US sharemarkets slipped on Friday, led lower by continued weakness in technology stocks, despite a generally positive reaction to President Donald Trump’s nomination of Kevin Warsh as the next Chair of the Federal Reserve. The S&P 500 fell 0.43 per cent, the Dow Jones eased 0.36 per cent and the Nasdaq dropped 0.94 per cent, though January still finished higher across all major indices, with small-cap stocks outperforming.
Markets appeared reassured by the Fed nomination, with the US dollar firmer and Treasury yields steady. Volatility was more pronounced in commodities, where gold fell about 9 per cent and silver plunged roughly 28 per cent as speculative positions unwound. Earnings continued to drive stock-specific moves, with pressure across large technology names offset by strength elsewhere, including a sharp rally in Verizon after delivering strong results and guidance.
In Australia, the sharemarket is expected to open lower, with ASX 200 futures pointing to a 0.7 per cent fall, extending last week’s decline. Even so, the local market rose 1.8 per cent in January, its strongest monthly performance since August. Attention now turns to the Reserve Bank of Australia, with markets pricing a strong chance of a 25-basis-point rate increase at Tuesday’s meeting following firmer inflation and labour market data.
In company news,
Waratah reports high-grade gold hits at Spur project
Waratah Minerals (ASX:WTM) has reported a series of high-grade gold intercepts from ongoing drilling at its 100 per cent–owned Spur gold project in New South Wales, extending mineralisation at both the Consols and Spur zones. Results included wide intervals and exceptionally high-grade hits, including a one-metre intercept grading 146g/t gold, the highest recorded at the project to date. Drilling continues across multiple rigs as the company targets rapid resource growth and improved definition of high-grade shoots, supporting its view that Spur could develop into a large and significant gold system.
Forrestania moves to full ownership of Mt Palmer gold project
Forrestania Resources (ASX:FRS) has agreed to acquire the remaining 20 per cent interest in the Mt Palmer gold project, taking its ownership to 100 per cent and consolidating its position across the Southern Cross and Mt Dimer hubs in Western Australia. The transaction involves the issue of shares valued at about $18m for Mt Palmer, plus a further $6.16m in shares for nearby Johnson Range and Mt Dimer tenements, with additional milestone-linked consideration tied to future resource growth. Full ownership is expected to streamline development decisions and accelerate plans to supply ore to the Lake Johnston processing facility as Forrestania works towards gold production.
Provaris advances CO2 tank manufacturing studies with global partners
Provaris Energy (ASX:PV1) has advanced its carbon capture strategy after entering a memorandum of understanding with Yinson Production and China-based Himile to assess large-scale manufacturing of proprietary liquid CO2 tanks. The study will run alongside Provaris’ front-end engineering design program and focuses on manufacturability, cost and delivery timelines for tanks intended for floating storage and injection units. Himile’s track record in heavy equipment and pressure vessel fabrication adds industrial credibility to the project, which is aimed at supporting emerging offshore carbon capture and storage supply chains.
