The S&P/ASX200 is lower today, dropping 32.10 points or 0.40% to 7,981.30, and crossing below its 20-day moving average. The index has lost 1.37% for the last five days but sits 2.05% below its 52-week high.
Bottom-performing stocks in this index are Super Retail Group Limited and Steadfast Group Limited, down 7.57% and 6.14% respectively.
The only sectors making a positive dent were Real Estate, Info Tech and Utilities, up 0.79%, 0.42% and 0.19%.
The biggest falls were in Energy, down 0.96%, Consumer Discretionary, down 0.95%, and Healthcare and Financials, down 0.84% and 0.73% respectively.
But if we thought our consumer spending was lacklustre, our biggest trading partner was in ‘hold my beer’ mode.
China's economic woes
"China’s CPI data rose 0.6% year-over-year, lifting from last month but still showing that the region is not doing enough to get households to spend,” said eToro market analyst Josh Gilbert.
“The struggles in China’s economy continue and its annual growth target of 5% will undoubtedly come under pressure. It’s clear that policymakers haven’t done enough.
“Efforts so far have been token gestures but we need to see more active fiscal measures for China’s economy to get going again. This number today will likely lift expectations of a rate cut in September.
“Consumers aren’t spending, wages are falling and corporate profits will come under pressure. Another sign that the economy continues to limp along is that iron ore prices have fallen under $90 a ton today, reflecting the sheer lack of demand from the region.
“Even contrarian investors are finding it hard to build a case for investing in China right now. Until more active measures are stepped up, investors will stay clear even despite its very low valuations, with more attractive opportunities elsewhere, especially with the Fed’s rate-cutting cycle set to get underway."
The five at five
Lithium Australia sells Charger Metals stake and Bynoe Project interest to Core Lithium
Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) has signed an agreement with Core Lithium Ltd to sell its remaining 7.6 million shares in Charger Metals NL (ASX:CHR) and its 30% interest in the Bynoe Lithium Project for total value of approximately A$1.041 million.
Cyprium Metals materially improves Nifty Copper Mine economics with improved strip ratio
Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) has re-optimised the scoping study for the Nifty Surface Mine, materially improving the project’s economics with a strong reduction in waste ore from previous estimates.
Tolu Minerals identifies significant epithermal and porphyry drill targets during airborne survey in PNG
Tolu Minerals Ltd (ASX:TOK) has finished Phase 1 of its Airborne Mobile Magneto Telluric (MT) survey over the Tolukuma area in Papua New Guinea. The survey revealed significant copper-gold porphyry and epithermal gold mineralisation targets, which are now ready for drill testing.
MetalsGrove Mining wins “highly prospective” WA copper-gold tenement
MetalsGrove Mining Ltd (ASX:MGA) is expanding its multi-metal asset portfolio, having won the ballot for exploration tenement E77/3152 — to be known as the Leake Prospect — 135 kilometres south of the Southern Cross township and gold province in Western Australia.
Tech Bytes: New Australian AI safety standard lacks teeth, say RMIT experts
Last week the Australian Federal Government released the 'Voluntary Artificial Intelligence (AI) Safety Standard', a guideline detailing 10 suggested AI guardrails and instructions for how to use them effectively.
On your six
Gold delivers another strong month of returns
In its latest gold market report, the World Gold Council reported that gold had another month of strong returns in August, helped by expectations of a first Fed rate cut, which drove down the US dollar and Treasury yields.
The one to watch
Just the Facts: Aura Energy
Proactive's Tylah Tully gives us Just the Facts on Aura Energy Ltd's latest ASX announcement. AEE submitted an exploitation permit application to the Swedish Mining Inspectorate for the Häggån K no 1 concession and a new exploration application for Häggån no 2, which covers parts of the original concession.