For the second consecutive day, the ASX 200 has reached another fresh all time high to reach a high of 8,566 points in morning trade.
However, over the course of the afternoon, the benchmark index has pulled back from its highs but remains on track to log a record high close.
Technology is the leading sector today, followed by Real Estate amid hopes of an RBA rate cut. Meanwhile, the Utilities sector is down more than 4%.
A Bloomberg poll indicates that a majority of economists now expect the RBA to cut its cash rate during its February 17-18 meeting, marking the first rate reduction in over four years.
Financial markets are pricing in a high probability, around 90%, of a rate cut.
Out of 23 respondents, 20 predict the RBA will lower the rate to 4.10%. However, three economists, including Barrenjoey and HSBC, remain in the no-change camp.
The poll follows data released on Wednesday showing a greater-than-expected easing of core inflation in the December quarter.
This development prompted several prominent economists, such as those from Westpac, UBS, Royal Bank of Canada, AMP and TD Securities, to revise their forecasts and anticipate the RBA's first cut as soon as February.
Five at Five
Highfield Resources progresses strategic transaction and financing for Muga Project
Highfield Resources Ltd has delivered a quarterly update for December 2024 that points to a promising year ahead and includes a strategic transaction with Yankuang Energy Group and ongoing financing efforts for the Muga Potash Project in Spain.
Titan Minerals inks option exercise underwriting agreement for up to $2.8 million in shares
Titan Minerals Ltd has entered into an underwriting agreement with CPS Capital Group Pty Ltd to underwrite the exercise of listed options at $0.35 each, expiring on January 31, 2025, at 5:00pm AWST.
Maximus Resources kicks off RC drilling at Lefroy Lithium JV
Maximus Resources Ltd has commenced an 18-hole ~3,000 metre reverse circulation (RC) drill program at the company’s Lefroy Lithium Project in the Eastern Goldfields Lithium-Cesium-Tantalum (LCT) Province of Western Australia.
Peninsula Energy prepares for first yellowcake production in June Quarter for Lance Uranium Project
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Firebird Metals makes Chinese LMFP battery strategy progress in December 2024 quarter
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On your six
Race Oncology makes significant quarterly progress in Phase 1 RC220 trial
Race Oncology Ltd made significant progress in the December quarter towards first patient treatment in the Phase 1 trial of RC220 in combination with doxorubicin.
One to watch
Just the Facts: Maximus Resources begins 3,000 million RC drilling at Lefroy JV
Proactive’s Tylah Tully breaks down ‘Just the Facts’ of Maximus Resources Ltd’s Reverse Circulation (RC) drilling program at the Lefroy Lithium Project in Western Australia.