Closing Bell
What's Affecting Markets Today
Chinese stocks lead gains on property market relief, stimulus hopes
Chinese markets were the best performers in Asia on Monday,
with Chinese markets rising over 1% each. The Hong Kong index surged 1.8%,
buoyed chiefly by property stocks as Country Garden earned bondholder
approval to extend some debt deadlines, averting a potential default. The stock
jumped nearly 10% and was the top performer on the Hang Seng.
Softening Economic Numbers
Household spending eased 0.7 per cent in July from a year
earlier, the first fall since early 2021, according to figures released today
by the Australian Bureau of Statistics, as higher interest rates and inflation
hurt wallets.
Economists are downwardly revising their forecast for
second-quarter gross domestic product (GDP) to be released on Wednesday after
weaker-than-expected company profits, inventories and household spending data.
US Labor Day holiday tonight
ASX Stocks
ASX 200 7318.8 +40.5 (+0.56%)
Key Highlights:
The ASX closed higher in low volume trade with focus turning to a Reserve Bank of Australia meeting on Tuesday and a US holiday tonight. The central bank is widely expected to keep rates on pause, given that Australian inflation has cooled substantially in recent months.
Materials and energy stocks held up the index today as gains in BHP the biggest stock on the ASX 200, said a Brazilian court had approved its plans to reorganize its Samarco joint venture, as part of the repercussions of a 2015 dam collapse that killed 19 people and was Brazil’s worst ever environmental disaster.
Lithium Junior Liontown (LTR) accepts increased bid from Albemarle
Liontown is expected to accept an increased bid of $3 per share from Albemarle as the board of lithium hopeful Liontown, led by chairman Tim Goyder, unanimously agreed to back a $3-a-share bid for the company from US miner Albemarle.
MinRes set to buy WA lithium mine Bald Hill
Chris Ellison’s Mineral Resources is the mystery bidder that has signed an implementation deed to buy West Australian lithium mine Bald Hill out of administration.
MinRes has exclusivity and is expected to complete the deal in the coming weeks. It would pay several hundred million dollars to buy the asset.
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