Latest news with #JessicaAmir
West Australian
2 days ago
- Business
- West Australian
Australian shares push towards record despite GDP flop
The Australian share market is within 0.4 per cent of its best ever close, despite global tariff tensions and sluggish economic growth. The S&P/ASX200 rose 66.2 points, or 0.78 per cent, to 8,532.9, as the broader All Ordinaries gained 69.1 points, or 0.80 per cent, to 8,760. "The Aussie market is just a puff away from hitting its record all-time high, and today we'll inch closer to the mark," Moomoo market strategist Jessica Amir said. "From this point we should expect further highs as company earnings and economic growth build market momentum and investors' FOMO (fear-of-missing-out) kicks in." Australia's economy grew at a tepid 0.2 per cent in the March quarter, undershooting expectations of 0.4 per cent and leaving the door open to an interest rate cut at the Reserve Bank's July meeting, but things could be worse, Ms Amir said. "In fact, the Organisation for Economic Co-operation and Development suggests Australia's economy is in better shape than the US," she said. The OECD expects the Australian economy to grow 1.8 per cent this year and 2.2 per cent the next, compared with a projected 1.6 per cent and 1.5 cent cent for the US economy Ten of 11 local sectors were trading higher by lunchtime, with only telecommunications services in the red, down 0.2 per cent. Energy stocks were racing ahead, up 1.9 per cent as oil prices chopped 0.7 per cent higher overnight, as uncertainty around production, trade disputes and geopolitical tensions pushed Brent futures to $US65.32 a barrel. The overnight increase helped Woodside jump 2.4 per cent to $22.69. Banks and miners were lifting the bourse, up 1.1 per cent and 0.7 per cent respectively. The Commonwealth Bank has hit a new intraday record, cracking $180 per share for the first time. Westpac rose 1.3 per cent to $33.04, as it announced it had sufficient provisions to cover penalties for a court action against its subsidiary home loan provider RAMS. Large cap miners were lapping up some gains after weak recent performance, as BHP lifted 1.4 per cent to $38.07 and Fortescue rallied two per cent to $15.32. Lithium and rare earth plays also snapped back, as Pilbara Minerals jumped more than four per cent and Lynas Rare Earths pushed 2.5 per cent higher. Gold miners were lagging the sector, as gold prices zigzagged overnight against an appreciating US dollar, with futures trading at $US3,394 ($A5,240) an ounce. The highly interest rate-sensitive consumer discretionary sector is rallying, up 1.3 per cent, with Temple and Webster, Aristocrat Leisure and Guzman Y Gomez all pushing more than two per cent higher. Zip Co was the top-200's best performer, up more than 10 per cent as confidence around future potential Reserve Bank interest rate cuts bolstered the buy-now, pay-later play. The Australian dollar has shot 0.25 per cent higher immediately after Wednesday morning's weaker than expected GDP print. The Aussie is buying 64.77 US cents, up slightly from 64.63 US cents on Wednesday at 5pm.
Perth Now
2 days ago
- Business
- Perth Now
Australian shares push towards record despite GDP flop
The Australian share market is within 0.4 per cent of its best ever close, despite global tariff tensions and sluggish economic growth. The S&P/ASX200 rose 66.2 points, or 0.78 per cent, to 8,532.9, as the broader All Ordinaries gained 69.1 points, or 0.80 per cent, to 8,760. "The Aussie market is just a puff away from hitting its record all-time high, and today we'll inch closer to the mark," Moomoo market strategist Jessica Amir said. "From this point we should expect further highs as company earnings and economic growth build market momentum and investors' FOMO (fear-of-missing-out) kicks in." Australia's economy grew at a tepid 0.2 per cent in the March quarter, undershooting expectations of 0.4 per cent and leaving the door open to an interest rate cut at the Reserve Bank's July meeting, but things could be worse, Ms Amir said. "In fact, the Organisation for Economic Co-operation and Development suggests Australia's economy is in better shape than the US," she said. The OECD expects the Australian economy to grow 1.8 per cent this year and 2.2 per cent the next, compared with a projected 1.6 per cent and 1.5 cent cent for the US economy Ten of 11 local sectors were trading higher by lunchtime, with only telecommunications services in the red, down 0.2 per cent. Energy stocks were racing ahead, up 1.9 per cent as oil prices chopped 0.7 per cent higher overnight, as uncertainty around production, trade disputes and geopolitical tensions pushed Brent futures to $US65.32 a barrel. The overnight increase helped Woodside jump 2.4 per cent to $22.69. Banks and miners were lifting the bourse, up 1.1 per cent and 0.7 per cent respectively. The Commonwealth Bank has hit a new intraday record, cracking $180 per share for the first time. Westpac rose 1.3 per cent to $33.04, as it announced it had sufficient provisions to cover penalties for a court action against its subsidiary home loan provider RAMS. Large cap miners were lapping up some gains after weak recent performance, as BHP lifted 1.4 per cent to $38.07 and Fortescue rallied two per cent to $15.32. Lithium and rare earth plays also snapped back, as Pilbara Minerals jumped more than four per cent and Lynas Rare Earths pushed 2.5 per cent higher. Gold miners were lagging the sector, as gold prices zigzagged overnight against an appreciating US dollar, with futures trading at $US3,394 ($A5,240) an ounce. The highly interest rate-sensitive consumer discretionary sector is rallying, up 1.3 per cent, with Temple and Webster, Aristocrat Leisure and Guzman Y Gomez all pushing more than two per cent higher. Zip Co was the top-200's best performer, up more than 10 per cent as confidence around future potential Reserve Bank interest rate cuts bolstered the buy-now, pay-later play. The Australian dollar has shot 0.25 per cent higher immediately after Wednesday morning's weaker than expected GDP print. The Aussie is buying 64.77 US cents, up slightly from 64.63 US cents on Wednesday at 5pm.
