The ASX200 closed down 44.9 points to 7,738.1, a day after the ABS reported inflation data for May that was higher than expected and prompting speculation that the RBA would be forced to raise interest rates in the near term and at the very least won't be making any cuts until next year.
Despite the market ending the day in the red, it did climb back throughout the afternoon after a morning selloff.
Property stocks were the worst of the sectors, ending the session 2.4% lower, on concerns about the impact of rising inflation. Bond yields were also pushed higher on inflation concerns,
Meanwhile, Tech was the only sector to end the day higher.
Move on Virgin Australia (ASX:VAH)
Qatar Airways is in negotiations to acquire up to a 20% stake in Virgin Australia (ASX:VAH), a move that could significantly impact the country's aviation industry.
The move would extend an existing partnership the airlines have as they look to compete against Qantas.
Two sources close to the transaction, who spoke on condition of anonymity, indicated that Virgin's advisers had also considered a stake sale to Singapore Airlines, which ultimately did not materialise.
Qatar Airways' interest in a stake in Virgin could be announced as early as next week, pending approval from the Foreign Investment Review Board, which may block the transaction.
Qatar Airways could not be reached for comment by the AFR and Bain Capital declined to comment.
Read more: Qatar Airways eyes significant stake in Virgin Australia
Five at Five
American Rare Earths wins A$10.7 million grant from State of Wyoming, US, to advance Cowboy State Mine
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) has received approval for a grant from the State of Wyoming, netting A$10.7 million (US$7.1 million) in funding from the state to advance the Cowboy State rare earth element (REE) mine at the Halleck Creek Project.
Flynn Gold identifies new high-priority large-scale lithium anomalies at Forrestania and Parker Dome
Soil sampling programs have enabled Flynn Gold Ltd (ASX:FG1) to identify multiple large-scale high-priority lithium targets at its Forrestania and Parker Dome lithium-gold projects in the highly prospective Forrestania Belt in Western Australia.
Surefire Resources advances discussions with key Victory Bore stakeholders; identifies Unaly Hill magnetite opportunity
Surefire Resources NL (ASX:SRN) is advancing discussions with key stakeholders to develop the Victory Bore Vanadium and Iron Ore Project in Western Australia while also identifying new opportunities for magnetite exploitation at Unaly Hill.
Resource Mining Corp has RC drill spinning in inaugural campaign at Mpanda Copper-Gold Project
Resource Mining Corporation Ltd (ASX:RMI) has kicked off its inaugural drilling campaign at the highly prospective Mpanda Copper-Gold Project in Tanzania with an exploration reverse circulation (RC) program of 12-14 holes.
Piedmont Lithium's 2023 Sustainability Report highlights community and social contribution
Key player in the North American lithium supply chain Piedmont Lithium (ASX:PLL, OTC:PLLTL) Inc has released its 2023 Sustainability Report, which highlights the company’s environmental, social and governance (ESG) accomplishments.
On your six
Mining has a sustainability problem that must be addressed
Needed to produce new technologies including electric vehicles, wind turbines, solar panels and batteries, we can expect a big increase in the mining of metals and minerals such as lithium, copper, nickel and rare-earth elements (REEs) in the years to come.
One to Watch
Asian Battery Metals begins aggressive 2024 exploration in Mongolia
Asian Battery Metals PLC (ASX:ASBM) managing director Gan-Ochir Zunduisuren sits down with Proactive’s Jonathan Jackson to discuss the company’s ambitious exploration strategy for its mineral projects in Mongolia