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The ASX200 is set to open nearly a quarter of a percent (-0.22%) on Monday, reflecting concerns about the state of the US economy, after Moody downgraded the country’s credit rating.
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Rising debt and interest payments appeared to be behind Moody’s decision to lower the US credit rating one notch to Aa1 from Aaa. This followed earlier reassessments, including Fitch Ratings, which downgrading the nation to AA+ from AAA in 2023 and Standard & Poor’s in 2011.
Earlier on Friday, easing trade tensions between the US and China had pushed all three major indexes into positive gear, with the S&P 500 moving up 0.7% – its fifth consecutive daily gain, while the Nasdaq rose 0.4% and the Dow shifted 331 points higher, erasing year-to-date losses. A 90-day tariff truce between the US and China earlier in the week lifted market sentiment, although this was balanced against soft consumer sentiment data as the University of Michigan’s index fell to 50.8—its second-lowest reading on record—while one-year inflation expectations increased to 7.3%.
On the ASX, Podium Minerals Ltd (ASX:POD) has announced a new mineral resource estimate (MRE) for the copper-gold zone found within its Parks Reef project in Western Australia, with this comprising 140,000 tonnes of copper, 260,000 ounces of gold, 60,000 tonnes of nickel and 11,000 tonnes cobalt. This adds to an already defined resource for platinum group metals, found in another contiguous zone.
Meanwhile, Tivan Ltd (ASX:TVN) has kicked off a major drilling program at its Speewah fluorite project – also in WA – with 35,000 metres of work planned in infill, extension, exploration, metallurgical, geotechnical and hydrological work.
And Domino’s Pizza Enterprises Ltd (ASX:DMP) has announced that chief executive of its Australia and New Zealand business Kerry Heyman, will be stepping down in August after 37 years with the company.
One Aussie dollar is buying 64 US cents.
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