Australian miners Orocobre and Galaxy to merge in US$3.1 billion deal, create lithium giant to ride batteries gold rush
Merger will create the world’s fifth-biggest producer of lithium chemicals, the refined form of the raw materials that are used to make EV batteries
Battery demand is expected to surge tenfold by 2030, according to BloombergNEF
The S&P/ASX200 index
At the closing bell the S&P/ASX 200 index closed 161 points lower to finish at 6,673.
Over the week, the market has lost 121 points or 1.8 per cent.
Futures market
S&P 500 futures are eyeing a dip of 14 points.
The Nasdaq futures are eyeing a fall of 98 points.
And the ASX200 futures are eyeing a 172 point fall on Monday morning.
Economic news
Today the Australian Bureau of Statistics published data on business conditions and sentiment for February. The survey data shows that 41 per cent of businesses were significantly impacted by Covid-19 restrictions during the month and that their cash on hand may not cover more than three months of operations.