Consumer staples stocks advanced 1% at midday Thursday.
Woolworths Group (ASX:WOW) gained nearly 1% in recent trade.
Meanwhile, the materials sector struggled, shedding more than 3%.
BHP Group (ASX:BHP) shares fell nearly 4% following news that exports from Guinea's Simandou iron ore project rose in May.
Australian Vanadium (ASX:AVL), through its wholly-owned unit Vsun Energy, plans to take part in the second stage of expression of interest process for Western Australia's Kalgoorlie vanadium battery energy storage system project, according to a Thursday Australian bourse filing.The state seeks to deliver 500 megawatt-hours of vanadium flow battery product for Kalgoorlie by 2029 under a build-own-operate model, with up to AU$150 million in funding support proposed by the Western Australia Government, subject to the second stage process and execution of definitive agreements.The company started preparing a response and plans to lodge a submission by the July 20 deadline, per the filing.
Jinchuan Group International Resources (HKG:2362) said a follow-up review found that all recommendations from an independent internal control review had been adopted or implemented, according to a Wednesday Hong Kong bourse filing.The review was conducted as part of the Hong Kong Stock Exchange's resumption guidance following the suspension of trading in the company's shares.The independent consultant had identified weaknesses in vendor onboarding, document retention, conflicts of interest, and cash management, including instances in which payments were made to bank accounts that did not belong to registered vendors.Jinchuan said its audit committee and board believe the group now has adequate internal controls and procedures to comply with listing rules.Trading in the company's shares remains suspended.
The Organisation for Economic Cooperation and Development (OECD) has cut its economic growth forecast for the Philippines to 3.2% in 2026, in its June Economic Outlook released on Wednesday.The latest estimate is significantly slower than its 5.1% forecast made in December 2025.The global organization also slashed its 2027 growth projection for the Asian nation to 5% from 5.8% previously.The country's GDP growth slowed to 2.8% year-on-year in the first quarter of 2026, reflecting weaker domestic demand weighed down by higher inflation.OECD also expects consumption to soften due to higher inflation and weaker labor market conditions; however, it sees public investment recovering gradually following the contraction seen in late 2025.The report raised its Philippine inflation forecast to 6.8% in 2026 amid higher energy prices and the peso depreciation. The projected level exceeds the government's 2%-4% target range for the year."Monetary policy is expected to tighten in 2026 as inflation and exchange rate pressures rise. Fiscal policy will be more expansionary in the near term due to energy-related support measures, before returning to consolidation in 2027," the OECD said in its report.