🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

FIVE at FIVE AU: ASX set for strong finish to the week; China CPI better than expected

Published 09/08/2024, 02:35 pm
Updated 09/08/2024, 04:00 pm
© Reuters.  FIVE at FIVE AU: ASX set for strong finish to the week; China CPI better than expected
NDX
-
US500
-
AXJO
-
BHP
-
RIO
-
TIOc1
-

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.”

Five at Five

Triangle Energy advances multiple high-potential oil and gas projects in Perth Basin

Triangle Energy (Global) Ltd is preparing to spud the Becos-1 well on its core L7 and EP 437 permits in the Perth Basin in the fourth quarter of this year, as well as a third well in 2025.

Read more

Sarytogan Graphite secures $5 million investment from European Bank for Reconstruction and Development

Sarytogan Graphite Ltd (ASX:SGA) has received a resounding validation of the economical and technical chops of its namesake graphite deposit, having drawn a $5 million investment from the European Bank for Reconstruction and Development (EBRD).

Read more

Elixir Energy readies to commence Daydream-2 stimulation and testing program

Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) is in the final stages of preparing to flow test the Lorelle Sandstone as part of its Daydream-2 program in its 100% owned Grandis Project in Queensland’s Taroom Trough, with the company now mobilising all equipment to the well site.

Read more

Piedmont Lithium (ASX:NASDAQ:PLL, OTC:PLLTL) sets new quarterly spodumene production records

Piedmont Lithium (ASX:PLL, OTC:PLLTL) set quarterly production records in the second quarter of 2024, the leading North American supplier today revealed in its quarterly report.

Read more

Lithium Energy shareholders overwhelmingly approve Solaroz project stake sale

Shareholders have overwhelmingly approved the sale of Lithium Energy Ltd (ASX:LEL)’s interest in the Solaroz Lithium Brine Project.

Read more

On your six

Middle class squeeze as financial pressures mount

New data sheds light on the increasing financial pressures squeezing Australia's middle class out, calling attention to the urgent need for effective financial strategies and support to alleviate economic challenges.

Read more

One to Watch

Sarytogan Graphite secures A$5M investment from EBRD for graphite project

Sarytogan Graphite Ltd (ASX:SGA) managing director Sean Gregory joins Jonathan Jackson in the Proactive studio to discuss a share subscription agreement with the European Bank for Reconstruction and Development (EBRD) for a placement of A$5M.

Watch more

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.