The ASX has fallen 33.2 points or 0.41% despite strong lifts in lithium mining stocks, which have been struggling amid low lithium prices in recent months.
There was strength in Materials, up 1.37%, but it wasn’t enough to make up for losses in Energy stocks (-1.63%), Info Tech (-1.61%) and Financials (-1.65%).
Woodside Energy Ltd fell 2.46%, NextDC fell 5.55% to take the crown as biggest loser on the ASX200 and ANZ fell 2.29% – Commonwealth Bank, NAB and Westpac weren’t far behind, all losing between 1.80% and 1.89%.
The other sectors were mostly flat, with some weakness in Comm services and small lifts in Utilities and Real Estate.
Lithium miners were the standout on the ASX200 today. Mineral Resources lifted 16.47% after Australia’s Foreign Investment Review Board approved the sales of its 49% interest in the Onslow Iron Haul Road.
Fellow miners Liontown Resources (ASX:LTR) (+14.75%), Pilbara Minerals (+13.98%), Latin resources Ltd (+15.63%) and Core Lithium (+13.64%) benefited from the shift to a more bullish lithium market sentiment.
Overall, the index has lost 0.35% over the last five days of trading and currently sits 2.09% below its 52-week high.
US markets could break through barrier if CPI softens
“The tech rally and buy-the-dip trend continued for a second day, with the Nasdaq gaining 0.8% and the S&P 500 rising 0.5%, though both indices stopped short of breaking through key levels as caution set in,” writes moomoo market strategist Jessica Amir.
“The market’s hesitation to push past these levels is symbolic, as investors await the Trump-Harris inaugural debate and fresh US inflation reports, which could influence the Federal Reserve's upcoming rate decision.
“There's a 33% chance of a 0.5% cut, while markets have fully priced in a 0.25% cut (with a 133% probability).
“If the CPI matches or is softer than expected, it could help the market break through key levels.
“However, September sentiment remains cautious, not just because of these factors but also due to growing concerns in the banking sector, reflecting the declining financial health of US consumers.
“Banking shares dropped, with JPMorgan (NYSE:JPM) down 5%, marking its biggest decline since April, as its president noted that analysts were too optimistic about next year's net interest income.
“Meanwhile, Bank of America’s CEO stated that its results would be flat, lower than Wall Street expected.
“This follows a Federal Reserve Bank of New York survey indicating delinquency concerns are at their highest since April 2020. The Fed’s Barr also unveiled sweeping new capital plans.
“Elsewhere, Tesla (NASDAQ:TSLA) was in the spotlight again, with shares rising 4.6% after BMW lowered its profit expectations due to brake faults, and Volkswagen (ETR:VOWG_p) scrapped its three-decade-old German jobs pledge to cut costs.
“VW had already announced last week that it might close factories in Germany as it battles declining sales.”
The Five at Five
AuKing Mining to acquire Grand Codroy uranium exploration project in Canada
AuKing Mining Ltd (ASX:AKN) is expanding its portfolio of uranium assets, announcing the proposed acquisition of a 100% interest in the Grand Codroy uranium exploration project in Newfoundland, Canada.
Read more
Aura Energy enhances production target at Tiris Uranium Project, extending mine life to 25 years
Aura Energy Ltd (ASX:AEE, AIM:AURA) has boosted its production target for the Tiris Uranium Project in Mauritania, significantly enhancing project economics and extending the mine life from 17 years to 25 years.
Read more
Dynamic Metals identifies 36 gold targets and 22 lithium targets at Lindsays Project, WA
Dynamic Metals Ltd (ASX:DYM) has built an expansive pipeline of gold and lithium targets at the Lindsays Project in the Eastern Goldfields of Western Australia, with 36 new gold targets and 22 new lithium targets generated in a desktop review.
Read more
Brookside Energy to push into the US with states-side listing and capital consolidation
Brookside Energy Ltd (ASX:BRK, OTC:RDFEF) is planning to pursue a listing on the NYSE American exchange through American Depositary Shares (ADSs), in line with its expansion strategy.
Read more
ArtchTIS moves to enter US$163.4 billion big data market with Trusted Data Integration
ArchTIS Ltd has launched a new solution for integrating, securing and governing sensitive and classified structured data from multiple sources at scale and speed called Trusted Data Integration (TDI).
Read more
On your six
Patronus Resources completes PNX Metals merger; Graham Ascough joins board
The merger of Patronus Resources Ltd with PNX Metals Ltd is now complete, with the scheme of arrangement implemented today.
Read more
One to watch
Sunstone Metals: $2.5M placement boosts Ecuador exploration plans
Sunstone Metals Ltd (ASX:STM) managing director Patrick Duffy joins Jonathan Jackson in the Proactive studio to discuss a $2.5 million raise through the placement of 500 million new fully paid ordinary shares, priced at 0.5 cents ($0.005) each, representing a 28.6% discount to the last closing price.
Watch more