ASX soars on interest rate cut speculation
The benchmark ASX 200 index gained 37.70 points or 0.43 per cent to 8844.80, after briefly touching a record intraday high of 88852.30 points.
The broader All Ordinaries also gained 41 points or 0.45 per cent to 9117.60.
The Aussie dollar last traded around US65.26c.
On an overall positive day, nine of the 11 sectors gained, led by the materials, consumer staples, healthcare and major banks. On a positive day, nine of the 11 sectors finished higher NewsWire / Jeremy Piper Credit: News Corp Australia
Lithium miners led the gains with Mineral Resources up 12.18 per cent to $38.12, Pilbara Minerals soaring 19.69 per cent to $2.31 and Liontown Resources jumping 18.34 per cent to $1.
Investors bought the sector on the back of Chinese battery giant Contemporary Amperex Technology suspending production at one of its key mining sites.
Iron ore miners jumped after futures markets lifted the price of the commodity by 1.1 per cent after Beijing scrapped longstanding restrictions on the number of homes that city residents can buy in a suburban area.
BHP gained 1.64 per cent to $40.87, Rio Tinto finished 1.47 per cent higher at $115.29 and Fortescue soared more than three per cent to $19.42.
It was also a strong day for the big four banks.
CBA jumped 1.13 per cent to $178.60, NAB gained 0.86 per cent to $38.82, Westpac climbed 1.93 per cent to $34.31 and ANZ finished in the green up 1.17 per cent to $31.24.
Moomoo chief executive Michael McCarthy said Monday's jump was on the back of rates, with a refusal to move on them tomorrow afternoon likely to heavily impact the market.
'There are very high expectations of an interest rate reduction from the Reserve Bank of Australia tomorrow afternoon,' he said.
'Bank bill traders are pricing a possibility or a cut greater than 0.25 per cent.
'What many analysts seem to overlook is that just because the RBA can cut, doesn't mean it will cut. Markets climbed on the back of anticipated interest rate relief. Picture Newswire/ Gaye Gerard Credit: News Corp Australia
eToro market analyst Farhan Badami said while the July pause took everyone by surprise, banks have already started moving to cut interest rates ahead of tomorrow's meeting.
'While the July pause was a surprise, a consecutive pause in August will be a shock,' he said.
'Three cuts before the end of the year are still expected, but there's very little wiggle room left in the calendar if the RBA heightens its degree of risk aversion any further.'
In company news, JB Hi-Fi chief executive Terry Smart will step away after more than two decades with the retail giant.
The announcement came at the same time as the electronics giant reported a 10 per cent growth in sales to $10.6bn for the last financial year, while net profits after tax jumped 5.4 per cent to $462.4m.
But the news of the big boss leaving the company outweighed the strong results with shares falling 8.39 per cent to $107.83.
Car classified business Car Group announced a 10 per cent increase in net profit after tax to $275m, in the 2025 financial year.
Shares finished up 0.54 per cent to $37.20.
Defence business DroneShield shares also finished higher after telling the market it launched SentryCiv, a subscription-based artificial intelligence powered counter drone system. This is aimed at the civilian market.
Despite initially surging, shares closed flat at $3.95 on the announcement.
