The ASX 200 is trading 1.05% higher at 7,762 this afternoon. While all 11 GICS sectors are in the green, Tech stocks have been the standout — the sector is up 3.2% at 3pm (AEST). The Property and Telcos sectors are also trading around 2% higher.
The strength of the ASX follows a strong showing on US markets overnight where the Nasdaq lifted 2.9% and the S&P500 gained 2.3% — its best day since November 2022.
Also helping the local market today was higher than expected China CPI data, which provided support for commodity prices.
A surge in pork prices helped lift China’s consumer prices a more-than-expected 0.5% in July from a year ago — beating the 0.3% rise anticipated by analysts. Core CPI, which strips out food and energy prices, rose by 0.4% year-on-year in July — down from 0.6% in June.
Prices of pork surged by 20.4% year-on-year in July — the biggest increase since December 2022. With pork being a widely consumed food staple in China, prices of the meat play a significant role in the country's CPI.
The data led to a recovery for iron ore futures on Friday, and helped send Rio Tinto (ASX:RIO) 2.4% higher and BHP (ASX:BHP) up 1.2%.
The gold price surged 4% in July to close at US$2,426 per ounce, and August is shaping up to be a pivotal month for the gold market, with several key events set to influence its performance. August is typically a strong month for gold, and the precious metal faces crosswinds from the Federal Reserve’s Jackson Hole symposium, the US elections, and weak earnings in the tech space.
Read more: Can gold maintain its near record high price through August?
News Corp (NASDAQ:NWSA) is considering putting Foxtel up for sale, the media giant revealed during an investor call today. The call highlighted the company’s quarterly results, including a 6% increase in revenue to US$2.58 billion was reported, and that quarterly EBITDA rose by 11% from a year earlier, amounting to US$380 million.
News Corp (NASDAQ:NWSA) global chief executive Robert Thomson said there was “third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years with record numbers of streaming subscribers, low broadcast churn, and rising broadcast and streaming RPU [revenue per user].
“We had no imminent intent to sell Foxtel but are reviewing potential strategic and financial options for the business with their advisers and engaging with third parties in light of that external interest.”
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