ASX 200 to open at a ‘loss of about a quarter of a per cent'
'A lot of moving parts and that's all going to translate to a loss of about a quarter of a per cent for the ASX 200,' he told Sky News Australia.
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Sky News AU
9 minutes ago
- Sky News AU
ASX 200 took a peek at all-time record on Tuesday
Sky News Business Editor Ross Greenwood says the local stock market 'took off' from the get-go – following Wall Street's hints towards deeper interest rate cuts in the US. 'The ASX 200 this afternoon even had a little peek at its all-time record,' Mr Greenwood said. The ASX 200 finished the day up 1.23 per cent on Tuesday.
Perth Now
9 minutes ago
- Perth Now
ASX follows US lead for broad gains
The Australian sharemarket has followed a bullish lead from the US, with all sectors finishing well into the green on Tuesday. The S&P/ASX200 finished with a 1.2 per cent gain, tacking on 106 points to close at 8770, six points shy of the record recorded last month. The All Ords rose 1.2 per cent, while interest rate sensitive discretionary and financial shares were the biggest gainers. Expectations of a rate cut in the US are nearing 90 per cent, and the local bourse followed Wall Street's green sweep into Tuesday trading. Overnight the three major US indexes had their largest daily gains since May. 'The rally came after the bulls wrestled back control on Wall Street overnight, as the prospect of a sooner and deeper Fed rate cuts offset slowdown concerns stemming from last Friday's weak jobs report,' IG analyst Tony Sycamore said. 'The US interest rate market is now fully priced for a 25bp rate cut in September, with a cumulative 63 basis points of rate cuts expected between now and the end of the year.' Commonwealth Bank says a layer of uncertainty has been removed from the global economy with confirmation of 10 per cent baseline US tariffs, which will produce modest gains for the Aussie Dollar this week. Across the ASX on Tuesday, rare earth stocks benefited from talk of a floor price to counter China's massive industrial subsidies. Commonwealth Bank says the baseline US tariff confirmation removes a layer of uncertainty for investors. NewsWire / Nicholas Eagar Credit: NCA NewsWire Critical mineralist Iluka Resources rocketed to a 8.6 per cent gain ($5.78), and Lynas Rare Earths spiked 5.2 per cent on the back of its presentation to a major conference in Kalgoorlie. All 50 of the ASX's largest firms — except South32 — finished in the green, led by gains for sleep apnoea equipment firm Resmed (3.9 per cent), investors Washington H Soul Pattinson and Company (2.8 per cent) and Wesfarmers (2.8 per cent). NAB, Goodman, ANZ, Woodside, Westpac and Commonwealth all gained between 1.3 and 1.6 per cent. Commonwealth Bank's pick-up came after an announcement it had set aside $130m to transition Bankwest to a fully digital brand while absorbing its business banking. Investors were keen on TPG Telecom until they weren't, with the telco's share price starting hot and quickly descending into negative territory. Ratings agency S&P detailed reasons for its negative outlook on TPG, sinking the share price 0.4 per cent ($5.50). Credit Corp recorded a sharp 16 per cent gain following release of full-year profits, largely down to debt recoveries in the US. Ahead of financials, it was the ASX discretionary sector making leaps and bounds on Tuesday. Multinational English-language training provider Idp Education rose almost eight per cent ($3.93), while fragrance house Dusk lifted 5.7 per cent ($0.92). Propel Funeral Partners, skateboard company Globe and heating and cooling equipment seller Adrad all gained more than five per cent. These consumer stocks followed Wall Street's lead, as did the Asian markets. The MSCI Asia Pacific Index rose 0.7 per cent, with South Korean shares jumping 1.6 per cent. The US President's threat to penalise India for buying Russian oil steadied the commodity's price following a three-day slide.
The Advertiser
9 minutes ago
- The Advertiser
Sea of green as Aussie shares notch highest-ever close
Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns. The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8. The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July. The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher. On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said. "We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP. "Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets." Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said. Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80. The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80. Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks. Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall. Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher. Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out. Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment. Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers. The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm. ON THE ASX: * The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4 * The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.60 US cents, from 64.81 US cents on Monday . * 95.17 Japanese yen, from 95.68 Japanese yen * 55.93 euro cents, from 65.02 euro cents * 48.65 British pence, from 48.80 British pence * 109.68 NZ cents, from 109.60 NZ cents Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns. The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8. The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July. The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher. On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said. "We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP. "Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets." Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said. Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80. The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80. Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks. Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall. Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher. Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out. Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment. Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers. The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm. ON THE ASX: * The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4 * The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.60 US cents, from 64.81 US cents on Monday . * 95.17 Japanese yen, from 95.68 Japanese yen * 55.93 euro cents, from 65.02 euro cents * 48.65 British pence, from 48.80 British pence * 109.68 NZ cents, from 109.60 NZ cents Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns. The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8. The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July. The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher. On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said. "We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP. "Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets." Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said. Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80. The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80. Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks. Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall. Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher. Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out. Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment. Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers. The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm. ON THE ASX: * The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4 * The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.60 US cents, from 64.81 US cents on Monday . * 95.17 Japanese yen, from 95.68 Japanese yen * 55.93 euro cents, from 65.02 euro cents * 48.65 British pence, from 48.80 British pence * 109.68 NZ cents, from 109.60 NZ cents Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns. The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8. The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July. The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher. On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said. "We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP. "Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets." Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said. Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80. The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80. Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks. Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall. Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher. Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out. Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment. Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers. The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm. ON THE ASX: * The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4 * The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.60 US cents, from 64.81 US cents on Monday . * 95.17 Japanese yen, from 95.68 Japanese yen * 55.93 euro cents, from 65.02 euro cents * 48.65 British pence, from 48.80 British pence * 109.68 NZ cents, from 109.60 NZ cents
