Latest news with #US64
Sydney Morning Herald
13-05-2025
- Business
- Sydney Morning Herald
ASX hits 11-week high after trade war truce; iron ore miners, tech stocks rally
Welcome to your five-minute recap of the trading day. The numbers The Australian sharemarket gained on Tuesday, following a rally on Wall Street after China and the United States announced a 90-day truce in their trade war and agreed to temporarily reduce tariffs on each other's goods. The S&P/ASX 200 finished up 35.5 points, or 0.4 per cent, at 8269, the highest level since late February. Seven of the 11 industry sectors advanced, led by tech stocks, miners, retailers, and energy stocks, while more defensive sectors such as utilities and consumer staples declined. The Australian dollar, which fell below US63.70¢ this morning, bounced back above US64¢ in the afternoon as the US dollar softened amid caution that the trade war has been paused, not resolved. The lifters Loading Australia's iron ore heavyweights advanced after prices for the metal jumped 3.2 per cent to $US100 a tonne overnight as the Trump administration dramatically slashed its crippling tariffs on imports from China for the duration of the truce, limiting the immediate damage on Australia's biggest export market. BHP shares climbed 2.1 per cent, as did Rio Tinto's, while Fortescue gained 2.7 per cent. Tech stocks soared 3.4 per cent, tracking the rally on the US tech-focussed Nasdaq, with WiseTech Global (up 4.9 per cent) and accounting software maker Xero (up 1.7 per cent) going strong. Family member tracking app Life360 shot up 14 per cent, buoyed also by a trading update which showed its first-quarter sales surged 32 per cent from a year ago.
News.com.au
01-05-2025
- Business
- News.com.au
‘Good enough': ASX200 rises on RBA May rate cut prediction
Fresh hopes of an interest-rate cut helped drive the Australian sharemarket higher on Wednesday with index heavyweights including the major banks, CSL and Wesfarmers all finishing in the green. The benchmark ASX200 index gained 55.60 points, or 0.69 per cent, to finish the session at 8,126.20 points after jumping right on the bell. The broader All Ordinaries also rose 53.10 points or 0.64 per cent to finish Wednesday at 8,341.00 points. The Aussie dollar gained 0.30 per cent to buy US64 cents at the bell. The market continued to march higher following the announcement of Australia's consumer price index, which has increased the likelihood of a rate cut on May 20. Betashares chief economist David Bassanese said Australia's good but not great CPI reading should be enough to sway the Reserve Bank to cut interest rates. 'Although the March quarter consumer price index results were a touch higher than market expectations, they were overall still good enough to cement the case for an RBA rate cut at the May policy meeting – especially given recent added downside risks to global growth due to US tariff uncertainty.' The all important trimmed mean inflation, which the RBA uses as its guide, came in at 2.9 per cent for the year, down from 3.3 per cent, bringing the rate back within the central bank's target range of 2 to 3 per cent for the first time in nearly four years. Seven of the 11 sectors finished in the green, led by information technology, A-REITs, healthcare and consumer discretionary sectors. Wesfarmers added 1.6 per cent to $78.32, while gaming companies Aristocrat Leisure and the Lottery Corporations grew 1.86 and 2.35 per cent respectively. Healthcare provider CSL jumped 2.32 per cent to $251.13, while market darling Pro Medicus advanced 2.16 per cent to $229.41 and Cochlear finished in the green up 1.39 per cent to $274.59. The big four banks also helped drive the market higher, with the financial sector overall gaining 1.10 per cent. Market heavyweight CBA soared 2.22 per cent to close at $166.60 while Westpac advanced 0.55 per cent to $32.84, NAB finished up 0.50 per cent to $36.13 and ANZ jumped 1.05 per cent to $29.86. Saxo chief investment strategist Charu Chanana said today's results would likely slow down the RBA for future rate cuts after May. 'Australia's inflation surprise reinforces that we're not past the inflation problem yet — especially with tariff risks still looming globally.' Ms Chanana said. 'The RBA will have to remain cautious, and while a May rate cut is fully priced in, expectations for five cuts this year may need to be revised down.' In corporate news, supermarket giant Coles revealed $10.4bn worth of sales for the March quarter, as customers continue to target cheaper items. Overall, prices rose 1.5 per cent across the supermarket. Excluding tobacco, supermarket inflation was 1.1 per cent. 'Continued increases in livestock costs impact inflation in meat, particularly across the lamb, pork and poultry categories,' Coles chief executive Leah Weckert said. Shares in Coles dipped 0.75 per cent to $21.22. Northern Star Resources slumped 3.52 per cent to $19.18 after the gold miner announced its full year output guidance, which will see the company spend more on maintenance and royalty costs. Star Entertainment also announced pressures on its bottom line with the casino operator reporting an EBITDA loss of $21m in the three months to March. The company reiterated warnings of 'material uncertainty of the group's ability to continue' as investors can vote on the Bally's Corporation takeover in late June.
