AU Morning Wrap: ASX Climbs 0.6%; Core Lithium Surges 11% on Resource Upgrade

US stocks broke a run of weekly losses after robust economic data soothed recession worries. Treasury yields retreated on signs that input costs were cooling.

A report on services-sector activity helped fuel the rally. The Institute of Supply Management's February survey showed demand for services remained healthy but input costs were the lowest in more than a year.

Capital Cash is the master franchisor to 188 UK stores and posted financial 2022 EBITDA of $2.9 million to place the deal’s value at around 4x EBITDA.

Cash Converters said it would fund the deal using cash reserves.

The results follow a rocky month for equities and as the US dollar rose versus overseas currencies. GQG declined to break down how market movements, foreign exchanges differences, and inflows affected its FUM.

Potentia's bid is for $2.20 per share and up to $2.25 per share in certain conditions.

The group's total funds under management fell to $45.4 billion as at February 28, versus $46.2 billion as at January 31.

The group's total FUM over the month also got a boost from the weaker US dollar as most of the investment funds' assets are priced in US dollars.

Dividends paid: None

• Iron ore hit an eight-month high on Friday amid signs of increased steel production in China. Operational rates at Chinese steel mills were this month 6.35 per cent higher year-on-year, according to Mysteel data. Portside iron ore inventories declined last week in another sign of improved demand.

The most-traded May iron ore futures on the Dalian Commodity Exchange ended daytime trade 1.04 per cent ahead at 919 yuan (US$133.15) a tonne, the highest close since July 2022.

• Oil reversed sharp initial losses after the United Arab Emirates denied tensions with Saudi Arabia might prompt it to leave the Organization of the Petroleum Exporting Countries. Crude prices plunged after The Wall Street Journal reported UAE officials were discussing quitting the cartel. They rebounded after unnamed UAE officials denied the report.

Brent crude traded as low as US$82.51 before settling US$1.08 or 1.3 per cent ahead at US$85.83.

• Gold logged its first weekly advance in five weeks as the US dollar trimmed recent gains. The US dollar index declined 0.4 per cent last week. A stronger dollar makes the yellow metal more expensive for buyers using other currencies, and saps demand for alternative stores of wealth.

Gold for April delivery settled US$14.10 or 0.8 per cent ahead at US$1,854.60 an ounce. The most-active contract gained almost 2.1 per cent for the week. The NYSE Arca Gold Bugs Index rallied 1.4 per cent on Friday.