S&P/ASX 200 sheds 0.57% as RBA says job market will take longer to recover

S&P/ASX 200 (INDEXASX:XJO) is down 0.57% to 6,008 at 12.47 pm after the materials sector fell 1.22%, giving up a chunk of yesterday’s commodity-driven gains. Unemployment rate to peak at 10% RBA’s August monetary policy statement released today shows the central bank has revised up the unemployment rate to a peak of 10% in December 2020. The bank’s assistant governor Luci Ellis said even though the economy had done a bit better than initially expected, the recession had left deep scars on the country. Ellis said it will take longer than hoped for the nation's jobs market to recover from the COVID-19 recession. He said the scars are likely to extend even to families, with the tough jobs market leading to fewer people marrying or moving in with their partner. COVID-19 update Victoria reported 451 new COVID-19 cases and 11 deaths today, including a woman in her 50s. Nearly 300,000 Americans could be dead from COVID-19 by December 1, University of Washington warned on Thursday, although it said 70,000 lives could be saved if people were scrupulous about wearing masks. The US death toll currently stands at over 159,000, the most of any country in the world, with 4.8 million known cases. India’s COVID-19 tally crossed 2 million on Thursday, while fatalities were recorded at 41,631. Top gainers Today’s top gainers on the ASX include MGC Pharmaceuticals Ltd (ASX:MXC) (+18.18%), Lithium Australia NL (ASX:LIT) (+9.37%), Archtis Ltd (ASX:AR9) (+16.00%), Linius Technologies Ltd (ASX:LNU) (+13.33%), Predictive Discovery Ltd (ASX:PDI) (+10.00%) and PNX Metals Ltd (ASX:PNX) (+11.11%). Proactive news headlines: Pantoro raising $55 million as it accelerates activities at Norseman Gold Project Pantoro Ltd (ASX:PNR) is raising $55 million in capital which will place the company in a strong financial position as it accelerates activities at its 50%-owned Norseman Gold Project in Western Australia. MGC Pharmaceuticals up 41% after confirming effectiveness of ArtemiC on human immune cells to inflammatory stimuli MGC Pharmaceuticals Ltd (ASX:MXC) (OTCMKTS:MGCLF) has surged 41% this morning after results from pre-clinical in-vitro laboratory tests which have shown effective immunological activity for the use of ArtemiC as an immune-modulatory agent for the treatment of COVID-19. Predictive Discovery hits 26 metres at 17.5 g/t gold in NE Bankan drilling, shares up Predictive Discovery Ltd (ASX:PDI) is higher after returning results of up 26 metres at 17.5 g/t gold from 58 metres in reverse circulation (RC) drilling on the southern section of the NE Bankan gold mineralised system within its flagship Kaninko Project, in Guinea, West Africa. Kazia Therapeutics surges on grant of Rare Pediatric Disease Designation to paxalisib for DIPG Kazia Therapeutics Ltd (ASX:KZA) (NASDAQ:KZIA) has surged on being granted Rare Pediatric Disease Designation (RPDD) by the US FDA for its paxalisib for the treatment of DIPG, a rare and highly aggressive childhood brain cancer. Horizon Minerals generates $2.93 million in revenue from first Boorara milling campaign Horizon Minerals Ltd (ASX:HRZ) has completed the initial milling campaign from the first stage of its Boorara Gold Mine in Western Australia, generating $2.93 million in revenue. Tempus Resources attracts prolific gold investor Sprott Inc as new substantial shareholder Tempus Resources Ltd (ASX:TMR) has a new substantial shareholder in prolific global gold investor Sprott Asset Management USA which has a 5.12% interest. Three medical cannabis companies in focus at Proactive’s webinar on August 11 Zelira Therapeutics Ltd (ASX:ZLD) (OTCQB:ZLDAF) is one of three companies set to present at Proactive's medical cannabis focussed webinar on Tuesday, August 11, along with MGC Pharmaceuticals Ltd (ASX:MXC) and Southern Cannabis Holdings.