The S&P/ASX200 enjoyed a significant upswing today, gaining 113.40 points or 1.58% to 7,299.90 and crossing above its 200-day moving average as at 2:30pm this afternoon.
On these figures, over the last five days the index has gained 2.00% and is currently 3.54% off its 52-week high.
All sectors were in dull or bright green territory at time of writing, with Materials riding highest, up 2.96%, followed by Energy (2.03%) and Information Technology (1.54%), with the most sluggish performers of the bunch being Utilities and Healthcare, still both up 0.54% and 0.68% respectively.
Aussie dollar buoyant on China data
The Australian dollar saw an uptick of 0.4%, reaching US$0.6465, following better-than-anticipated economic figures from China and a surge in iron ore prices to their highest levels in half a year.
China's National Bureau of Statistics revealed a year-on-year industrial output expansion of 4.5% for August, outpacing July's 3.7% and exceeding the estimated 3.9% increase.
The data marks the swiftest rate of expansion since April. Likewise, retail sales for August grew by 4.6%, a jump that was helped by summer tourism and outperformed a predicted 3% rise.
The corresponding appreciation of the offshore yuan to 7.2624 against the US dollar underscores this apparently strengthening Chinese economy.
To paraphrase Klemens von Metternich, when China sneezes, Australia catches a cold. Its economic health directly influences the Australian dollar, often viewed as a liquid alternative to the yuan.
The encouraging Chinese data has breathed life into the dollar, which is now set for a weekly surge of 1.4%, its biggest leap in two months.
The development suggests that China's recent efforts to stimulate its economy are starting to yield results, impacting global currencies in the process.
The five at five
Azure Minerals completes SPP; well-capitalised to accelerate Andover exploration
Azure Minerals Ltd (ASX:AZS, OTC:AZRMF) has completed its share purchase plan (SPP) aimed at raising $10 million to accelerate the exploration of the high-grade Andover Lithium Project in Western Australia’s West Pilbara region.
Read more
Anson ramps up lithium samples production for potential offtake partners
Anson Resources Ltd (ASX:ASN) has ramped up lithium carbonate production at its sample demonstration plant to meet demand from potential offtake partners, while continuously producing lithium carbonate from brines from its Paradox Lithium Project in south-eastern Utah.
Read more
Fenix Resources locks in iron ore strength with new hedging contracts
Taking advantage of current iron ore market strength, high grade, high margin iron ore producer Fenix Resources Ltd has secured further iron ore hedging contracts for a total of 150,000 tonnes of iron ore at a fixed price of $163.50 per tonne.
Read more
Rumble Resources reveals board reshuffle and interim leadership amid Earaheedy development
Rumble Resources Ltd (ASX:RTR, OTC:RTRFF) has revealed a series of changes to its board of directors, a pivotal move aligned with the next developmental phase of the Earaheedy Zinc-Lead-Silver Project, situated 110 kilometres northeast of Wiluna, Western Australia.
Read more
Taiton Resources completes maiden drilling program at Highway Project
Taiton Resources Ltd (ASX:T88) has gained a deeper understanding of the geological profile of the Merino prospect within its Highway Project in the Gawler Craton of South Australia following the completion of a maiden reverse circulation (RC) drilling program.
Read more
On your six
Rising power costs trouble Australian households, with relief a long way off
Australian households have been grappling with surging electricity costs of up to 30% since July, with little reprieve in sight.
Read more
The one to watch
Flynn Gold strikes best yet at Trafalgar with 170 g/t gold
Flynn Gold Ltd (ASX:FG1) (Flynn Gold Ltd (ASX:FG1)) CEO Neil Marston tells Proactive the company has delivered further high-grade gold from diamond drilling at its 100%-owned Golden Ridge Project in northeast Tasmania where it continues to identify and test multiple exploration targets, aiming to make further discoveries.
Watch