AUS
NZ
UK
CA
USA
IND
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Highlights
- ASX dips slightly due to higher-than-expected US inflation data.
- Gold miners see gains, driven by a rise in gold prices.
- WiseTech Global shares decline following founder's significant stock sale.
The Australian share market experienced a slight drop by midday, with the S&P/ASX 200 Index down 0.2% or 14.4 points to 8208.6. This decline follows a weaker performance on Wall Street, where all three major indices saw losses due to higher-than-expected inflation data from the US. The Dow Jones slipped 0.1%, the S&P 500 fell 0.2%, and the Nasdaq was down by 0.05%. September's US consumer price index showed a 0.3% increase month-over-month, higher than the expected 0.2%, alongside a 12-month high in jobless claims. These figures reignited concerns about the persistence of inflation and potential weakness in the labor market.
Goldman Sachs also commented on China’s steel market, highlighting that while rising steel margins are supporting iron ore consumption, a decline in iron ore prices could be anticipated unless there’s an improvement in end demand. Investors are closely watching for any stimulus measures that may be announced by the Chinese finance ministry during the upcoming weekend briefing.
On the ASX, gold stocks are showing strong performance today. Regis Resources (ASX:RRL), Capricorn Metals (ASX:CMM), and Genesis Minerals (ASX:GMD) have all risen more than 3%, making them some of the best performers in the session. These gains follow a surge in the price of gold, which increased by around 1% overnight to $US2633 per ounce as traders sought safe-haven assets in response to the latest US economic data.
In other news, WiseTech Global (ASX:WTC) saw its shares dip 1.4% after its founder, Richard White, sold approximately $60 million worth of shares. According to an announcement, White offloaded 461,891 shares at about $132 each. Additionally, Executive Director Maree Isaacs sold around $5 million worth of stock. This sale follows a recent trend of high-profile stock sales at WiseTech.