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Sydney Morning Herald
34 minutes ago
- Sydney Morning Herald
Sydney waterfront dining: Felons Seafood restaurant at Manly Wharf serves four choices of fish and chips, mud crab and more
The views are stunning, the fish are jumping, but something's missing from this new waterside restaurant. August 12, 2025 , register or subscribe to save articles for later. You have reached your maximum number of saved items. Remove items from your saved list to add more. Save this article for later Add articles to your saved list and come back to them anytime. 1 / 11 Felons Seafood's location, right on the water on Manly Wharf's East Esplanade, is an open invitation for a long lunch. Edwina Pickles 2 / 11 Northern Territory mud crab in a warm, South-East Asian-style black pepper sauce. Edwina Pickles 3 / 11 Choose from four different fish for the traditional fish and chips. Edwina Pickles 4 / 11 Potato scallops are fancified with a cool, herby blue-swimmer crab remoulade. Edwina Pickles 5 / 11 Edwina Pickles 6 / 11 Felons Seafood is the next step in Manly Wharf domination for the Artemus Group. Edwina Pickles 7 / 11 Queensland coral trout cooked in the Josper oven. Edwina Pickles 8 / 11 Buttermilk soft serve. Edwina Pickles 9 / 11 Edwina Pickles 10 / 11 Edwina Pickles 11 / 11 Edwina Pickles 13.5 /20 Seafood $$$ $ It's quite an undertaking for a brewery to step into the world of demi-fine dining, but here's Felons Seafood, the next step in Manly Wharf domination for the Artemus Group (the developers behind popular Brisbane dining precinct Howard Smith Wharves). It started with Felons Brewery – a fun, large-scale brewpub with views across the water on the West Esplanade, and continues with this restaurant, which opened in June and is overseen by chefs Corey Costelloe (owner of Marrickville neighbourhood bistro 20 Chapel) and Luke Bourke ( The Sydney Morning Herald Good Food Guide 's current Young Chef of the Year). The pair, who spent a decade together working at Rockpool Bar & Grill in Sydney, have co-created a menu focused on responsibly caught fish, treated with respect and care. The location, right on the water on Manly Wharf's East Esplanade, is an open invitation for a long lunch. Inside, a dining room of neutrals and rattan, offset by touches of navy. Floor-to-ceiling wood-framed French windows wrap around the restaurant, waiting to be opened in warmer months to let in the sea breeze. Outside, tables hug the perimeter of the restaurant with big blue umbrellas up during the day, and gas heaters at night. Choose from four different fish for the traditional fish and chips. Edwina Pickles This is a deep dive into the seafood culture that once defined the Aussie coast, combined with strong Mediterranean sensibilities. Nothing is overly embellished, and the fish takes pride of plate. Potato scallops are fried to deeply golden and crisp, fancified with a cool, herby blue-swimmer crab remoulade. A bouncy Mooloolaba king prawn cocktail is served on a bed of shredded lettuce dressed in a classic Marie Rose sauce, served with a side of buttered brown bread. Fun with a tropical fruit-forward Galaxy Haze pale ale. There are a few menu items that make use of Felons' beer range, but it's more of a subtle taster than a schooner in your face. The traditional fish and chips feature a choice of four fish, including the classic dusky flathead and (my pick) spangled emperor. The goujon (or tail end) is fried in a crisp lager batter until strawberry-blonde and served on a bed of tallow-fried, skin-on chips with tartare sauce. Order the mignonette salad on the side, all sharp corners and mustard-bitey, or the green Greek salad – three types of cucumber, two types of capsicum, green olives, toasted sunflower seeds, soft feta and a dusting of oregano. A beautiful echo of a proper fishing town chipper. Northern Territory mud crab in a warm, South-East Asian-style black pepper sauce. Edwina Pickles The food is good. Great, even, at times. Look at that delicate fillet of Queensland coral trout cooked in the Josper oven, the skin seared until crisp and the flesh just-set. It's served simply with aioli, romesco sauce and a wedge of lemon. Then there's the Northern Territory mud crab bathing in a warm, South-East Asian-style black pepper sauce dotted with crisp-fried curry leaves, and a stack of flaky roti tucked in among the legs and claws. The technical prowess on the plate is undeniable. It's just a shame it's let down by inexperienced waitstaff who give the strong impression they'd rather be anywhere else on the planet than serving tables. Queensland coral trout cooked in the Josper oven. Edwina Pickles There's a lot of rushing about and plenty of staff, as far as I can see, but not a lot of friendliness or practical care when it comes to the basics. I'll probably go to my grave, for instance, wondering why our waitress chooses to place that $90 crab, not on the table, but on the spare chair on top of my coat and bag. Or why, on the same visit, we're seated outside at night in the middle of winter without asking where we might be comfortable. Sure, a few strong floor members