ASX 200 is edging higher on the second day of the month. Defying inflation expectations and virus concerns, commodity supercycle and economic recovery prospects are fuelling the market momentum. Australian shares rose on Wednesday amid GDP data reflecting the country's economy continued to grow in the first quarter.
Australian economic activity has recovered to be above pre-pandemic levels and has grown 1.1 per cent through the year. While the optimistic economy scenario is interesting to note, the frequent upbeat economic data seems to have again stoked investors’ concerns that rising inflation may lead the global Central Banks to unwind its stimulus measures. ASX energy stocks witness best day in 2 months amid favourable oil price dynamics.
Then, a huge surge in iron ore price seems to be a catalyst for iron ore miners today.an Australian pharmaceutical company Amplia Therapeutics, developing new approaches for the treatment of cancer and fibrosis, has received new data from its collaboration with Professor Paul Timpson of the Garvan Institute of Medical Research.
Moving on, the share price of clinical-stage biotechnology company Actinogen Medical hits over 6-yr high on approval for Alzheimer's study. The Company has approval for Xana-MIA study from Bellberry Human Research Ethics Committee (HREC) to treat patients with Alzheimer's disease. Next, Australia's Clean Seas gained on obtaining nod for new farming location.