The Australian market is down 0.44% in Friday afternoon trade bringing the decline for the week to more than 2.2%.
The Materials sector is leading the losses today (-1.24%) and is down more than 3.5% for the week. This comes as Rio Tinto, BHP, and Fortescue track falls in the iron ore price — each having retreated by 1.5% or more this afternoon.
Consumer discretionary and tech stocks are also having a rough day. Utilities are one of three sectors trading higher (+0.72%), alongside Industrials and Healthcare.
For the week, all nine sectors are lower, with the exception of Energy amid oil prices hitting ten month highs.
Westpac lifts GDP growth forecasts
Westpac has lifted its GDP growth forecasts from 1% to 1.2% for 2023, and from 1.4% to 1.6% for 2024.
The bank’s chief economist Bill Evans says June quarter data, released this week, was in line with the bank's expectations. The data showed the economy expanded by 0.4% in the quarter while annual growth slipped from 2.4% to 2.1%.
But the March quarter result was upgraded, prompting Westpac to lift its 2023 GDP growth forecast. It also lifted its forecast for 2024, due to a modest uplift in growth in the second half.
Morgan Stanley (NYSE:MS) drops next year’s rate cut expectations
Following the RBA’s decision on Tuesday to keep rates on hold at 4.1% for another month, analysts at Morgan Stanley (NYSE:MS) have cut their rate cut expectations.
In a recent analyst note, the firm retained its forecast for a November cash rate increase but dropped its forecast from three rate cuts next year, down to two, and “now expect cuts in August and November to end 2024 at 3.85%”.
Economists’ views are mixed on whether we’ll see another rate hike this year, possibly in November, once the central bank has a chance to assess September quarter inflation data and digest the latest forecasts for its final statement of monetary policy for the year.
Five at Five
Blue Star Helium upgrades Voyager well design to further optimise recovery
Blue Star Helium Ltd (ASX:BNL, OTC:BSNLF) will upgrade the design of the development well at its high-grade Voyager helium project in Colorado, including a larger production well bore to enhance production outcomes to further optimise helium recovery.
Piedmont Lithium (ASX:PLL, OTC:PLLTL) investee Atlantic Lithium advances Ghanaian lithium portfolio with US$32.9 million funding
Piedmont Lithium (ASX:PLL, OTC:PLLTL) Ltd investee Atlantic Lithium has agreed to a non-binding head of terms with the minerals income investment fund of Ghana to invest a total of US$32.9 million (AU$54.1M) in the company and its Ghanaian subsidiaries.
Akora Resources makes a compelling investment case in green steel revolution
Akora Resources Ltd (ASX:AKO) is poised to play a pivotal role in the dash for green steel with its high-grade iron ore projects in Madagascar favourably timed and positioned in the global transformation towards reduced carbon emissions.
American Rare Earths gears up for Halleck Creek resource upgrade drill campaign
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) is gearing up for a 23-hole drill program at its Halleck Creek project in Wyoming later this month to upgrade the deposit’s 1.43-billion-tonne JORC resource.
Helix Resources Ltd (ASX:HLX) has “excellent potential” to deliver the goods, says Independent Investment Research
Helix Resources Ltd (ASX:HLX) has outlined “excellent potential” to deliver copper results and drive shareholder value, banking on its rigorous exploration program spanning a highly prospective exploration package in rich mineral belts in NSW, according to Independent Investment Research.
On your six
IDTechEx identifies three pivotal trends shaping the future of EV charging infrastructure
A recent report by IDTechEx has highlighted key trends propelling the electric vehicle (EV) charging market, including advancements in battery technology, solar charging solutions, and new US government programs.
One to watch
Infinity Lithium welcomes 90% San Jose lithium recovery
Infinity Lithium Corporation Ltd (ASX:INF) CEO Ryan Parkin tells Proactive the company is poised to revolutionise lithium extraction at its San José Lithium Project in Spain with material improvements in test work evaluating alternative recoveries and production of battery-grade lithium hydroxide.