The ASX200 is trading 0.24% higher this afternoon ahead of the long weekend, with the benchmark index on track to end the week 1.7% higher.
The Consumer Discretionary and Materials sectors are leading the market higher, while Tech stocks and Healthcare are in the red.
Resources heavyweights BHP (ASX:BHP) and Rio Tinto (ASX:RIO) are having a strong session, up 1% and 0.8% respectively in afternoon trade.
Gold miners were particularly strong on Friday with Newmont Corp up 3.4% and Evolution mining trading 1.7% higher. This follows the release of the World Gold Council’s May Gold Market and Gold ETF (NYSE:GLD) reports. The reports showed that gold rose for the third consecutive month, while global gold ETFs saw inflows in May, ending their twelve-month losing streak.
Read more: Elevated gold price presents opportunity for ASX gold junior
UBS has revised down its headline CPI forecast for 2024 but increased its forecast for 2025. This follows bigger than expected subsidies in the recent state and federal budgets, a lower-than-expected minimum and award wage increase, and a higher than expected monthly CPI indicator. The bank expects the RBA to start cutting rates in February amid cuts by global central banks, although it anticipates a "stickier" outlook for inflation in Australia.
The markets are not fully pricing in a first rate cut by the RBA until mid-2025, but UBS expects it to start cutting in February, lowering the cash rate from 4.35% to 3.35% by the end of 2025.
Meanwhile,at the Australian Economic Outlook today PM Anthony Albanese has said the government is getting inflation down "not in spite of the help we are providing with the cost of living, but because of it".
Albanese said that rather than mimicking other nations in their fight against inflation, Australia must do it "our way" and "play to our strengths". This includes not going “dollar for dollar” with the US Inflation Reduction Act.
Five at Five
RemSense Technologies garners significant purchase order and interest from energy giant Chevron (NYSE:CVX)
RemSense Technologies Ltd (ASX:REM) has received a purchase order from AGC Industries Pty Ltd on behalf of energy giant Chevron Australia valued at $534,195.33.
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Globe Metals & Mining installs pilot plant to produce niobium and tantalum
Globe Metals & Mining Ltd (ASX:GBE)’s chlorination refinery pilot plant to produce niobium and tantalum product samples has now been installed and hot commissioned.
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Northern Minerals faces first strike on remuneration report as shareholder unrest grows
Northern Minerals Ltd (ASX:NTU) received a first strike against its remuneration report as shareholders rejected motions to appoint four new Chinese-backed directors.
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Walkabout Resources ships first graphite concentrate from the Lindi Jumbo Graphite Mine
Walkabout Resources Ltd (ASX:WKT) has produced and shipped the first consignment of on-specification graphite concentrate from the Lindi Jumbo Graphite Mine in Tanzania.
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Animoca Brands subsidiary raises US$20 million in funding round for The Sandbox metaverse
Animoca Brands Corporation Ltd has raised US$20 million in convertible promissory notes with a US$1 billion valuation cap through its subsidiary Bacasable Global Limited, operator of The Sandbox.
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On your six
Australian Council of Trade Unions to push for the end of junior wages
The Australian Council of Trade Unions (ACTU) has voted to campaign for the abolition of junior wages, prioritising the needs of young workers over the coming years.
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One to watch
Sunstone Metals has high-grade gold and silver in the crosshairs at Limon
Sunstone Metals Ltd (ASX:STM) managing director Patrick Duffy is back in the Proactive studio to discuss an imminent drilling campaign over the priority Limon discovery at the Bramaderos project in southern Ecuador.
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