• The ASX 200 stumbles by 1% today
  • Energy leads, gold miners lose
  • Investors wait key indicators, including US CPI and China GDP

The ASX tumbled by 1% today as investors dumped blue chips in all sectors except for Energy and Healthcare.

There’s a fair bit of nervousness in the market ahead of a bumper week of economic data releases, the most important being the US CPI due out on Wednesday (US time).

China will also publish its second quarter GDP data on Friday. The country’s tech stocks were under pressure today after two of its biggest names received fresh fines from authorities. Alibaba and Tencent were on the hook today for not properly reporting past deals, although details of the amounts are sketchy. That’s a big step back for China’s unshackled-now-shackled technology super stocks.

There’s also investor anxiety around the US earnings season, which will kick off later this week. The quarter’s earnings will give insight into how much inflation and rising supply costs have eaten into company profits.

On the ASX today, energy companies rose as oil prices climbed by another 2% with Brent now trading at US$106.50 a barrel.

Gold miners meanwhile underperformed struggling as the gold price shows weakness, trading at US$1,741 an ounce.

A couple of top exec departures today also added a bit drama to the mix, as ASX CFO Gillian Larkins and EML Payments’ CEO Tom Cregan resigned.


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Retirement villages developer Summerset Group (ASX:SNZ) was up 4% after reporting 232 sales for the quarter ending 30 June, comprising 122 new sales and 110 resales. Summerset has now achieved 511 sales for 1H22, the second highest first half ever.

Finance company Omni Bridgeway (ASX:OBL) also rose 4% after reporting a record level of annual commitments of $463 million for FY22, a 12% increase year-on-year over FY21.

Bridgeway says the record addition to commitments this year is consistent with its aspirational target to grow our FUM (funds under management) to $5 billion by FY25.


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Produce company Costa Group (ASX:CGC) fell 11% today after the company provided a market update.

Costa said wet weather has resulted in some quality issues, which have become more evident now. The company says the full impact of these quality issues across its citrus portfolio and on second half earnings cannot be determined until the citrus season is further progressed.