Latest news with #GradyWulff
Business Recorder
4 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)
Mint
26-05-2025
- Business
- Mint
Australian shares flat as banks offset gains in miners, IT; WiseTech soars
WiseTech gains 4.7% after its $2 billion offer for US co May 26 (Reuters) - Australian shares closed flat on Monday, as losses in banks and utilities offset the gains made by miners and IT stocks, while WiseTech Global soared on announcing its biggest-ever takeover deal. The S&P/ASX 200 index closed unchanged at 8,361 points. The benchmark had finished at 8,360.9 points on Friday. Financials, which advanced 1.7% in the last two weeks, lost 0.2% on the day, with the "Big Four" banks losing between 0.1% and 1.3%. "Investors are likely profit-taking following a strong run for the banks due to their safe-haven nature," said Grady Wulff, a market analyst with Bell Direct. IT stocks gained 1% as sector major WiseTech Global hit a three-month peak after announcing a $2.1 billion takeover offer for U.S. cloud computing firm E2open. Mining stocks, which account for around 25% weightage of the benchmark, rose 0.6% as uranium miners soared, while higher metal prices added to the positive sentiment. Paladin Energy and Boss Energy climbed 9.3% and 7.5%, respectively, following U.S. President Donald Trump's move to sign an executive order on Friday to boost U.S. nuclear energy production. "... Demand for Aussie uranium producers is set to rise following Trump's latest move, which boosts the growth outlook for such stocks," Grady said. Utilities shed 2.4%, dragged down by Origin Energy's 4.5% decline after downgrading forecast for its Octopus Energy business. "Origin Energy downgrading UK guidance is a significant difference and investors clearly weren't prepared for such a swing in the negative direction," added Grady. Meanwhile, energy firms ended flat and consumer staples lost 0.2%. Gold stocks gained 2% despite a dip in the price of the yellow metal. "Gold miners have increasingly attracted investor attention over the last 12 months and even more so when markets face increased volatility," added Grady. Evolution Mining rose 3.4%. New Zealand's benchmark S&P/NZX 50 index ended 0.4% lower to 12,547.22 points. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Sumana Nandy)
Business Recorder
22-05-2025
- Business
- Business Recorder
Australian shares end two-day winning run as investors lock in profits
Australian shares fell on Thursday, weighed down by losses in energy and banking stocks, as investors booked profits after a two-session winning streak. The S&P/ASX 200 index was down 0.5% at 8,341.4 by 0047 GMT. The benchmark had ended 0.5% higher on Wednesday. 'We are also sitting around 2% off record territory on the ASX so investors have likely pulled back to take profits today and assess the outlook on both a macro and valuations front,' said Grady Wulff, market analyst at Bell Direct. Energy stocks shed 1.2% and were among the top laggards on the benchmark, tracking global oil prices, which declined after Oman's foreign minister said that Iran and the US would resume nuclear talks later this week. Shares of top Australian oil and gas firm Woodside Energy were down 1%, while Santos dropped 1.3%. Banks fell 0.8%, dragged down by losses in Commonwealth Bank of Australia, Westpac and National Australia Bank, which fell 0.9%, 0.8%, and 0.7% respectively. Investors are likely taking profits from the financials sector after a strong run for big banks, Wulff said. Australian shares rise, boosted by financials after RBA rate cut In contrast, gold stocks, jumped nearly 2%, buoyed by higher global prices on a softer US dollar and safe-haven demand. Shares of gold miners Bellevue Gold and Evolution Mining were each up 2.8% and 2.5%. In corporate news, real asset manager Dexus dropped 2.6%. The company said it filed a case against the board of Australia Pacific Airports Corporation contesting a notice it received that alleged breach of confidentiality agreements related to its 27% stake in the Melbourne Airport. Meanwhile, Insurance Australia Group gained 1.9% after Australia's competition regulator said it would not oppose its proposed acquisition of RACQ Insurance. New Zealand's benchmark S&P/NZX 50 index fell 0.5% to 12,638.55.
