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Business Recorder
4 hours ago
- Business
- Business Recorder
New Zealand shares mostly flat, Australian markets closed
New Zealand shares were largely flat on Monday, starting the week on a subdued note, with investors exercising caution despite signs of easing trade tensions between the US and China, while the Australian market was closed for a holiday. The benchmark S&P/NZX 50 index fell 0.1% to 12,545.76 points, as of 0023 GMT. The benchmark closed 1.2% higher last week. Following a highly anticipated call between the US President Donald Trump and Chinese leader Xi Jinping last week, the world's top two economies are set to conduct talks on Monday that aim to reduce the tariff disputes. Uncertainties surrounding the sweeping US tariffs have been a major cause of concern for central banks around the world, including the Reserve Bank of New Zealand (RBNZ). Last month, the country's top banker said sluggish demand and easing inflationary pressures prompted the bank to flag a slightly deeper easing cycle than forecast prior while tariffs continued to pose hurdles for any projections. The RBNZ delivered a widely expected quarter point cut in borrowing costs at the end of May, underlining the rising economic risks from a sharp shift in US trade policies. Since then, New Zealand shares have appreciated about 1.4%. Miners, banks lead Australian shares higher ahead of RBA rate decision Among individual stocks, Skycity Entertainment jumped more than 5% and was among the top performers on the benchmark. Morningstar wrote that it expects capital intensity for SkyCity to ease materially from fiscal year 2026 after New Zealand International Convention Centre, last of the company's major projects, opens early next year. Meanwhile, Australian markets were closed on Monday due to a public holiday.
Business Recorder
5 days ago
- Business
- Business Recorder
Australia shares close higher after weak growth data bolsters rate cut hopes
Australian shares rose on Wednesday, led by banks and consumer stocks, breaching the psychologically-important 8,500-point level after data showed the economy barely grew in the first quarter and raised hopes for a rate cut stimulus. The S&P/ASX 200 index rose 0.8% to 8,532.70 points at the close of trade. The index also finished the day just shy of the record closing level touched on February 14. Australia's economy grew 0.2% on lower consumer and government spending, data on Wednesday showed, missing market forecasts and reinforcing the need for further rate cuts by the Reserve Bank of Australia (RBA). This is further evidence for the RBA to cut rates in July as inflation continues to remain in the 2-3% target range, said Grady Wulff, market analyst at BellDirect, adding that other drivers continued to trend in favour of more rate easing. Swaps imply an 82% probability of a July rate cut, up from 77% before the data. The central bank made a 25-basis-point cut on May 20. Financial stocks continued to benefit as a low-rate environment translated to higher lending volumes, rising 1% on the day. Top lender Commonwealth Bank of Australia became the first ASX-listed stock to surpass a market value of A$300 billion ($193.59 billion) on Wednesday with a 0.8% gain, according to LSEG data. However, the main risk to banks would be the economy continuing to weaken, 'which could lead to an increase in defaults and delinquencies or bad debts in their loans,' said Shane Oliver, chief economist and head of investment strategy at AMP. Australian main index led higher by banks, RBA minutes boost rate cut bets Consumer discretionary stocks rose 1.2%, with electronic retailer JB Hi-Fi leading the charge, spurred by expectations of cheaper financing. Lynas, the world's biggest producer of rare-earths minerals outside China, rose 2.8% after global automakers flagged production delays citing China's stranglehold on the critical minerals. New Zealand's benchmark S&P/NZX 50 index rose 1.4% to 12,494.71 points to finish the session.
