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S&P/ASX 200 falls 0.60% as Japan's GDP shrinks 27.8% in the June quarter

The gold price extended its loss today, down 0.5% to US$1,934.91 per ounce. The precious metal fell 4.5% last week, its biggest weekly decline since March.

Archer Materials Ltd - S&P/ASX 200 falls 0.60% as Japan's GDP shrinks 27.8% in the June quarter
Oil prices rose today as China plans to ship in large volumes of US crude in August and September

S&P/ASX 200 (INDEXASX:XJO) has dropped 0.60% to 6,089 by 12.38 pm with the big four banks the biggest drag on the index.

National Australia Bank (ASX:NAB) is down 2.14%, Westpac (ASX:WBC) dropped 2%, ANZ (ASX:ANZ) is down 1.66% and Commonwealth Bank (ASX:CBA) is lower by 1.18%.

Japan in recession

The Japanese economy shrank 27.8% on an annualized basis in April-June, according to government data released today.

This is Japan’s sharpest contraction on record, according to Reuters.

The 27.8% drop in the second-quarter gross domestic product was worse than economists’ median estimate of a 27.2% decline.

COVID-19 update

Victoria has recorded its worst daily death toll since the pandemic began, losing another 25 people to COVID-19.

282 new cases were detected in the state in the last 24 hours. NSW recorded five new cases and another death, while South Australia confirmed one new case.

There has been an average of 52,388 new COVID-19 cases per day in the US over the past week, a decrease of 16% from the average two weeks earlier.

Top gainers

Today’s top gainers on the ASX include Archer Materials Ltd (ASX:AXE) (+14.13%), Rimfire Pacific Mining NL (ASX:RIM) (+16.67%), Eclipse Metals Ltd (ASX:EPM) (+33.33%), Southern Gold Limited (ASX:SAU) (+10.71%), Linius Technologies Ltd (ASX:LNU) (+16.67%) and Kingwest Resources Ltd (ASX:KWR) (+14.29%).

Proactive news headlines:

Lithium Australia subsidiary converts waste into high performance lithium-ion battery cathodes

Lithium Australia NL (ASX:LIT) has produced high-performance battery cells using lithium recovered from mine waste and spent lithium-ion batteries via proprietary company technology.

Jindalee Resources at 9-year high on further encouraging lithium test results from McDermitt project

Jindalee Resources Ltd (ASX:JRL) has reached a new 9-year high of A$0.45 after receiving further encouraging metallurgical test results from McDermitt Lithium Project in the US.

Graphex Mining delivers more high-grade gold results and confirms resource continuity at Tabakorole

Graphex Mining Ltd (ASX:GPX) has opened higher after delivering more high-grade gold results which have confirmed resource continuity at the Tabakorole Gold Project in Mali.

Pantoro launches $5 million share purchase plan to advance Norseman Gold Project

Pantoro Ltd (ASX:PNR) has launched a share purchase plan (SPP) to raise $5 million aimed at funding exploration activities at the Norseman Gold Project in Western Australia.

Eclipse Metals prepares to begin Mary Valley Manganese Project diamond drilling next month

Eclipse Metals Ltd (ASX:EPM) plans to begin a stage-2 diamond drilling program next month at Mary Valley Manganese Project in Queensland designed to extend high-grade mineralisation intersected during initial exploration drilling in 2018.

DomaCom has Senior Equity Release downsizer contributions confirmed by ATO

DomaCom Australia Ltd (ASX:DCL) is higher after the Australian Tax Office (ATO) confirmed that a part disposal of a person’s home can be made to make a ‘downsizer’ contribution.

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