The ASX200 is set to trade lower with futures virtually flat – down just 0.07% – around 8:30 AEST.
This is despite a positive performance on the US stock market on Friday, as the S&P 500 lifted 1%, the Nasdaq 100 rose1.3%, and the Dow Jones hit a new record close, increasing 228 points.
However, a key reading for Chinese factory activity also showed that it had fallen the greatest extent six months. NBS Manufacturing PMI in China dropped to 49.1 in August 2024 from 49.4 in the preceding month. This was lower than market expectations, which had tipped a figure of 49.5.
On the ASX, Rumble Resources Ltd (ASX:RTR) says it has found tungsten at its Western Queen project in Western Australia, based on seven holes drilled back in 2021.
Rumble said that assays received from these drill pulp samples confirmed a potentially significant high-grade tungsten discovery at the project near Mt Magnet, with intersections including 12 metres at 0.56% WO3 (tungsten trioxide) and 0.46 grams per tonne of gold from 69 metres, including 2 metres at 2.48% WO3 and 0.12g/t of gold from 70 metres,
And Ardea Resources Ltd (ASX:ARL) says it has completed a joint venture transaction with a Japanese consortium to fund a definitive feasibility study (DFS) at its Kalgoorlie Nickel Project (KNP).
The consortium – known as GH Nickel Pty Ltd – includes Sumitomo Metal Mining and Mitsubishi Corporation, who will fund 100% of the DFS costs up to an agreed amount of $98.5 million, with the consortium also subscribing to 35% ownership in the JV vehicle Kalgoorlie Nickel Pty Ltd (KNPL).
Technology services company Rocketdna Ltd (ASX:RKT) told the market it has secured two new contracts with SSG Security Solutions Pty Ltd for its PatrolBot product, which uses AI-driven drones to conduct autonomous patrols within large areas to detect and respond to irregular activity.
In Commodities where prices are in USD, gold is fetching $2,503 per ounce, iron ore is at $98.70 a tonne, brent crude is fetching $76.56 per barrel, and US natgas futures are at $2.19 a gigajoule.
The Australian dollar will get you 68 US cents.