expecting it to create a leading private health care services provider. It will also diversify Ramsay UK’s payor sources, and case mix, expanding the geographic reach of its capabilities and improving capacity utilisation.

Ramsay also expects the acquisition to establish an enhanced offering for private patients, deliver scale to further invest in clinical research, development and innovation to improve patient outcomes, and provide the foundation for further growth. This is in line with Ramsay’s strategic vision of creating the leading ecosystem for patient centric, integrated care.

Positively, for shareholders and the Ramsay share price, the deal is expected to deliver significant value. This will be driven by benefits of at least 26 million per annum from procurement savings, improved capacity utilisation, and cessation of UK listing costs. This is forecast to result in high single digit earnings per share accretion in FY 2024.

Ramsay will be funding the acquisition through debt. And despite taking on the extra debt, it has no plans to change its dividend payout ratio in FY 2021. It intends to keep it in line with historical levels.

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The Core Lithium Ltd (ASX: CXO) share price has finished the day significantly up following a positive market announcement.

At market close, the lithium producer’s shares were trading at 24 cents a pop, up 6.67%.

What was announced?

According to its announcement, Core Lithium has entered into an agreement with Darwin Port Operations Pty Ltd (DPO).

The 5-year Port Operating Agreement (POA) gives Core Lithium access to the port’s facilities to export its products. It covers the company’s direct ship ore (DSO) and spodumene concentrate.

Port facilities include a truck dump, ship loader and conveyor, and berths for vessels.

Core Lithium’s wholly-owned subsidiary Lithium Development will supply all labour to operate the facilities when handling its product.

The agreement follows a non-binding deal signed by Core Lithium and DPO in early 2017.

Core Lithium said the short distance on existing roads from the company’s Finniss project to Darwin’s port means minimal capital and low operating costs on haulage. The company estimates it has one of the lowest logistics costs among hard-rock lithium miners and developers in Australia.

Core Lithium managing director Stephen Biggins said:

Access to key infrastructure like Darwin Port and the capital city of Darwin in northern Australia enables Core to build one of the most capital efficient and cost competitive hard-rock lithium projects in the world.

With a successful FID expected in coming months, Core is aiming to commence export of high-quality lithium concentrate from Darwin Port by the end of next year.

Core Lithium share price summary

In the past year, Core Lithium shares have surged by 300%, with year-to-date performance putting the company’s value around 65% higher. The Core Lithium share price reached an all-time high of 42 cents in early January this year.

The company has a market capitalisation of around $281 million, with more than 1.1 billion shares on its registry.

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Last week we discussed Commonwealth Bank of Australia‘s (ASX: CBA) move to raise its fixed-term interest rates on mortgages. At the time, CBA’s move was an interesting one, and as we flagged, a potential harbinger for the ASX banking sector going forward. Since the Reserve Bank of Australia (RBA) has repeatedly indicated that interest rates will be on hold at the current near-zero levels until 2024 at the earliest, CBA’s move could be construed as defiant. It implied the bank saw a possible risk in blindly following what the RBA was preaching, essentially betting rates will move higher at least a little sooner than the RBA has flagged.

Today we colour in that picture a little more. According to a report in the Australian Financial Review (AFR) today, National Australia Bank Ltd. (ASX: NAB) has also raised its fixed-term interest rates. Its 4-year rate rose by 21 basis points to 2.19% and its 5-year rate went up by 25 basis points to 2.49%. Both moves were effective from 12 May. 

Is NAB defying the RBA too?

On the surface it looks to be a similar move to CBA. But the AFR quotes NAB’s chief economist Alan Oster on the matter, who provides some nuance. Oster, perhaps contrary to what many commentators are saying right now, doesn’t believe rates will rise substantially until 2025.

Essentially people are worrying about inflation, that inflation is going up faster than the [US] Federal Reserve or the Reserve Bank anticipated, and they have to move earlier… Also there is an issue for the banks with the [rising popularity of] fixed rates in that there is not as much margin in them. I think it’s just fine-tuning… When the bank [RBA] finally gets going they might feel a bit behind and have to go up probably by 2 per cent in 12 to 18 months, but we are talking 2025… You can’t have cash rate at 0.1 per cent forever.

Oster seems to indicate that the hikes the big banks are making have more to do with a self-fulfilling prophecy, rather than an actual belief the RBA will move sooner than it has flagged. If bond yields rise, it indicates that the market is pricing in higher interest rates down the road. But rising bond yields raise the cost of funding for the banks, forcing them to pass this on to borrowers, and giving the impression the banks think the RBA is wrong. Oster indicates this is what’s behind NAB’s recent move.

Only time will tell how quickly the RBA raises rates, whether that’s 2022, 2024 or 2025. One thing looks more certain than it did a few months ago; interest rates seem to have found their bottom.

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ASX shares might benefit from the United States President Joe Biden’s plan to source metals for its electric vehicle (EV) industry from nations including Australia, Canada, and Brazil.

According to reporting by Reuters, Biden is turning to the US’ allied nations to source metals used in EV manufacturing, which he plans to increase during his presidency.

2 US administration officials also told Reuters the US has allocated $174 billion to EV manufacturing.

The Australian Financial Review reported that the move would help the US move away from relying on Chinese metals for its EV industry.

Deputy White House national climate adviser Ali Zaidi was reported by Reuters to have said that the US is looking to invest in supply chains that include recycling.

Let’s take a look at 3 ASX shares that could benefit from the US’ international sourcing of EV metals.

