The ASX moved as high as 7,071 points and as low as 7,049 points in trading today before settling at 7,057.6, an 8.2-point or 0.12% gain from Friday's close.
The Energy sector was responsible for most of the gains today, up 1.41% on the back of surging oil prices, which jumped 4.03% on news OPEC may move to further cut crude output in response to recent falls in crude pricing.
On the other side of the balance sheet, Utilities fell 0.83% and Consumer Staples 0.80%. The other sectors were mostly flat, bar a small 0.60% boost to Consumer Discretionary and a 0.55% lift for Financials.
Commodities were also subdued, with palladium, copper and lead making small gains while nickel continued its recent downward momentum, shedding 1.19%. The battery metal has lost some 7.75% over the last month.
The best-performing stocks today were unsurprisingly in the energy sector. Paladin Energy (ASX:PDN) gained 3.61% while Karoon Energy added 3.66% to its share price.
Barclays (LON:BARC) predicts softening of global growth
UK banking giant Barclays has forecast slowing global growth in its latest Global Economics Weekly report, predicting a 2.6% increase for 2024 compared to a more robust 3% increase for 2023 as COVID-induced imbalances are corrected and monetary policy tightening begins to take true effect.
The report predicts US growth will slow as well, decelerating from 2.4% this year to 1.2% in 2024 while Europe also slips, down to 0.3% compared to 0.5% in 2023 and China's structural issues continue to slow down its economy, predicting 4.4% growth compared to 5.1% this year.
The bank also forecasts a slowdown in disinflation, with inflation expected to still be above target by the end of 2024 - persistent wage pressures and potential energy supply shocks are the main risks Barclays points to.
Finally, a divergence in central bank policies is expected to take place - Barclays predicts another Fed rate hike may be on the cards and points to end-2024 as a potential starting point for rate cuts, but the European Central Bank and Bank of England may begin rate cuts this winter - Barclays expects the Bank of Japan to deliver its first rate hike in the first half of 2024.
Five at Five
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Buru Energy to raise $2 million from share purchase plan
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Suvo Strategic Minerals to begin tests on calcined kaolin, prized in Asia Pacific region
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OD6 Metals identifies new clay-basins at Splinter Rock
OD6 Metals Ltd (ASX:OD6) MD Brett Hazelden tells Proactive the company is encouraged by the use of state-of-the-art modelling led by Australia’s national science agency, CSIRO, that reveals major extensions to clay-hosted rare earth element (REE) basins at the Splinter Rock REE Project in WA.
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