West Australian
3 days ago
- Business
- West Australian
Aussie shares rebound as US extends China tariff pause
Australian shares are heading higher, as investors shrugged-off escalating trade tensions between the White House and Beijing, after the United State extended a tariff pause on goods from China. The S&P/ASX200 jumped 47.2 points, or 0.56 per cent by lunchtime on Tuesday, to 8,462.5, as the broader All Ordinaries rose 50.9 points, or 0.59 per cent, to 8,688.4. "The US has extended its pause on some Chinese tariffs to August 31, so that's a boon for risk-on sentiment in the Asia-Pacific region," Moomoo market strategist Jessica Amir said. Hong Kong's Hang Seng index has surged 1.1 per cent in early trading, while Japan's Nikkei is up 0.4 per cent. "Other investors are more short-term focused, seeing the negative impact of tariffs, curbing consumption and increasing unemployment," Ms Amir said. Nine of 11 sectors were clearly in the green, led by a one per cent rebound in materials stocks after a lacklustre start to the week for big miners. Large cap miners BHP and Fortescue recovered 0.6 per cent and 1.3 per cent after selling off on Monday, but gold miners were again the clear winners after the precious metal rallied more than two per cent overnight. Northern Star, Newmont and Evolution Mining were all up more than three per cent each by midday, as gold futures traded at $US3,395 ($A5,237) an ounce. Rising US-China trade tensions and a lack of progress in Russia-Ukraine peace talks are again boosting the safe haven's appeal. Energy stocks were up 0.7 per cent with help from a more than six per cent lift in natural gas prices overnight, while oil traded within a tight range. Brent crude futures are trading at $US64.87 a barrel, while its West Texas equivalent is fetching $US63.36 a barrel. Banks helped push the bourse higher, with financials up 0.8 per cent by lunchtime. ANZ and Westpac were leading the big four banks, both up more than 1.1 per cent each after underperforming on Monday. The gravity-defying Commonwealth Bank has hit a new intraday high of $177.82, before easing to $177.55, up 0.6 per cent. Consumer discretionary and health care stocks were the only sectors in the red, both down 0.1 per cent by lunchtime. Shares in international student agent service IDP Education plummeted by 43 per cent, after it flagged roughyl 30 per cent drops in student placements due to restrictive policies in the US, Australia and Canada. The Australian dollar is slightly higher against the greenback, fetching 64.82 US cents, up from 64.67 US cents on Monday at 5pm. The US dollar strength index is struggling to rebound from three-year lows, as concerns continue to swell about economic growth in the world's largest economy and President Donald Trump's "Big, Beautiful Bill," which would add trillions to already spiralling US debt.
