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 0.45% at 7,813 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.
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.
Peninsula Energy readies for Lance plant construction; appoints contractor and updates budget forecast
Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) has selected Samuel Engineering, Inc and Samuel EPC, LLC as engineering, procurement and construction (EPC) services contractor for the expansion of the Ross Central Processing Plant at the Lance Uranium Project in Wyoming, US.
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
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.
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.
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.