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%).

Proactive news headlines:

Kin Mining further enhances Cardinia Gold Project with strong results outlining shallow zone at Hobby

Kin Mining Ltd (ASX:KIN) has received highly encouraging results from Hobby prospect at Cardinia Gold Project (CGP) near Leonora, Western Australia, with phase 3 drilling outlining a large zone of shallow mineralisation.

Southern Gold maiden drilling at Aphae in South Korea returns triple figure gold and silver grades

Southern Gold Limited (ASX:SAU) has received highly encouraging gold and silver results from a maiden diamond drill program at its Aphae Project in South Korea.

Arrow Minerals begins Roxgold earn-in agreement for Hounde South Gold Project

Arrow Minerals Ltd (ASX:AMD) has started its partnership with Roxgold Inc (TSE:ROXG) (OTCMKTS:ROGFF) for the Hounde South Gold Project in Burkina Faso after the Canadian-based company satisfied all conditions precedent to a definitive earn-in agreement.

Musgrave Minerals to include Starlight and White Light discoveries in Cue Project gold resource upgrade

Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) (FRA:6MU) is set to upgrade the resource estimate for its flagship Cue Gold Project in Western Australia’s Murchison district, incorporating the latest results from the new Starlight and White Light gold discoveries.

Perseus Mining on track with West African growth strategy of 500,000 ounces annually

Perseus Mining Limited (ASX:PRU) is on track to achieve its objective of sustaining annual gold production at 500,000 ounces at a cash margin of not less than US$400 per ounce from 2022.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Lithium Australia talks cobalt-free batteries as market hits new highs

Lithium Australia NL (ASX:LIT, OTC:LMMFF, FRA:3MW)'s Adrian Griffin discusses the popularity of cobalt-free batteries as the lithium market hits new highs. He says Lithium Australia's subsidiary VSPC is progressing its plans to establish a strategic position in the market for cobalt- and...

2 days, 15 hours ago

3 min read