United Malt was one of the biggest laggards on the local index, dropping by 17.2 per cent after the company – which supplies malt to beer and whiskey producers – told the market it expected its earnings to fall to between $100 million and $108 million, below its previous guidance of $115 million and $140 million. The company blamed the shortfall on the “significant deterioration” of its North American barley crop, supply chain disruptions and increased costs.

Trading was lower than normal as the market looked ahead to the Reserve Bank’s interest rate decision on Tuesday, with most analysts expecting a 0.5 percentage point rise to take the cash rate to 1.85 per cent. The Melbourne Institute’s inflation gauge released on Monday found inflation continued to increase in July, jumping by 1 per cent thanks to higher utilities and housing costs, after official Australian Bureau of Statistics figures showed a 1.8 per cent rise across the June quarter.

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Quote of the day: “Our latest gas report finds that the outlook for the east coast gas market has significantly worsened. To protect energy security on the east coast, we are recommending the resources minister initiate the first step of the Australian Domestic Gas Security Mechanism,” said ACCC chair Gina Cass-Gottlieb.

You may have missed: Australian lithium miner Ioneer announced on Monday it had signed a deal to supply a battery manufacturing joint venture between carmaker Toyota and electronics giant Panasonic with the critical battery mineral from its flagship American project. The binding offtake agreement is the company’s third for its Nevada project after it inked a deal with Ford last month. Ioneer shares closed 1.8 per cent higher at 57¢ a share.

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