US sharemarkets finished higher after recovering from sharp early losses, with major indices pushing to fresh record highs as investors looked past political uncertainty and focused on upcoming economic data. The S&P 500 rose 0.16% to 6,977.27 and the Dow Jones Industrial Average added 86 points to close at 49,590, with both hitting new intraday highs. The Nasdaq Composite gained 0.26%, while the Russell 2000 also reached a record. Markets had been down sharply earlier after confirmation of a US Department of Justice investigation involving Federal Reserve Chair Jerome Powell, but equities rebounded as investors judged the development unlikely to affect near-term monetary policy. Financial stocks lagged on concerns about political pressure on the Fed and proposals to cap credit card interest rates, while gains in consumer and technology stocks helped lift the broader market. Gold surged 2.5% to a record close as investors hedged longer-term risks around central bank independence and inflation.
In Australia, local shares are set to open higher, with ASX 200 futures pointing to a 30-point, or 0.3%, gain at the open. The focus today will be on Westpac’s January consumer confidence reading, while across the Tasman the NZIER Quarterly Survey of Business Opinion is the first major New Zealand economic release of the year. Offshore, attention turns to US December CPI figures, due early Wednesday AEDT, which are expected to be the next key test for global markets.
In company news,
Nova Minerals hits record gold intercept as RPM Valley proves scale and continuity
Nova Minerals (ASX:NVA) has delivered its highest-grade drill result to date at the RPM Valley deposit in Alaska, intersecting 0.5 metres at 364 grams per tonne gold within broader mineralised zones. The latest drilling confirmed strong continuity across long intervals, supporting plans for a maiden measured and indicated resource to underpin pre-feasibility studies at the Estelle Project. Multiple holes returned broad intercepts above 1 gram per tonne gold, with mineralisation remaining open at depth and along strike. Nova said all 2025 RPM assays are now in hand, with metallurgical, mining and optimisation studies ongoing as it advances the project toward development.
Sun Silver confirms thick, high-grade silver-gold system at Maverick Springs
Sun Silver (ASX:SS1) has reported further thick, high-grade drill intercepts at its Maverick Springs project in Nevada, reinforcing the scale and continuity of its silver-gold system. Recent drilling returned intervals exceeding 120 metres at grades above the existing resource average, alongside high-grade gold-rich zones and elevated antimony. The company said results aligned well with its current geological model and continued to build confidence in the project’s 539 million-ounce silver-equivalent resource. The update comes against a strong silver price backdrop and follows silver’s addition to the US critical minerals list, highlighting Maverick Springs’ strategic positioning.
Fletcher Building sees tentative volume stabilisation, but recovery pushed to 2027
Fletcher Building (ASX:FBU) has reported modest improvements in sales volumes in the December quarter, although management said the gains were insufficient to offset earlier declines and warned that a meaningful recovery is unlikely before calendar year 2027. Light Building Products showed the most improvement, with Waipapa and Iplex NZ recording quarterly and year-on-year growth, while Australian operations stabilised after earlier weakness. Heavy Building Materials remained under pressure, with aggregate and concrete pipe volumes falling amid weak infrastructure activity, and margins across several divisions stayed compressed due to intense competition. Residential unit completions dropped sharply from a year earlier, underscoring ongoing softness in housing activity.
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Source: Finance News Network
