S&P/ASX 200 slips 0.66% as inflation fears grip global markets
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S&P/ASX 200 slips 0.66% as inflation fears grip global markets
Brent crude futures rose 0.5% to US$68.67 a barrel on worries of gasoline shortages due to the outage at the largest US fuel pipeline system following a cyber-attack. Wednesday’s US consumer inflation data for April is expected to show the biggest year-on-year gain in a decade.
S&P/ASX 200 (INDEXASX:XJO) fell 0.66% to 7050 points by 12.50 pm, with the banks, materials, and property stocks weighing heavily.
Investors have grown worried about the threat of inflation, with the US Dow Jones Industrial Average falling 1.4% on Tuesday, its worst day since February.
Resources & Energy Group completes drilling at Mount Mackenzie Gold-Silver Project
The drilling program at the project in central Queensland intersected two zones of primary mineralisation, each up to 150 metres wide. Core from South West Slopes showing sulphide mineralisation.
Resources & Energy Group Ltd (ASX:REZ) has intersected two primary zones of primary mineralisation each up to 150 metres wide while completing drilling at the Mount Mackenzie Gold-Silver Project in central Queensland.
The drilling program was designed to recover cored intervals through the entire ore body for metallurgical testing and also to investigate primary mineralisation below currently drilled extents.
It is also aimed at infilling current drilled intervals and upgrading the resource at South West Slopes to the indicated category.