S&P/ASX 200 drops as quarterly consumer price index sees biggest fall in 72 years

S&P/ASX 200 (INDEXASX:XJO) is down 0.27% at 12.45 pm as Queensland announced it will shut its borders to anyone from Greater Sydney starting 1 am on Saturday. Australia’s Consumer Price Index (CPI) fell 1.9% in the June 2020 quarter, according to data released by the Australian Bureau of Statistics (ABS). ABS chief economist Bruce Hockman said: “This was the largest quarterly fall in the 72-year history of the CPI.” Hockman attributed the decline in the June quarter to factors such as free child care and a significant fall in the price of automotive fuel. Investor focus will likely be on the upcoming rate decision by the US Fed, expected to be out today. COVID-19 update Victoria recorded 295 new COVID-19 cases and nine new deaths in the past 24 hours. New South Wales' biggest COVID-19 cluster has seen a massive surge in cases, with 10 of today’s 19 cases linked to the Thai Rock restaurant in Wetherill Park. The total number of infections in this cluster is now 85. The US on Tuesday recorded 1,592 new COVID-19 deaths in 24 hours, the highest number of daily fatalities in 2.5 months. The country also notched more than 60,000 new COVID-19 cases in one day. Top gainers Today’s top gainers on the ASX include Australian Vanadium Ltd (ASX:AVL) (+10.00%), Twenty Seven Co Ltd (ASX:TSC) (+20.00%), White Rock Minerals Ltd (ASX:WRM) (+16.67%), Great Western Exploration Limited (ASX:GTE) (+22.58%), Argonaut Resources NL (ASX:ARE) (+12.50%) and Castillo Copper Ltd (ASX:CCZ) (+10.00%). Proactive news headlines: Great Southern Mining hits 5.65 metres at 80 g/t in first Cox's Find diamond drilling Great Southern Mining Ltd (ASX:GSN) has hit 5.65 metres at 80 g/t gold from 160.5 metres including 1.1 metres at 404 g/t in its first diamond drilling at the Cox’s Find Gold Project in the Laverton district of Western Australia. Tietto Minerals extends high-grade gold mineralisation below 500 metres at Abujar-Gludehi deposit Tietto Minerals Ltd (ASX:TIE) has received high-grade gold results which have extended the Abujar-Gludehi (AG) deposit at depth and are expected to expand the existing 2.2 million-ounce resource at Abujar Gold Project in Côte d’Ivoire. Macarthur Minerals eyes cutting-edge 'Helix Dumper' system for Lake Giles magnetite transport Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) has engaged RCR Mining Technologies, a subsidiary of NRW Holdings Limited (ASX:NWH), to provide a conceptual rail wagon and rail unloading solution for its flagship Moonshine magnetite deposits at Lake Giles Iron Project in Western Australia. SUDA Pharmaceuticals granted TGA approval for short-term insomnia treatment ZolpiMist SUDA Pharmaceuticals Ltd (ASX:SUD) has received Therapeutics Goods Administration (TGA) approval for registration of its lead product ZolpiMist for the treatment of short-term insomnia in adults. Alice Queen steps up exploration in Molong Volcanic Belt within premier porphyry gold-copper province Alice Queen Ltd (ASX:AQX) has started drilling Boda East target as it steps up exploration in the Molong Volcanic Belt of Central West NSW which is within the Lachlan Fold Belt, Australia's premier porphyry gold-copper province.