The ASX 200 has trimmed its gains for the week to 0.8% after closing down 0.77% today, with the heaviest losses felt in the Energy and Tech sectors. The ASX Small Ordinaries lost more than 1.1% while gold stocks also underperformed during the session.
Energy stocks tracked the fall in the oil price lower after a report highlighted swelling US crude inventories. Santos dropped 2.4%, Woodside was down 0.9% and Beach fell 4.1%.
AMP was the worst performer on the ASX 200, losing 16.3% after the financial services company signalled it was introducing a new digital bank and downgraded its margin expectations. The financial services company says the new digital bank will target sole traders and very small businesses but will cost $60 million over FY24 and FY25.
55,000 more jobs added last month
Employment data for October today showed 55,000 people found work during the month - double the figure forecast. Yet the unemployment rate edged to 3.7% higher. The ABS reported that while many people found jobs during the month, almost 28,000 sought unemployment benefits.
The increased employment in October followed a gain of just 8,000 jobs in September.
Today’s ABS employment figures follow news yesterday that wage growth hit 14-year highs in the September quarter, igniting inflation fears that would pressure the RBA to again raise interest rates.
Australian wages surged 1.3% in the quarter ending September 30. This rise, as reported by the ABS yesterday, marks the largest quarterly growth since records began in 1997, lifting annual wages growth to a 14-year peak of 4%.
The markets are now forecasting just an 8% chance that the RBA will raise the cash rate to 4.6% next month, but see a 50% chance of another increase by next June with inflation tipped to be more persistent than expected.
Five at Five
Reward Minerals inks exclusivity deed to acquire Beyondie SOP Project
Reward Minerals Ltd (ASX:RWD) has entered into an exclusivity deed with the receivers of Kalium Lakes Limited relating to the potential acquisition of the Beyondie Sulphate of Potash (SOP) Project in Western Australia.
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Gold Hydrogen all set to drill Ramsay 2 hydrogen well
Gold Hydrogen Ltd (ASX:GHY) is set to begin drilling the Ramsay 2 well at its flagship Ramsay natural hydrogen project in South Australia. The company is mobilising contractors and company supervisors to the Ramsay 2 well site, with drilling operations on track to commence drilling in the next 24 to 48 hours.
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Andromeda Metals delivers maiden 53.5 million tonnes kaolin resource for Chairlift
Andromeda Metals Ltd (ASX:ADN) has delivered a maiden mineral resource estimate (MRE) of 53.5 million tonnes of kaolinised granite with an ISO brightness of 81.9 for the Chairlift deposit in South Australia.
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Global Lithium Resources achieves flotation recovery of more than 95% in Manna Lithium Project DFS tests
Global Lithium Resources Ltd (ASX:GL1) has progressed work on a definitive feasibility study (DFS) for the Manna Lithium Project in Western Australia, demonstrating strong flotation and lithium recoveries in test-work.
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Andromeda Metals partners with Hallett Group for Great White HRM 'green cement' product
Andromeda Metals Ltd (ASX:ADN) has inked a Strategic Alliance Agreement with South Australian building and construction materials company Hallett Group.
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On your six
US watchdog urges FTC to investigate X for misleading advertisements
US advertising industry watchdog Check My Ads has formally requested the Federal Trade Commission (FTC) to scrutinise X (formerly known as Twitter) for what it terms "inherently deceptive" advertising practices.
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One to watch
Great Boulder says Side Well is an “absolute belter”
Great Boulder Resources Ltd (ASX:GBR) MD Andrew Paterson tells Proactive the company has enhanced the gold bounty of its Side Well Project near Meekatharra in Western Australia through an updated mineral resource estimate (MRE) that has increased the total resource by 29% to 668,000 ounces at 2.8 g/t gold.
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