S&P/ASX 200 (INDEXASX:XJO) has gained 0.50% to 6,121.6 by 12.40 pm after the precious metal rebounded overnight above US$1950 an ounce, helping local gold stocks shine.
Reserve Bank Governor Philip Lowe spoke today about the state of Australia’s economy to the House of Representatives Economics Committee.
He said: “We do not yet have the GDP data for the June quarter, but it will show the biggest economic contraction in many decades, likely to be around 7%.
“If there is any good news to be found here, it is that this decline is not as large as initially feared.
“The recovery is also likely to be more drawn out than was initially expected despite the downturn being less severe than expected.
“There are a few factors at work here. The most obvious is the outbreak in Victoria.
“We are expecting the published unemployment rate to decline gradually from 10%, but to still be around 7% in a few years' time.”
Victoria confirmed 372 new COVID-19 infections and 14 deaths in the last 24 hours – which includes Australia's youngest COVID-19 death of a man in his 20s.
On Wednesday, the US reported its highest number of COVID-19 deaths in a single day since mid-May, at nearly 1,500.
The US has now seen its seven-day average of newly reported deaths remain above 1,000 for 17 consecutive days.
Today’s top gainers on the ASX include Australian Potash Ltd (ASX:APC) (+11.11%), Twenty Seven Co Ltd (ASX:TSC) (20.00%), FYI Resources Ltd (ASX:FYI) (+10.00%), Latin Resources Ltd (ASX:LRS) (+22.22%), Linius Technologies Ltd (ASX:LNU) (+11.11%) and Legend Mining Limited (ASX:LEG) (+12.59%).
Proactive news headlines:
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Legend Mining up after intersecting 24.65 metres of nickel-copper sulphides at Mawson
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Wiluna Mining completes key financing step towards executing stage-1 gold expansion strategy
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FYI Resources raises $2.7 million to advance high purity alumina project
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Bryah Resources completes 2,315 metres of manganese drilling at Bryah Basin JV
Bryah Resources Ltd (ASX:BYH) has completed 2,315 metres of drilling at the Bryah Basin JV project with four locations, including Brumby Creek, Black Hill, Cheval and Black Beauty, ticked off the list.