Latest news with #KyleRodda
Yahoo
3 days ago
- Business
- Yahoo
ASX has best month since January
Australia's sharemarket rose for the second consecutive month in May, as traders dial up the chances of a rate cut in July following weaker than expected retail sales. The benchmark ASX 200 index gained 24.90 points or 0.30 per cent on the final day of trading for May. Australia's major index has closed up 3.8 per cent in May which is the best monthly gain since January. Meanwhile the broader All Ordinaries also finished higher up 22.50 points or 0.26 per cent to finish the month at 8,660.30. The Australian dollar slipped 0.28 per cent during Friday's trading and is now buying 64.26 US cents. On an overall positive day for the market, seven of the 11 sectors finished in the green, led by consumer staples, utilities and financials. The bounce in consumer staples was led by Treasury Wine Estates up 4.07 per cent to $8.44, while the A2Milk Company rose 3.35 per cent to $8.33. The two major supermarkets also finished in the green, with Woolworths gaining 0.70 per cent to $31.85 while Coles eked out a gain of 0.28 per cent to $21.60. All four of the major banks also finished higher during Friday's trading. Westpac led the charge gaining 2.68 per cent to $32.56, NAB gained 1.33 per cent to $38.00, CBA jumped 0.87 per cent to $175.95 and ANZ finished higher up 0.41 per cent to $29.04. The gains come despite other Asian markets slumping on the back of the White House winning an administrative stay on the blockage of most of its tariffs by the US Court of International Trade. senior financial market analyst Kyle Rodda said the US market gave back its gains after the tariff news was announced. 'The caution reflects the fact that although market sentiment has been supported by the prospect of the judiciary halting arguably Presidential overreach with tariffs and trade policy, the decision marks the beginning of a new source of uncertainty rather than the total closure of another,' he said. Australia's sharemarket however was lifted on the back of weaker than expected retail sales. While this is bad for some businesses, the money markets factored in a greater chance of a rate cut in July following the announcement that retail sales fell 0.1 per cent over the month of April compared with expectations of a 0.3 per cent rise. AMP chief economist Shane Oliver said the results were surprising given Queensland was coming off a low base due to ex-Cyclone Alfred as well as most Aussies benefiting from a double Easter/Anzac Day long weekends. 'Tax and rate cuts will help but the consumer is still clearly struggling with real retail sales per person trending down so far this year after a mild rise into late last year,' he wrote in an economic note. 'The cost of living remains a problem – falling inflation is not the same thing as falling prices.' In company news, Ramsay Health Care jumped 5.89 per cent to $38.30 on the back of reports in the Newcastle Herald claiming the Australian hospital operator won approval of its new building applications in NSW. Shares in fintech Findi slumped 8.91 per cent $4.60 despite reporting a 54 per cent gain in underlying profits to $6m. Sign in to access your portfolio
West Australian
3 days ago
- Business
- West Australian
Weak retail sales boost rate cut hopes as ASX climbs on Friday
Australia's sharemarket rose for the second consecutive month in May, as traders dial up the chances of a rate cut in July following weaker than expected retail sales. The benchmark ASX 200 index gained 24.90 points or 0.30 per cent on the final day of trading for May. Australia's major index has closed up 3.8 per cent in May which is the best monthly gain since January. Meanwhile the broader All Ordinaries also finished higher up 22.50 points or 0.26 per cent to finish the month at 8,660.30. The Australian dollar slipped 0.28 per cent during Friday's trading and is now buying 64.26 US cents. On an overall positive day for the market, seven of the 11 sectors finished in the green, led by consumer staples, utilities and financials. The bounce in consumer staples was led by Treasury Wine Estates up 4.07 per cent to $8.44, while the A2Milk Company rose 3.35 per cent to $8.33. The two major supermarkets also finished in the green, with Woolworths gaining 0.70 per cent to $31.85 while Coles eked out a gain of 0.28 per cent to $21.60. All four of the major banks also finished higher during Friday's trading. Westpac led the charge gaining 2.68 per cent to $32.56, NAB gained 1.33 per cent to $38.00, CBA jumped 0.87 per cent to $175.95 and ANZ finished higher up 0.41 per cent to $29.04. The gains come despite other Asian markets slumping on the back of the White House winning an administrative stay on the blockage of most of its tariffs by the US Court of International Trade. senior financial market analyst Kyle Rodda said the US market gave back its gains after the tariff news was announced. 