ASX electric vehicle-focused shares

Ecograf Ltd (ASX: EGR)

Ecograf is an Australian battery anode material producer. It already focuses on selling its products to EV and lithium-ion battery manufactures.

Ecograf claims its Western Australian facility is the worlds first to process purified spherical graphite outside of China.

Spherical graphite is a key component of lithium-ion batteries, which are used in EVs.

Additionally, Ecograf sources its graphite from its Epanko Graphite Project, located in Tanzania.

Ecograf is focused on making the production of spherical graphite more eco-friendly. It also works to recycle disused lithium-ion batteries.

Galaxy Resources Limited (ASX: GXY)

Galaxy Resources is an Australian lithium producer.

The company operates the Mt Cattlin Spodumene Project in Western Australia. Mt Cattlin’s products are also qualified to be used in the global lithium-ion battery chain.

Currently, most of the products of Mt Cattlin are exported to Asia.

Galaxy also has a lithium project in Canada, named James Bay. James Bay is still in development, but Galaxy already plans for its products to be used in the North American EV industry.  

Lynas Rare Earths Ltd (ASX: LYC)

Finally, Lynas Rare Earths may also benefit from the US’ spin towards internationally sourced metals.

According to Lynas, it’s the largest producer of separated rare earths outside of China. Additionally, its rare earths can already be used in EV manufacturing.

Its Mt Weld Central Lanthanide Deposit is located in Western Australia.

Currently, Lynas sends its products from Mt Weld to Malaysia to be processed. Though it’s in the process of building a new processing plant in Kalgoorlie.

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The REA Group Limited (ASX: REA) share price was a positive performer on Wednesday.

At one stage, the property listings company’s shares rose 3.5% to a record high of $165.37.

The REA Group share price ultimately ended the day 3% higher at $164.40.

Why did the REA Group push higher today?

The REA Group share price was given a boost in afternoon trade from news that the Foreign Investment Review Board (FIRB) has given the tick of approval to its acquisition of mortgage broker Mortgage Choice Limited (ASX: MOC).

According to the release, REA has received written correspondence from FIRB that the Commonwealth has no objections under the Foreign Acquisitions and Takeovers Act 1975 to the proposed acquisition of Mortgage Choice by way of a scheme of arrangement.

Though, the takeover remains subject to a number of outstanding conditions. These include approval by the Mortgage Choice shareholders at a scheme meeting scheduled for 10 June. However, this appears to be a mere formality, with the company’s directors unanimously recommending that shareholders vote in favour of the scheme.

Why is REA Group acquiring Mortgage Choice?

REA Group believes the $244 million acquisition of Mortgage Choice aligns with its financial services strategy. It notes that it will leverage REA Group’s digital expertise, high intent property seeker audience and unique data insights across a larger network.

Furthermore, management believes it provides a compelling opportunity to establish a leading mortgage broking business with increased scale. This will complement the existing Smartline broker footprint, resulting in greater national broker coverage.

Another positive is that the transaction is expected to be immediately earnings per share accretive for REA Group, with potential for future cost and revenue synergies.

REA Group’s Chief Executive Officer, Owen Wilson, commented: “The acquisition of Mortgage Choice represents an exciting opportunity for REA to create a leading broking business. It builds on our success to date, accelerating our financial services strategy while leveraging our existing strengths and capabilities.”

With the REA Group share price at a record high, the market appears to agree with Mr Wilson.

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The Future Fund is normally an institution that Australians look to for comfort and stability. After all, the $179 billion sovereign wealth fund technically belongs to all of us. 

So it might raise some alarm bells that the future fund is reportedly worried about future inflation. According to a report in the Australian Financial Review (AFR), that’s what the Future fund’s chief executive Raphael Arndt has flagged in a Senate hearing today. The Fund is reportedly hiring more than 150 extra staff to “prepare for fundamentally changed market conditions”.

Here’s some of what Mr Arndt said on this matter:

The ability to generate strong returns into the future is more complex and challenging than ever before given the low level of interest rates around the world…

Policy settings continue to support markets for the time being. But this is priced into assets and unwinding these measures will be a complicated exercise… Equally, a failure to reduce the stimulus at the appropriate time could fuel a significant increase in inflation, a risk markets are already starting to focus on.

Future Fund warns of future inflation

Inflation matters enormously in the investing world. That’s due to its potential effects on asset prices. Inflation usually brings higher interest rates with it too. This is what seems to have Mr Arndt concerned.

Higher interest rates usually result in falls in asset prices. That’s because ‘risk-free’ alternatives like government bonds pay higher interest as a result. Most investors would understandably rather have a government bond paying a 4% interest rate than an ASX share which offers a 4% dividend yield.

Since interest rates have been at near-zero levels, investors have been jumping into other asset classes in the hunt for yield. But that could (and probably will) change if rates start rising. And this represents a fundamental risk to a fund like the Future Fund, which is already close to fully invested. 

According to the AFR, the Future Fund has returned an average of 9.1% per annum over the past decade. That’s an easy beat on its 6.1% per annum target. But clearly, Mr Arndt is worried this might not continue for the next decade without some extra (and skilful) hands on deck:

To continue to be successful and to continue to be able to meet what is an increasing challenging investment mandate with interest rates at zero around the world, we needed more staff.

All ASX investors might benefit from taking these comments to heart. If interest rates start to rise, it could well provoke some substantial volatility in all financial markets. Perhaps something we should all be ready for.

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