The Australian dollar's value fell by 0.3% to US64.75¢, marking a two-month low. This decline follows a more than 1% decrease during the previous week, which was the fourth consecutive week of decline. If the Australian dollar goes below US64.56¢, it would reach its lowest point since November of the prior year.
The drop in the Australian dollar's value was influenced by news that two Chinese listed companies hadn't received payment on maturing investment products from Zhongrong International Trust Co.
At noon, the S&P/ASX 200 is 0.46 per cent lower at 7,306.30.
The SPI futures are pointing to a fall of 39 points.
Best and worst performers
The best-performing sector is Energy, up 1.06 per cent. The worst-performing sector is Industrials, down 0.98 per cent.
The best-performing large cap is carsales.com (ASX:CAR), trading 5.04 per cent higher at $25.85. It is followed by shares in BlueScope Steel (ASX:BSL) and ResMed (ASX:RMD).
The worst-performing large cap is Pilbara Minerals (ASX:PLS), trading 4.43 per cent lower at $5.075. It is followed by shares in Aurizon Holdings (ASX:AZJ) and Qube Holdings (ASX:QUB).
Asian news
Asia-Pacific markets largely fell on Monday, led by Hong Kong’s Hang Seng index.
The index tumbled more than 2%, dragged by basic materials and consumer cyclical stocks. However, the real estate sector also saw a sell-off, with real estate firm Country Garden Holdings leading losses on the HSI.
Japan’s Nikkei 225 fell 0.44% to start the week and the Topix lost 0.28%. Japan will see its second quarter gross domestic product figures out on Tuesday, while July’s inflation print will come in on Friday.
South Korea’s Kospi was down 0.63%, and the Kosdaq saw a larger loss of 1.22%.
Company news
Talon Energy (ASX:TPD) announced that they will be acquired by Strike Energy (ASX:STX) for A$0.212 per Talon share. Shares are trading 12.86 per cent higher at 19.75 cents.
MetalsGrove Mining (ASX:MGA) has confirmed high-grade Rare Earth Element (REE) carbonatite mineralisation at their Bruce Prospect in NT. In response, MD, Sean Sivasamy said: “These results demonstrate the clear potential for Bruce to host a considerable carbonatite and REE system with the outcropping strike of now extending over 9km.” Shares are trading 36.4 per cent higher at 15 cents.
Arizona Lithium (ASX:AZL) announced that their Prairie Project in Canada has been upgraded by 38%, representing the highest-grade Indicated Lithium Brine Resource in Canada. In response, MD Paul Lloyd, commented: “The combination of the Resource upgrade and the upcoming DLE pilot plant operation in November 2023, set the stage for a very exciting second half of the year for the Company.” Shares are trading 5 per cent higher at 2.1 cents.
Commodities and the dollar
Gold is trading at US$1944.30 an ounce.
Iron ore is 1.7 per cent higher at US$105.10 a tonne.
Iron ore futures are pointing to a 0.6 per cent fall.
One Australian dollar is buying 64.67 US cents.
