S&P/ASX 200 dips 0.61% as IMF downgrades Asia-Pacific growth forecast

Gold prices rose to a one-week high of US$1,915.66 per ounce as the US dollar weakened on renewed hopes for a new U.S. stimulus package ahead of next month’s election.

Euro Manganese Inc - S&P/ASX 200
Oil prices fell on weaker demand outlook and increased US gasoline stock build

S&P/ASX 200 (INDEXASX:XJO) tumbled along with other Asia-Pacific markets today, as the International Monetary Fund (IMF) downgraded its growth forecast for Asia-Pacific.

The index fell 0.61% as the IMF downgraded its forecast for Asia-Pacific to -2.2% in 2020 — “the worst outcome for this region in living memory.”

IMF acting director of the Asia and Pacific Department Jonathan D Ostry wrote in a blog post “Our latest Regional Economic Outlook shows that a recovery started in the third quarter, but growth engines are not all firing with the same power across countries, leading to a multispeed recovery.”

Oil price tumble

Losses on the ASX have been across the board with IT, industrials and energy falling the most.

Oil prices fell up to 4% overnight on concerns over a recovery in demand and a lift in weekly US crude supplies.

Oil Search (ASX:OSH) was down 4.2% while Woodside Petroleum Limited (ASX:WPL) shares are 1.9% lower.

Miners BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) are higher by 0.4% and 0.45% respectively on a firmer iron ore price.

Top gainers

Today’s top gainers on the ASX include Euro Manganese Inc CDI (ASX:EMN) (+26.09%), Alto Metals Ltd (ASX:AME)(+10.00%), Argonaut Resources NL (ASX:ARE) (+14.29%), Whitebark Energy Ltd (ASX:WBE) (+50.00%), Corazon Mining Ltd (ASX:CZN) (+33.33%), Brookside Energy Ltd (ASX:BRK) (+20.00%) and Fe Limited (ASX:FEL) (+9.37%).

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