Perth Now
30-04-2025
- Business
- Perth Now
ASX lifts on rate cut hopes
Fresh hopes of an interest-rate cut helped drive the Australian sharemarket higher on Wednesday with index heavyweights including the major banks, CSL and Wesfarmers all finishing in the green. The benchmark ASX200 index gained 55.60 points, or 0.69 per cent, to finish the session at 8,126.20 points after jumping right on the bell. The broader All Ordinaries also rose 53.10 points or 0.64 per cent to finish Wednesday at 8,341.00 points. The Aussie dollar gained 0.30 per cent to buy US64 cents at the bell. The ASX200 gained ground on Wednesday. NewsWire / Jeremy Piper Credit: News Corp Australia The market continued to march higher following the announcement of Australia's consumer price index, which has increased the likelihood of a rate cut on May 20. Betashares chief economist David Bassanese said Australia's good but not great CPI reading should be enough to sway the Reserve Bank to cut interest rates. 'Although the March quarter consumer price index results were a touch higher than market expectations, they were overall still good enough to cement the case for an RBA rate cut at the May policy meeting – especially given recent added downside risks to global growth due to US tariff uncertainty.' The all important trimmed mean inflation, which the RBA uses as its guide, came in at 2.9 per cent for the year, down from 3.3 per cent, bringing the rate back within the central bank's target range of 2 to 3 per cent for the first time in nearly four years. Seven of the 11 sectors finished in the green, led by information technology, A-REITs, healthcare and consumer discretionary sectors. Wesfarmers added 1.6 per cent to $78.32, while gaming companies Aristocrat Leisure and the Lottery Corporations grew 1.86 and 2.35 per cent respectively. Healthcare provider CSL jumped 2.32 per cent to $251.13, while market darling Pro Medicus advanced 2.16 per cent to $229.41 and Cochlear finished in the green up 1.39 per cent to $274.59. Seven of the 11 sectors finished Wednesday's trading in the green. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia The big four banks also helped drive the market higher, with the financial sector overall gaining 1.10 per cent. Market heavyweight CBA soared 2.22 per cent to close at $166.60 while Westpac advanced 0.55 per cent to $32.84, NAB finished up 0.50 per cent to $36.13 and ANZ jumped 1.05 per cent to $29.86. Saxo chief investment strategist Charu Chanana said today's results would likely slow down the RBA for future rate cuts after May. 'Australia's inflation surprise reinforces that we're not past the inflation problem yet — especially with tariff risks still looming globally.' Ms Chanana said. 'The RBA will have to remain cautious, and while a May rate cut is fully priced in, expectations for five cuts this year may need to be revised down.' In corporate news, supermarket giant Coles revealed $10.4bn worth of sales for the March quarter, as customers continue to target cheaper items. Overall, prices rose 1.5 per cent across the supermarket. Excluding tobacco, supermarket inflation was 1.1 per cent. 'Continued increases in livestock costs impact inflation in meat, particularly across the lamb, pork and poultry categories,' Coles chief executive Leah Weckert said. Shares in Coles dipped 0.75 per cent to $21.22. Northern Star Resources slumped 3.52 per cent to $19.18 after the gold miner announced its full year output guidance, which will see the company spend more on maintenance and royalty costs. Star Entertainment also announced pressures on its bottom line with the casino operator reporting an EBITDA loss of $21m in the three months to March. The company reiterated warnings of 'material uncertainty of the group's ability to continue' as investors can vote on the Bally's Corporation takeover in late June.
