The Australian Securities Exchange (ASX) experienced a downturn today, primarily driven by renewed concerns over potential tariffs imposed by China. This development has rattled investor confidence, leading to widespread selling across various sectors. Simultaneously, Star Entertainment Group is reportedly facing significant financial challenges, further contributing to the market’s negative sentiment. The confluence of these factors paints a concerning picture for the Australian economy, already grappling with inflationary pressures and rising interest rates.
In other news, Webjet has been slapped with a $9 million fine. Meanwhile, in the resources sector, lithium miners are navigating a difficult reporting season marked by financial losses, while manganese miner Jupiter Mines has announced a $15 million dividend payout, showcasing resilience in certain segments of the market. Raiden Resources reported extensions to nickel-copper mineralization at Mt Sholl. Impact Minerals is undertaking a capital raise of up to $5.2 million to develop Lake Hope HPA, and for exploration.