are doing their best, but it's a big ship to steer when the majority of your crewmates are inexperienced. If you can see past the service, the food really is worth a look. Order a dozen pristine, fresh-shucked rock oysters with plenty of brine and a side of Baker Bleu bread and salty butter. Don't bother ordering anything by the glass (the danger of not being able to order a follow-up glass is clear and present), but do consider a bottle of crisp white wine like the Kir-Yianni Assyrtiko – just the right amount of crispness and pear fruitiness. Go hard on the whole fish and the snacks, and end by sharing the unapologetically tart buttermilk soft serve sweetened with a drizzle of bittersweet stout caramel. Consider walking, not running, and making some time for a long lunch during the warmer months. Atmosphere: Sunny, bougie-casual and family friendly Go-to dishes: Black pepper crab ($90); traditional fish and chips ($28-36); potato scallop ($28); buttermilk soft serve ($14) Drinks: A neat selection of Felons beers on tap and a surprisingly hefty wine selection for a restaurant opened by a brewery Cost: About $200 for two, excluding drinks Good Food reviews are booked anonymously and paid independently. A restaurant can't pay for a review or inclusion in the Good Food Guide. Restaurant reviews, news and the hottest openings served to your inbox. Sign up
AU Financial Review
34 minutes ago
- AU Financial Review
ASX 200 LIVE: ASX to slip, Wall St awaits July CPI data, reporting on Tuesday: Life360, SGH, Seven West Media
Australian shares are poised to open lower, amid modest weakness in New York as the rally from April's lows lost momentum pending Tuesday's US July consumer prices report. President Donald Trump signed an executive order to extend a tariff truce with China for another 90 days, according to CNBC. Trump earlier said gold imports to the US will not be hit by tariffs. Results scheduled for Tuesday are: Life360, SGH and Seven West Media. For more details see our reporting season calendar. The US CPI report is expected to show that President Donald Trump's embrace of tariffs continues to bleed into prices for goods, offset in part by lower petrol prices. 📩 Get the daily Results Wrap newsletter during earnings season, with our Chanticleer columnists' analysis of the key results of the day. Sign up here. Market highlights ASX 200 futures are pointing down 17 points or 0.2 per cent to 8779. All US prices near 2.30pm New York time. AUD -0.1% to US65.15¢ -0.1% to US65.15¢ Bitcoin +1% to $US119,724 +1% to $US119,724 On Wall St: Dow -0.4% S&P -0.1% Nasdaq -0.06% -0.4% -0.1% -0.06% VIX 0.74 to 15.89 0.74 to 15.89 Gold -1.3% to $US3355.27 an ounce -1.3% to $US3355.27 an ounce Brent oil +0.2% to $US66.73 a barrel +0.2% to $US66.73 a barrel Iron ore +1.4% to $US103.55 a tonne +1.4% to $US103.55 a tonne 10-year yield: US 4.27% Australia 4.24% Today's agenda The RBA is widely expected to cut the cash rate target by 25 basis points to 3.60 per cent at its Tuesday policy meeting. The policy decision will be released at 2.30pm, as well as the latest Statement on Monetary Policy. Governor Michele Bullock is scheduled to hold a press conference starting at 3.30pm. eToro market analyst Farhan Badami: 'While the July [RBA] pause was a surprise, a consecutive pause in August will be a shock. Three cuts before the end of the year are still expected, but there's very little wiggle room left in the calendar if the RBA heightens its degree of risk aversion any further.' Earlier, at 11.30am, NAB will release its July business confidence and conditions survey. Later in the day, at 10.30pm, the US will release its July CPI report. Yardeni Research: 'The odds are low that we'll see downside surprises in July CPI inflation data. There's little doubt that tariff effects are boosting durable goods inflation, as they did in June. But the risk of a big upward surprise is tempered by signs that rents and used car prices are cooling. The Cleveland Fed's Inflation Nowcasting model has the CPI rising 3.04 per cent in July and 3.02 per cent in August. Those would be considered too hot to justify Fed easing.' Top stories Trump's Nvidia shakedown is unprecedented and scary | The chip maker is the latest firm to learn about the US president's new corporate playbook: threaten a company and then watch it agree to a 'deal'. Former PwC partner banned over $11m in 'false' R&D tax claims | The Tax Practitioners Board said Richard Gregg made false claims on behalf of clients that caused a tax shortfall of more than $11 million. AI would plan lessons, mark tests under PC schools overhaul | The Productivity Commission is urging the federal government to lead a push to turbocharge the uptake of artificial intelligence in schools. Captain's pick: Westpac CEO taps Carolyn McCann to run retail division | The move is a key appointment for the bank, given its retail unit was the second-biggest contributor to the bank's profit. NDIS funding cliff threatens to undermine scheme overhaul | Labor has forecast almost $20 billion in NDIS savings over four years to June 30, 2028, but 1000 jobs key to the transition are only budgeted to June 30, 2026.