'The caution reflects the fact that although market sentiment has been supported by the prospect of the judiciary halting arguably Presidential overreach with tariffs and trade policy, the decision marks the beginning of a new source of uncertainty rather than the total closure of another,' he said. Australia's sharemarket however was lifted on the back of weaker than expected retail sales. While this is bad for some businesses, the money markets factored in a greater chance of a rate cut in July following the announcement that retail sales fell 0.1 per cent over the month of April compared with expectations of a 0.3 per cent rise. AMP chief economist Shane Oliver said the results were surprising given Queensland was coming off a low base due to ex-Cyclone Alfred as well as most Aussies benefiting from a double Easter/Anzac Day long weekends. 'Tax and rate cuts will help but the consumer is still clearly struggling with real retail sales per person trending down so far this year after a mild rise into late last year,' he wrote in an economic note. 'The cost of living remains a problem – falling inflation is not the same thing as falling prices.' In company news, Ramsay Health Care jumped 5.89 per cent to $38.30 on the back of reports in the Newcastle Herald claiming the Australian hospital operator won approval of its new building applications in NSW. Shares in fintech Findi slumped 8.91 per cent $4.60 despite reporting a 54 per cent gain in underlying profits to $6m.
Perth Now
3 days ago
- Business
- Perth Now
ASX has best month since January
Australia's sharemarket rose for the second consecutive month in May, as traders dial up the chances of a rate cut in July following weaker than expected retail sales. The benchmark ASX 200 index gained 24.90 points or 0.30 per cent on the final day of trading for May. Australia's major index has closed up 3.8 per cent in May which is the best monthly gain since January. Meanwhile the broader All Ordinaries also finished higher up 22.50 points or 0.26 per cent to finish the month at 8,660.30. The Australian dollar slipped 0.28 per cent during Friday's trading and is now buying 64.26 US cents. The ASX had its best month since May. NewsWire / Jeremy Piper Credit: News Corp Australia On an overall positive day for the market, seven of the 11 sectors finished in the green, led by consumer staples, utilities and financials. The bounce in consumer staples was led by Treasury Wine Estates up 4.07 per cent to $8.44, while the A2Milk Company rose 3.35 per cent to $8.33. The two major supermarkets also finished in the green, with Woolworths gaining 0.70 per cent to $31.85 while Coles eked out a gain of 0.28 per cent to $21.60. All four of the major banks also finished higher during Friday's trading. Westpac led the charge gaining 2.68 per cent to $32.56, NAB gained 1.33 per cent to $38.00, CBA jumped 0.87 per cent to $175.95 and ANZ finished higher up 0.41 per cent to $29.04. The gains come despite other Asian markets slumping on the back of the White House winning an administrative stay on the blockage of most of its tariffs by the US Court of International Trade. senior financial market analyst Kyle Rodda said the US market gave back its gains after the tariff news was announced. 'The caution reflects the fact that although market sentiment has been supported by the prospect of the judiciary halting arguably Presidential overreach with tariffs and trade policy, the decision marks the beginning of a new source of uncertainty rather than the total closure of another,' he said. Seven of the 11 sectors finish in the green. NewsWire / Max Mason-Hubers Credit: News Corp Australia Australia's sharemarket however was lifted on the back of weaker than expected retail sales. While this is bad for some businesses, the money markets factored in a greater chance of a rate cut in July following the announcement that retail sales fell 0.1 per cent over the month of April compared with expectations of a 0.3 per cent rise. AMP chief economist Shane Oliver said the results were surprising given Queensland was coming off a low base due to ex-Cyclone Alfred as well as most Aussies benefiting from a double Easter/Anzac Day long weekends. 'Tax and rate cuts will help but the consumer is still clearly struggling with real retail sales per person trending down so far this year after a mild rise into late last year,' he wrote in an economic note. 'The cost of living remains a problem – falling inflation is not the same thing as falling prices.' In company news, Ramsay Health Care jumped 5.89 per cent to $38.30 on the back of reports in the Newcastle Herald claiming the Australian hospital operator won approval of its new building applications in NSW. Shares in fintech Findi slumped 8.91 per cent $4.60 despite reporting a 54 per cent gain in underlying profits to $6m.
