Australian shares end stellar week at record high on earnings, rate-cut boost
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
17 minutes ago
- Economic Times
Dollar eases as data keep September rate cut on track; eyes on Trump-Putin meeting
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The dollar slipped on Friday as a data-heavy week wound down, keeping the case for a September Federal Reserve interest rate cut intact, while traders awaited talks in Alaska between U.S. President Donald Trump and Russian leader Vladimir Putin regarding dollar, which had jumped on Thursday as data showed U.S. producer prices increased more than expected in July, gave up most of those gains on Friday, and was set to finish the week 0.4% lower against a basket of currencies."The PPI figure yesterday was a shock, but there is still little concrete evidence for a tariff-driven spike in inflation," Kyle Chapman, forex markets analyst at Ballinger & Co in London, said."With markets staying firm on their bets for a September cut and the focus now shifting to Alaska, the dollar is handing back its gains this morning," Chapman markets reflect a 93% chance of a 25-basis-point Fed rate cut in September, according to CME FedWatch.A Fed interest rate cut in September, the first this year, followed perhaps by another before year-end, remains the base forecast for most economists polled by Reuters amid rising concerns about the health of the world's biggest Federal Reserve Bank President Austan Goolsbee on Friday said the latest reports this week showing a rise in services inflation are a source of "unease" given what he sees as the stagflationary impulse from tariffs on the Friday, investors were also watching to see if the Trump-Putin summit made any progress towards a ceasefire in Ukraine."While anything could happen at the meeting between Trump and Putin, I think expectations are low for progress towards a lasting ceasefire and that tilts the risks towards a softer dollar if the market is pleasantly surprised," Ballinger's Chapman analysts expect Europe's single currency to benefit from any ceasefire deal in Ukraine. The euro was 0.5% higher at $1.1702 versus the dollar found little support on Friday from data that showed U.S. import prices rebounded in July, boosted by higher costs for consumer U.S. retail sales increased solidly in July, boosted by strong demand for motor vehicles as well as promotions by Amazon and also await next week's Jackson Hole symposium for clues on the Fed's next move. Signs of weakness in the U.S. labour market combined with any inflation from trade tariffs could present a dilemma for the Fed's rate cut trajectory."While there are more Fed officials talking about resuming rate cuts, (Fed Chair Jerome) Powell may try to temper expectations about when and how much they'll cut," Brian Jacobsen, chief economist at Annex Wealth Management, said in a the yen, the dollar was 0.4% lower at 147.23 yen, following the release of surprisingly strong Japanese growth data, which showed export volumes held up well against new U.S. tariffs.U.S. Treasury Secretary Scott Bessent's remarks earlier this week that the Bank of Japan could be "behind the curve" in dealing with the risk of inflation proved to be another tailwind for the yen this rose against a weakening dollar on Friday and was set to end the week higher after upbeat economic data and a hawkish rate cut by the Bank of England. The pound was last up 0.2% at $1.35520, taking its gains for the week to 0.7%.Elsewhere, bitcoin was about unchanged on the day at $117,126. Bitcoin had at one point touched a record high on Thursday as increasing expectations for easier monetary policy from the Fed added to optimism stemming from a pro-crypto regulatory environment in Washington.
Economic Times
17 minutes ago
- Economic Times
Gold heads for weekly loss, spotlight on Trump-Putin talks
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Economic Times
an hour ago
- Economic Times
Dow ends higher after UnitedHealth gains, other indexes slip on rate cut uncertainty
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The blue-chip Dow Jones ended higher after hitting an intraday record high on Friday, as UnitedHealth 's shares jumped after Berkshire Hathaway raised its stake, but other Wall Street indexes slipped as mixed data clouded the Federal Reserve 's next monetary policy move.A meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin was also on the radar, with markets hoping it could pave the way for a resolution to the Ukraine conflict and determine the outlook for crude prices. The two leaders began a meeting in Alaska on Friday Group rose almost 12%, its biggest single-day percentage rise since March 2020, after Warren Buffett's company revealed a new investment in the health insurer, while Michael Burry's Scion Asset Management also turned more bullish on the costs in the broader healthcare sector and about a 40% slump in UnitedHealth's shares this year have left the Dow lagging its Wall Street peers on the road to record highs. The price-weighted index last scaled an all-time high on December healthcare sector gained 1.65% on Friday, tracking its best weekly performance since October Dow Jones Industrial Average rose 34.86 points, or 0.08%, to 44,946.12, the S&P 500 lost 18.74 points, or 0.29%, to 6,449.80 and the Nasdaq Composite lost 87.69 points, or 0.40%, to 21, broadly, Wall Street's main stock indexes recorded their second week of gains, buoyed by expectations that the Fed could restart its monetary policy easing cycle with a 25-basis-point interest rate cut in central bank last lowered borrowing costs in December and said U.S. tariffs could add to price pressures. However, recent labor market weakness and signs that tariff-induced inflation was yet to reflect in headline consumer prices have made investors confident of a potential dovish move next month."The question is, has the tariff gotten into the price of goods yet? And it appears that there hasn't," said Joe Saluzzi, co-head of equity trading at Themis also said while markets have largely priced in a September rate cut, investors might be overlooking risks, with low volatility and rich valuations pointing to a sense of a mixed day for economic data, a report showed retail sales in July rose as expected, but consumer confidence and factory production numbers indicated tariffs were taking a toll on other pockets of the economy."Today is a normal pullback given the recent strong gains," said Eric Teal, chief investment officer at Comerica Wealth Management."We will have to wait for the personal consumption expenditures data which the Fed prefers and has been running a bit hotter than CPI of late to see how much inflation is finding its way into the system."Chicago Fed President Austan Goolsbee was also cautionary in his has said he will unveil tariffs on steel and semiconductors next other stocks that were on the move, Applied Materials tumbled 14% after the chip equipment maker issued weak fourth-quarter of Bank of America dropped 1.6% after Berkshire Hathaway reduced its stake in the second-biggest U.S. lender by 4.2% to 605.3 million shares. It still owns about an 8% stake in rose 2.9% after a report said the Trump administration was in talks for the U.S. government to potentially take a stake in the issues outnumbered advancers by a 1.3-to-1 ratio on the NYSE. There were 244 new highs and 45 new lows on the NYSE. On the Nasdaq, declining issues outnumbered advancers by a 1.36-to-1 ratio. The S&P 500 posted 10 new 52-week highs and no new lows while the Nasdaq Composite recorded 79 new highs and 81 new on U.S. exchanges was relatively light, with 16.3 billion shares traded, compared to an average of 18.2 billion shares over the previous 20 the week, the S&P 500 gained 0.94%, the Nasdaq rose 0.81%, and the Dow climbed 1.74%. The Russell 2000 Small Cap Index rose 3.13%.
