Australian shares rose near midday, with the ASX reaching a record high. This occurred even as the jobless rate for September ticked up to 4.5 per cent. The resources sector saw strong performance, with gold miners particularly buoyant as bullion prices exceeded $4200. In company news, DroneShield’s slide continued, while Entertainment Rewards experienced a dramatic surge of 900 per cent.
In other economic news, Mirvac, a property development company, warned of a potential downturn in construction activity due to a “significant drop-off” in housing projects. Separately, Firmus, a start-up, announced plans for a $73.3 billion “AI factory” project in collaboration with Nvidia and CDC. Firmus plans to build data centres across Australia, with the project potentially costing tens of billions of dollars by the time they are operational in 2028.
Michele Bullock, the RBA governor, cautioned investors about ignoring looming macroeconomic risks, particularly those stemming from trade wars. Meanwhile, the US Treasury Secretary called for a coordinated response with allies, including Australia, to China’s actions in the critical minerals sector. Amid global tensions, an Australian early warning aircraft is returning home from Poland after assisting during a period of aerial warfare in the Russian-Ukraine conflict.
Finally, Jarden, an investment firm, saw its head of technology depart, prompting the promotion of Yan Hui Tan to head of TMET, expanding her coverage to include technology alongside telcos and media.
