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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%).

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