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S&P/ASX 200 slips 0.49% as wages suffer smallest increase on record

Gold sank as much as 5.3% to US$1,921.50 per ounce on Tuesday, facing its worst one-day rout in seven years, as investors returned to equity following encouraging economic numbers.

Element 25 Ltd - S&P/ASX 200 slips 0.49% as wages suffer smallest increase on record
Crude oil prices turned negative on Tuesday despite expectations of US economic stimulus

S&P/ASX 200 (INDEXASX:XJO) slipped 0.49% to 6,109 by 12.49 pm as wages in Australia suffered their smallest increase on record in the June quarter.

The Australian Bureau of Statistics (ABS) report showed the national wage price index increased by 0.2% in the quarter to be 1.8% up over the past 12 months.

Both results were the worst for the index which ABS started publishing in 1997.

Property prices and unemployment

National Australia Bank Ltd (ASX:NAB) chief economist Alan Oster said he is expecting house prices to fall by between 10% and 15% but much larger falls in commercial property prices with the retail and office markets of Sydney and Melbourne most at risk.

He said Victoria's COVID-19 shutdown could strip 3% from national GDP in the September quarter and push unemployment to 9.6% early next year.

COVID-19 update

Victoria has recorded 410 new COVID-19 cases and 21 new deaths – marking the state's deadliest day since the pandemic began.

Treasury secretary David Martine told a parliamentary inquiry this morning that the state's economy would be hit hardest in the quarter ending in September due to stage four restrictions.

Top gainers

Today’s top gainers on the ASX include Calima Energy Ltd (ASX:CE1) (+16.67%), Element 25 Ltd (ASX:E25) (+8.16%), FAR Ltd (ASX:FAR) (+8.33%), Ansila Energy NL (ASX:ANA) (+8.70%), Eclipse Metals Ltd (ASX:EPM) (+16.67%) and Emerald Clinics Ltd (ASX:EMD) (+9.09%).

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