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ASX down 1.18% at noon: Australia's unemployment rises 3.7% in July

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2023-08-17

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At noon, the S&P/ASX 200 is 1.18 per cent lower at 7,110.30.

Australia’s unemployment rate has risen to 3.7 per cent in July.

The workforce experienced a reduction of approximately 15,000 individuals in employment, coupled with a rise of 36,000 individuals in the unemployed category. This resulted in an elevation of the unemployment rate to 3.7 percent.

The SPI futures are pointing to a fall of 70 points.

Best and worst performers

The best-performing sector is Utilities, up 0.07 per cent. The worst-performing sector is Communication Services, down 2.17 per cent.

The best-performing large cap is Computershare (ASX:CPU), trading 2.53 per cent higher at $24.71. It is followed by shares in Yancoal Australia (ASX:YAL) and Seven Group Holdings (ASX:SVW).

The worst-performing large cap is Evolution Mining (ASX:EVN), trading 5.95 per cent lower at $3.32. It is followed by shares in Liontown Resources (ASX:LTR) and Sonic Healthcare (ASX:SHL).

Asian news

Asia-Pacific markets extended their losses on Thursday after the U.S. Federal Reserve’s July minutes showed inflation concerns lingered, which could lead to more rate hikes.

“With inflation still well above the Committee’s longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy,” the meeting summary stated.

The Federal Funds rate currently stands at 5.25% to 5.5%, the highest in 22 years.

Japan’s Nikkei 225 slid 0.45% and the Topic was 0.38% lower, as the country saw its trade balance slip into a deficit in July from a surplus in June.

South Korea’ Kospi was down 0.70%, while the Kosdaq slipped 0.6%.

Futures for Hong Kong’s Hang Seng index stood at 18,064, pointing to a weaker open compared to the HSI’s close of 18,329.3.

Company news

Summit Minerals (ASX:SUM) announced that lithium-bearing minerals have been detected over 100 targets at the Castor Lithium Project in the prolific James Bay area, Quebec, Canada. Once access to the property is approved, Summit will conduct helicopter-supported property traverses to map and collect rock chips from the pegmatite occurrences and the interpreted Sentinel and SAR targets. Shares are trading 14.81 per cent higher at 15.5 cents.

American West Metals (ASX: AW1 | OTCQB: AWMLF) announced that the fourth diamond drill hole hits thick interval of visual copper sulphides at the Storm Copper Project in Canada. In response, Dave O’Neill, Managing Director of American West Metals commented, “This exceptional strike rate across a very broad area is further evidence of a truly regional scale copper system.” Shares are trading 11.43 per cent lower at 31 cents.

Lithium Universe (ASX:LU7) has started working with KorrAI Technologies in Canada, using AI in developing their exploration strategy at their Apollo Lithium Project. In response, Chairman, Iggy Tan, said, “This AI-driven approach enhances exploration accuracy and efficiency, allowing us to focus our field activities and resources more effectively, reducing exploration timelines and costs.” Shares are trading 3.7 per cent higher at 5.6 cents.

Aldoro Resources (ASX:ARN) announced that thick high grade nickel mineralisation at the Narndee Igneous Complex in WA. Shares are trading 21.62 per cent higher at 22.5 cents.

Commodities and the dollar

Gold is trading at US$1921.40 an ounce.

Iron ore is 0.3 per cent higher at US$104.45 a tonne.

Iron ore futures are pointing to a 0.27 per cent rise.

One Australian dollar is buying 63.99 US cents. 

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