Join our daily newsletter At The Bell to receive exclusive market insights
The ASX is down nearly 1.10 per cent mid-session as Australian traders follow the lead of a red night for US markets.
The only sector in the green is energy, up 0.7 per cent, even as brent crude sits firmly below US$82 dollars a barrel.
Leading losses is the consumer discretionary sector, down 2.35 per cent as traders digest hotter than expected private sector activity in April.
In between the lines, the market is now expecting a December rate cut, as opposed to a November cut from the Fed.
In company news
BHP Group (ASX:BHP) is down -0.3 per cent as gold, copper and iron ore took a breather overnight, but the bigger story remains the ongoing proposed Anglo American takeover.
Morningstar analysts said on Friday they believe there’s a 60 per cent chance the deal will go ahead.
BHP has been trading at $44.78.
Staying with miners, shares in thinly traded GBM Resources (ASX:GBZ) stayed flat even as gold heavyweight Newmont Corporation starts drilling on-site GBM’s Mt Coolon Gold Project.
As part of the deal, Newmont is required to drill at least 3,000 metres worth of core before October this year.
GBM has been trading at a single cent per share.
Finally, something a bit different. Communications stock Playside Studios (ASX:PLY) is up just over 4 per cent as the company announced it’s launching a Game of Thrones-themed strategy game.
If that sounds like an unassuming company, get this – one year returns in the somewhat obscure company are up 162 per cent.
PLY has been trading at 91 cents.
