Lending Association

Afternoon update: ASX down 0.55% as inflation cools in November

Australian shares are down 0.55 per cent by mid afternoon following a weak Wall Street performance and lower-than-expected November inflation. Mining stocks, especially iron ore giants, dropped 1.4 per cent, while uranium stocks rose due to US interest in domestic supply. Bitcoin also fell by 3.5 per cent following a false SEC tweet.

The November consumer price indicator eased to 4.3 per cent, which may impact the Reserve Bank of Australia’s February decision.

Notable stock movements include Alumina surging by 13.5 per cent, Mineral Resources acquiring a 9.97 per cent stake in Kali Metals, and Neometals gaining 14.3 per cent with a $30 million order from Mercedes-Benz. Meanwhile, Worley remains halted amid allegations of illegality and bad faith by an Ecuadorian tribunal.