The ASX got off to a sluggish start this morning after a sell-off in the US overnight but the benchmark index pared losses into the afternoon to close down 0.41% at 7,816 points.
The Energy and Materials sectors showed strength today but the interest rate-sensitive Real Estate and Financials sectors weighed on the index after US interest rate cut hopes were pushed back to November following a firmer-than-anticipated US inflation report.
It now looks like US inflation might settle closer to 3% than the Fed’s 2%, meaning a rate cut might not be possible until much later in the year without evidence of a sharper slowdown in the economy.
In China, consumer prices rose at a slower pace in March as food and travel prices fell. The consumer-price index rose 0.1% in March from a year earlier, down from the 0.7% increase in February. Economists had tipped 0.4% growth.
There’s speculation that weak consumer prices could reignite deflation concerns after a four-month streak of Chinese deflation ended in February. Food prices dropped 2.7% in March while non-food prices increased 0.7%.
Five at five:
Sarytogan Graphite tests prove Ultra-High Purity Fines enhance cathode conductivity in batteries
Sarytogan Graphite Ltd (ASX:SGA) has successfully tested its Ultra-High Purity Fines (UHPF) as a cathode conductivity enhancer in AA alkaline batteries and in lithium monofluoride (Li/CFx) batteries.
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Olympio Metals hits 2.3% lithium oxide in drilling at Cadillac in Quebec
Olympio Metals Ltd (ASX:OLY, OTC:COPGF) has completed a successful round of diamond drilling at the Cadillac Lithium Project in Quebec, Canada, targeting four separate pegmatite dykes.
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Peninsula Energy readies for Lance plant construction; appoints contractor and updates budget forecast
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Provaris Energy collaborates on Rotterdam hydrogen facility, Longspur updates analysis
The partnership by Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) with Global Energy Storage to evaluate the development of a hydrogen import facility in Rotterdam is attracting attention from the investment community, notably Longspur Capital, which has published an update on the company’s prospects
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Polymetals Resources buoyed as strengthening metal prices support Endeavor restart plan
Strengthening metal prices have buoyed Polymetals Resources Ltd (ASX:POL) as it seeks to recommence production at the Endeavor silver, zinc and lead mine near the mining centre of Cobar in central New South Wales.
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On your six
Lanthanein Resources completes extensive lithium soil sampling at Lady Grey
Lanthanein Resources Ltd (ASX:LNR, OTC:FRNRF) has completed an extensive soil sampling program at the Lady Grey Lithium-Tantalum Project in the Forrestania Greenstone Belt of Western Australia.
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One to Watch
Celsius Resources receives permit extension for Sagay Copper Project
Celsius Resources Ltd (ASX:CLA, AIM:CLA) CEO Peter Hume sits down with Jonathan Jackson to discuss permitting for its Sagay Copper Project in Negros, Philippines.
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