Perth Now
3 days ago
- Business
- Perth Now
Aussie shares rebound as US extends China tariff pause
Australian shares are heading higher, as investors shrugged-off escalating trade tensions between the White House and Beijing, after the United State extended a tariff pause on goods from China. The S&P/ASX200 jumped 47.2 points, or 0.56 per cent by lunchtime on Tuesday, to 8,462.5, as the broader All Ordinaries rose 50.9 points, or 0.59 per cent, to 8,688.4. "The US has extended its pause on some Chinese tariffs to August 31, so that's a boon for risk-on sentiment in the Asia-Pacific region," Moomoo market strategist Jessica Amir said. Hong Kong's Hang Seng index has surged 1.1 per cent in early trading, while Japan's Nikkei is up 0.4 per cent. "Other investors are more short-term focused, seeing the negative impact of tariffs, curbing consumption and increasing unemployment," Ms Amir said. Nine of 11 sectors were clearly in the green, led by a one per cent rebound in materials stocks after a lacklustre start to the week for big miners. Large cap miners BHP and Fortescue recovered 0.6 per cent and 1.3 per cent after selling off on Monday, but gold miners were again the clear winners after the precious metal rallied more than two per cent overnight. Northern Star, Newmont and Evolution Mining were all up more than three per cent each by midday, as gold futures traded at $US3,395 ($A5,237) an ounce. Rising US-China trade tensions and a lack of progress in Russia-Ukraine peace talks are again boosting the safe haven's appeal. Energy stocks were up 0.7 per cent with help from a more than six per cent lift in natural gas prices overnight, while oil traded within a tight range. Brent crude futures are trading at $US64.87 a barrel, while its West Texas equivalent is fetching $US63.36 a barrel. Banks helped push the bourse higher, with financials up 0.8 per cent by lunchtime. ANZ and Westpac were leading the big four banks, both up more than 1.1 per cent each after underperforming on Monday. The gravity-defying Commonwealth Bank has hit a new intraday high of $177.82, before easing to $177.55, up 0.6 per cent. Consumer discretionary and health care stocks were the only sectors in the red, both down 0.1 per cent by lunchtime. Shares in international student agent service IDP Education plummeted by 43 per cent, after it flagged roughyl 30 per cent drops in student placements due to restrictive policies in the US, Australia and Canada. The Australian dollar is slightly higher against the greenback, fetching 64.82 US cents, up from 64.67 US cents on Monday at 5pm. The US dollar strength index is struggling to rebound from three-year lows, as concerns continue to swell about economic growth in the world's largest economy and President Donald Trump's "Big, Beautiful Bill," which would add trillions to already spiralling US debt.
West Australian
27-05-2025
- Business
- West Australian
‘Bullish sentiment is back': ASX hits three month high
The Australian sharemarket inched closer to a record high during Tuesday's trading, notching up its fourth-straight day of gains as 'deals get done' and 'risk on sentiment' returns to the market. Despite a flat start to trading the benchmark ASX 200 index gained by 46.60 points, or 0.56 per cent, to finish the session at 8,407.60 points. The broader All Ordinaries rose by 42.70 points, or 0.50 per cent, to close at 8,631.50 points. All four big banks finished in the green led by Westpac which is up 1.7 per cent to $31.78, while ANZ jumped 1.4 per cent to $29.06, NAB added 0.9 per cent to $37.75 and Australia's largest bank CBA closed 0.8 per cent higher at $175.34. As Wall Street enjoyed its long weekend, Australian investors confidence rose on the back of tariff pauses between Washington and the European Union. US President Donald Trump says he will pause a 50 per cent tariff on the EU until July 9, to give the trading bloc a chance to work out a trade deal. 'Bullish sentiment is back, trade deals are getting done, political global leaders are doing deals and want to do deals … everyone is looking forward to Nvidia saying what the world is going to look like for the next 10 years with 60 per cent of the biggest companies in the world buying more Nvidia chips,' Moomoo market strategist Jessica Amir told NewsWire. 'Markets are probably going to take out their records very soon.' With the anticipation of Nvidia's announcement, the information technology sector drove the ASX rise with gains of 1.10 per cent, and 2.30 per cent for the past five days, led by Wisetech and Technology One. The second spark was ignited by Aussie copper stocks, with Capstone Copper Corp surged 6.5 per cent to $8.43 and Sandfire Resources jumped 3.09 per cent to $11.36 after Canadian heavy-hitter Ivanhoe Mines pulling out of Africa's biggest copper mine. 'Copper is having a field day … China is probably about to really ramp up their production and development of semiconductors and new energy materials to power their economy for the next five years,' Ms Amir said. In corporate news, Telstra chief executive Vicki Brady told investors Telstra would decrease their workforce by 2030 in favour of AI. TLS gained 0.42 per cent stronger to $4.75 despite opening in the red, following Telstra's investor day where it announced its five-year Connected Future 30 strategy. Woodside closed at 0.6 per cent higher as federal Environment Minister Murray Watt indicated a possible positive outcome for the companies major $30bn North West Shelf expansion plan. The Australian dollar roughly held buying 64.42 US cents despite the Reserve Bank of Australia signalling further rate cuts. The US dollar traded on its third straight day of losses as the presumption of American exceptionalism continues to corrode under the unpredictable leadership of President Trump. 'The rise of the AUD is all about the death of the dollar, the US dollar. So not only do we have all the other major currencies rising such as the Aussie dollar, but we've also got the European dollar hitting one of its highest levels that we've seen for some time,' Ms Amir said.