Economic Times
5 days ago
- Business
- Economic Times
Australia shares close higher after weak growth data bolsters rate cut hopes
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Australian shares rose on Wednesday, led by banks and consumer stocks , breaching the psychologically-important 8,500-point level after data showed the economy barely grew in the first quarter and raised hopes for a rate cut S&P/ASX 200 index rose 0.8% to 8,532.70 points at the close of trade. The index also finished the day just shy of the record closing level touched on February economy grew 0.2% on lower consumer and government spending, data on Wednesday showed, missing market forecasts and reinforcing the need for further rate cuts by the Reserve Bank of Australia (RBA).This is further evidence for the RBA to cut rates in July as inflation continues to remain in the 2-3% target range, said Grady Wulff, market analyst at BellDirect, adding that other drivers continued to trend in favour of more rate imply an 82% probability of a July rate cut, up from 77% before the data. The central bank made a 25-basis-point cut on May stocks continued to benefit as a low-rate environment translated to higher lending volumes, rising 1% on the lender Commonwealth Bank of Australia became the first ASX-listed stock to surpass a market value of A$300 billion ($193.59 billion) on Wednesday with a 0.8% gain, according to LSEG the main risk to banks would be the economy continuing to weaken, "which could lead to an increase in defaults and delinquencies or bad debts in their loans," said Shane Oliver, chief economist and head of investment strategy at discretionary stocks rose 1.2%, with electronic retailer JB Hi-Fi leading the charge, spurred by expectations of cheaper the world's biggest producer of rare-earths minerals outside China, rose 2.8% after global automakers flagged production delays citing China's stranglehold on the critical Zealand's benchmark S&P/NZX 50 index rose 1.4% to 12,494.71 points to finish the session. ($1 = 1.5497 Australian dollars)
Time of India
5 days ago
- Business
- Time of India
Australia shares close higher after weak growth data bolsters rate cut hopes
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Australian shares rose on Wednesday, led by banks and consumer stocks , breaching the psychologically-important 8,500-point level after data showed the economy barely grew in the first quarter and raised hopes for a rate cut S&P/ASX 200 index rose 0.8% to 8,532.70 points at the close of trade. The index also finished the day just shy of the record closing level touched on February economy grew 0.2% on lower consumer and government spending, data on Wednesday showed, missing market forecasts and reinforcing the need for further rate cuts by the Reserve Bank of Australia (RBA).This is further evidence for the RBA to cut rates in July as inflation continues to remain in the 2-3% target range, said Grady Wulff, market analyst at BellDirect, adding that other drivers continued to trend in favour of more rate imply an 82% probability of a July rate cut, up from 77% before the data. The central bank made a 25-basis-point cut on May stocks continued to benefit as a low-rate environment translated to higher lending volumes, rising 1% on the lender Commonwealth Bank of Australia became the first ASX-listed stock to surpass a market value of A$300 billion ($193.59 billion) on Wednesday with a 0.8% gain, according to LSEG the main risk to banks would be the economy continuing to weaken, "which could lead to an increase in defaults and delinquencies or bad debts in their loans," said Shane Oliver, chief economist and head of investment strategy at discretionary stocks rose 1.2%, with electronic retailer JB Hi-Fi leading the charge, spurred by expectations of cheaper the world's biggest producer of rare-earths minerals outside China, rose 2.8% after global automakers flagged production delays citing China's stranglehold on the critical Zealand's benchmark S&P/NZX 50 index rose 1.4% to 12,494.71 points to finish the session. ($1 = 1.5497 Australian dollars)
New York Times
6 days ago
- General
- New York Times
American Antisemitism
Three times in as many months, people who claim to fight for Palestinian rights have attacked Jews on American soil. Sunday's Molotov cocktail assault in Boulder followed the killing in May of two young Israeli embassy aides in Washington, D.C., and the April firebombing of the governor's mansion in Harrisburg, Pa., where Gov. Josh Shapiro and his family were celebrating Passover. This is what a resurgence of violent antisemitism looks like. The attacks were also acts of anti-Zionism — a clear response to the war in Gaza. There is a useful distinction between the clear bigotry of Jew hatred and the political and historical debate over Zionism — the support for a Jewish state. But, partly in response to the Oct. 7 war, the categories are collapsing. Salvos against Israel are colliding with longstanding prejudice, sometimes with deadly effect. Today's newsletter is about that collision. The collapse It is a moment of despair for advocates for Palestinian rights. Many are desperate: More than 50,000 have died in Gaza, and much of the territory has been razed. The Trump administration appears to believe any defense of Palestinian lives is evidence of Jew hatred. (As my colleague Tyler Pager put it last night, the president has lots to say about antisemitism and little to say about Jews.) It has used pro-Palestinian speech as a pretext for assaults on higher education, science funding, foreign students and immigrants. But attacks on Jews for the actions of an Israeli government a world away are collective punishment, and collective punishment is bigotry. This was not even a question when Muslims in America were attacked as retribution for the murderous actions of Al Qaeda on 9/11. Want all of The Times? Subscribe.
