1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The ASX closed near session lows as market participants reacted to news of a US government shutdown, which began when Republicans and Democrats failed to reach a funding agreement. S&P and Nasdaq futures fell around 5%, while gold surged to a new record. The shutdown, the fifteenth since 1981, is said to disrupt federal agencies, halt employment data releases, and place 750,000 federal workers on temporary layoff. The deadlock over $1.7 trillion in agency funding has brought renewed concerns about job losses and potential cuts to government programs.
BHP (ASX:BHP) shares declined more than 2% following reports that China may have temporarily banned purchases of its Pilbara iron ore. Although BHP has neither confirmed nor denied this, commodity pricing firms have cast doubt on these rumours. The company has also invested $840 million in South Australia's Olympic Dam copper operations as it considers doubling output by 2027. In the lithium space, US government investment in Lithium Americas and MP Materials comes amid efforts to counter Chinese dominance, but lithium shares like Liontown (ASX:LTR) have faced selling pressure on news of Chinese mines restarting.
Other notable ASX moves included Bravura Solutions (ASX:BVS) soaring on a profit upgrade, and DroneShield (ASX:DRO) leading gains. Further, Eagers Automotive (ASX:APE) announced a major expansion into Canada through a $1 billion deal.
