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S&P/ASX 200 drops 2.25% to fall below 6000 and wipes out August's gains

Gold prices rose 0.2% to $1,967.68 per ounce on Monday as the US dollar fell to a two-year low on a dovish policy shift by the U.S. Federal Reserve.

Eclipse Metals - S&P/ASX 200 drops 2.25% to fall below 6000 and wipes out August's gains
August marked the S&P/ASX 200’s fifth consecutive month of gains, lifting by 2.24%

S&P/ASX 200 (INDEXASX:XJO) has hit a one-month low and is back below the key 6,000 point mark at 5,924 by around 1.20 pm after dropping 2.25%.

All sectors are in the red, with banks, energy stocks, tech and property trusts declining by more than 2%.

Australian property prices fall

Home prices fell by 0.4% in August, making it the fourth straight month of declines for the index.

Melbourne home values fell most, down 1.2% in August, due to the severe Stage 4 restrictions.

Around the world

China's factory activity expanded at the fastest rate in nearly a decade in August, helped by the first increase in new export orders this year as manufacturers ramped up production to meet rebounding demand.

Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) rose to 53.1 last month from July's 52.8, marking the sector's fourth consecutive month of expansion and the biggest rate of growth since January 2011.

Meanwhile, New Zealand continues to be targeted by hackers with the NZ stock exchange crashing again today.

COVID-19 update

Thirteen new cases of COVID-19 were diagnosed in NSW in the last 24 hours, bringing the total number of cases in the state to 3,874.

70 new COVID-19 cases and five deaths were recorded in Victoria, continuing a downward trend in the state.

India is rapidly becoming the world's new COVID-19 epicentre, setting a record for the biggest single-day rise in cases as experts predict that it'll soon pass Brazil, and ultimately the US, as the worst outbreak globally.

As many as 78,761 new cases were added on Sunday, the most reported in one day in any country, while 971 deaths were reported on Monday.

Top gainers

Today’s top gainers on the ASX include FYI Resources Ltd (ASX:FYI) (+8.05%), High Peak Royalties Ltd (ASX:HPR) (+12.96%), Cauldron Energy Ltd (ASX:CXU) (+16.13%), Oakdale Resources Ltd (ASX:OAR) (+33.33%) and Polarx Ltd (ASX:PXX) (+9.09%).

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Linius Technologies expects to see revenues from business solutions in four to six weeks

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