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.
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.
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%).
Proactive news headlines:
Piedmont Lithium raises A$70 million to drive US lithium project towards production
Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has completed an underwritten US public offering of 2 million of its American Depositary Shares (ADS) each representing 100 of its ordinary shares at an issue price of US$25 per ADS for gross proceeds of US$50 million (A$70.6 million).
Australian Vanadium to collaborate with leading-edge engineering and metals recovery/extraction consultancy
Australian Vanadium Ltd (ASX:AVL) has signed an MOU with UK-based GSA Environmental Ltd (GSAe) for commercial and technical collaboration with the aim of value-adding to AVL’s namesake project through additional vanadium sources and economies of scale.
Comet Resources gains access for initial exploration of Barraba Copper Project in NSW
Comet Resources Limited (ASX:CRL) has finalised an exploration access agreement (EAA) for a large portion of privately held land within Exploration Licence 8492, which hosts the highly prospective Barraba Copper Project in New South Wales.
Euro Manganese raising C$11.4 million in strongly supported private placement to progress Chvaletice development
Euro Manganese Inc (ASX:EMN) (CVE:EMN) has received strong support for an oversubscribed private placement to raise C$11.4 million (A$12 million) which will further progress development of the flagship Chvaletice Manganese Project in the Czech Republic.
AVZ Minerals meets Congolese Government agencies to progress Manono Special Economic Zone agreement
AVZ Minerals Ltd (ASX:AVZ) has met key Congolese Government agencies and legal Counsel to discuss the framework for a Special Economic Zone (SEZ) and potential Public Private Partnerships (PPP) being proposed for Manono region of the DRC that will benefit the Manono Lithium and Tin Project.
BlackEarth Minerals first phase Donnelly River exploration identifies 13 nickel-copper-PGE targets
BlackEarth Minerals NL (ASX:BEM) has identified 13 nickel-copper-PGE targets after completing the first phase of exploration on the Donnelly River Project, 240 kilometres south of Perth, Western Australia.
Sipa Resources begins RC drilling at Wolfe Basin Base Metals Project
Carnavale Resources moves swiftly with intensive exploration at expanded Kookynie Gold Project
Carnavale Resources Limited (ASX:CAV) is moving swiftly forward with a program of modern and structured exploration at the expanded Kookynie high-grade gold project in the Leonora region of WA's Eastern Goldfields.
archTIS executes strong quarter with $5 million new revenue contracts in $15 million sales pipeline
archTIS Ltd (ASX:AR9) achieved a strong September quarter securing $5 million in new revenue contracts as the technology company focused on protecting sensitive information executes a $15 million sales pipeline.