News.com.au
34 minutes ago
- News.com.au
Staggering $54 billion spent on Aussie home renovations within the past year
Aussie homeowners are spending $5 billion more on renovations than they were before the pandemic, with a jaw-dropping $54b splashed over the past year. Rising build costs and increasing home values have caused a spike in money spent across the state, with new research showing renovation loans have jumped by thousands since 2019. But the Housing Industry Association (HIA) reveals this spending surge might not see another spike until worker supply meets demand. HIA senior economist Thomas Devitt said 'massive increases in construction and finance costs' were playing out as the renovation market played catch-up with the changing economy after the pandemic. 'The resurgence in activity we've been seeing more recently will be much more reflective of increasing real activity,' he said. 'The cost of renovation projects seems to have stabilised around 40 per cent above pre-pandemic levels.' The HIA predicted rising demand nationwide would cause Aussies to spend an extra $2b annually by March of 2029. Mr Devitt said rising home prices meant renovations were seen as an affordable alternative to buying a new house, with the market was expected to continue growing. However the extent of renovation growth would depend on the supply of skilled labour to meet the demand – especially bricklaying and ceramic tiling. A separate HIA study that estimates potential demand for kitchen and bathroom renovations found homeowners were choosing to renovate their bathrooms first. Across 2024-2025, Australia was estimated to have a renovation demand for around 244,000 bathrooms and 163,000 kitchens. Mr Devitt said this demand was typically determined by the age of the residence. 'Actual demand for renovations may deviate from notional or potential demand, depending on short term variables beyond just the age of the dwelling stock, like housing market conditions, the economic outlook, or policy settings like interest rates and taxes,' Mr Devitt said. Kirkwood and Co. interior designer Georgia Wallace said she found kitchens could keep pace with modern renovation desires more than bathrooms. 'I think if you're going to update a property or your own home, starting with a bathroom renovation is something that definitely lifts a property,' she said. 'It definitely dates faster, so it's something I think more people will be doing.' But Ms Wallace said even a simple bathroom renovation could cost tens of thousands of dollars more than it used to, with more than double the pre-Covid wait times for builders. 'You could be waiting between six and 12 months to lock in builders,' she said. 'It's so hard to get a good tiler locked in.' All up, 40,274 renovation loans were placed by Australians in the past 12 months from March, up by more than 3,000 from the previous 12 months. Quarterly loan numbers in the 2019-2020 financial year were typically around 6-7,000, with 2025's numbers at an increase of about 2,000 per quarter. Mr Devitt said while spending reached a high in 2021, he expected the renovation market to continue at a healthy rise moving forward. 'It may have cooled from the highs of recent years, but it's still going strong,' he said. 'It sustained itself much better than the new home building sector, and is set to pick up again too – from historical elevated levels of real activity, not just value.'