Zawya
4 days ago
- Business
- Zawya
Stocks, dollar rally as Trump tariffs hit court hurdle
SYDNEY - Asian shares and Wall Street futures jumped in Asia on Thursday after a U.S. federal court blocked President Donald Trump's "Liberation Day" tariffs from going into effect, sending the dollar up on safe haven currencies. The little-known Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. The White House quickly appealed the decision, and could take it all the way to the Supreme Court if needed, but in the meantime it offered some hope that Trump might back away from the highest tariff levels he had threatened. "It's long been suggested that the emergency powers Trump has used to implement tariffs were unconstitutional and that the power to enact tariffs sits with Congress," said Kyle Rodda, a senior financial analyst at "Should the markets get their way, the courts could delay and then deny these tariffs, removing one massive risk and undoubtedly stoking risk appetite." It could also encourage U.S. trading partners to stall any trade negotiations they are having with the White House while waiting to see how the case is resolved. "The ruling will obviously throw into disarray the administration's push to quickly seal trade 'deals' during the 90-day pause from tariffs that have now been declared to be illegal," said Paul Ashworth, chief North America economist at Capital Economics. "Other countries will wait and see whether a higher court is willing to reverse this ruling." Investors reacted by embracing equities and Japan's Nikkei quickly rose 1.7%, while South Korean shares gained 1.2% to a nine-month top. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3%, while Chinese blue chips firmed 0.5%. The ripples were felt worldwide as EUROSTOXX 50 futures rose 1.1%, while FTSE futures gained 0.7% and DAX futures 0.9%. NVIDIA RELIEVES S&P 500 futures climbed 1.6%, while Nasdaq futures rose 1.9%. The latter had already been lifted by relief over earnings from Nvidia, which beat sales estimates. The chipmaker and AI darling also projected strong revenues for the current quarter, sending its shares up 4.4% after hours. That news helped offset a Financial Times report that the White House had ordered U.S. firms that offer software used to design semiconductors to stop selling their services to Chinese groups. The New York Times separately reported the United States had suspended some sales to China of critical U.S. technologies, including those related to jet engines, semiconductors and certain chemicals. The news of the court decision hit traditional safe haven currencies, lifting the dollar 0.7% on the Swiss franc to 0.8327 . It gained 0.7% on the Japanese yen to 145.86 yen , while the euro dipped 0.4% to $1.1245. Yields on 10-year Treasuries rose 3 basis points to 4.51% and markets further shaved the chance of a Federal Reserve rate cut anytime soon. Minutes of the last Fed meeting showed "almost all participants commented on the risk that inflation could prove to be more persistent than expected" due to Trump's tariffs. A rate cut in July is now seen as just a 22% chance, while September has come into around 60% having been more than fully priced a month ago. In commodity markets, gold slipped 0.9% to $3,259 an ounce . Oil prices extended a rally begun on supply concerns as OPEC+ agreed to leave their output policy unchanged and as the U.S. barred Chevron from exporting Venezuelan crude. Brent rose 66 cents to $65.56 a barrel, while U.S. crude firmed 70 cents to $62.54 per barrel. (Additional reporting by Ankur Banerjee in Singapore and Stella Qiu in Sydney; Editing by Sam Holmes)
Asharq Al-Awsat
7 days ago
- Business
- Asharq Al-Awsat
Gold Edges Lower as Trump Extends EU Tariff Deadline
Gold prices eased on Monday after US President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50% tariff from June 1. Spot gold was down 0.3% at $3,346.55 an ounce, as of 0522 GMT. US gold futures fell 0.6% to $3,345.80. "There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken," said Kyle Rodda, financial market analyst. However, the trend is still positive for gold because of the United States' actions, which is impacting them as well and that could negatively impact the dollar and US assets, Rodda said, adding that most of the central banks were moving away from the dollar to gold. Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal." Gold prices rose more than 2% to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50% tariffs on European Union imports from June 1 and said he was considering a 25% tariff on any Apple iPhones made outside the United States. The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders. On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 922.46 tons on Friday from 923.89 tons on Thursday. Spot silver rose 0.1% to $33.52 an ounce, platinum edged 0.1% lower to $1,093.13 and palladium gained 0.8% to $1,000.49.
