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The ASX200 hit a new all time high of 8,186 points in the first half hour of trade. After paring gains, at lunchtime the Index has been up 0.26% at 8,163 points.
The US Fed Reserve delivered a super-sized rate cut of 50 basis points. Fed Chair Jerome Powell is striving to secure his legacy by delivering a much coveted “soft landing” for the US economy.
Back home, traders are walking back expectations of an RBA rate cut. Bond markets now say it’s a 79% chance of a cut by Christmas, down from 85% yesterday.
Markets have now priced in a 1 in 10 chance of a rate cut at the RBA’s meeting next week.
Jobs data out today shows more than 47,000 Aussies found work last month and participation stayed at record highs. Employment growth was better than expected and points to a gradually slowing labour market.
Utilities and Energy have been the leading sectors – both up around up 1.1%. And Industrials has been the worst performing sector, down around 1.4% and Health Care, down around point nine of a percent.
Company News
Tennant Minerals (ASX:TMS) has been down around 6% after assay results at its Bluebird project posted “high-grade” copper and gold hits.
Hits of copper and gold came from an area westward of the most recent drill run, and the company says this is evidence of a potential continuation of mineralisation underground.
Tennant Minerals has been 1.6 cents in early afternoon trade.
Critical minerals player Greentech Metals (ASX:GRE) has been up 33% after confirming significant expansion capacity at the Whundo copper-zinc project in Western Australia.
The company has rolled out a 1,710 metre long reverse circulation drilling program and recent work has indicated copper grades of up to 4.6% are evident at the play.
Greentech Minerals has been 12.5 cents.
Kingsgate Consolidated (ASX:KCN) has been down around 9% after the successful ramp up of production at the Chatree Gold Mine in Thailand. The company has updated its production guidance and outlook and it includes 52% proved reserves, 40% provable reserves and just 8% inferred reserves.
Kingsgate Consolidated has been $1.23.
