Latest news with #US64.40
Sydney Morning Herald
15-05-2025
- Business
- Sydney Morning Herald
ASX rises for seventh day in a row as banks, tech shares rally
The laggards Treasury Wine Estates, the maker of Penfolds wines, fell 5.2 per cent after it announced chief executive Tim Ford would step down later this year, ending a five-year stint in the role. He will be replaced by Sam Fischer, the chief executive of New Zealand drinks producer Lion. Loading Lendlease fell 1.6 per cent after the Australian property giant said it was in the late stages of inking a 50/50 joint venture with King Charles' property company The Crown Estate, in the United Kingdom. The $3.8 billion ASX-listed property developer responded to media speculation on Thursday saying it was in negotiations with the King's company over six projects that are part of its UK development portfolio. A slide in iron ore prices sent big miners lower. Fortescue fell 1.1 per cent while BHP slumped 0.7 per cent and Rio Tinto fell 0.4 per cent. The lowdown As investors await a potential interest rate cut next week, the Australian Bureau of Statistics on Thursday said the unemployment rate was unchanged at 4.1 per cent in April, while the number of employed people shot up by 89,000 in the month, beating the market's expectations. The number of unemployed people also increased by 6000 in the month. The Australian dollar strengthened slightly after the result, and was trading at US64.40¢ at 4.52pm AEST. Economists believe the strength of the labour market will be a key influence on how deeply the Reserve Bank cuts interest rates, with markets tipping a likely cut next week. Senior APAC economist for Capital Economics Abhijit Surya said the ABS data suggested the labour market remained 'very tight'. While he tipped a rate cut from the Reserve Bank of Australia (RBA) next week, the research house argues the central bank will only cut the cash rate to a low point of 3.6 per cent this cycle – which is higher than what most economists expect. 'With the labour market going from strength to strength, we're more convinced than ever that the RBA will be reluctant to cut rates aggressively,' Surya said. On Wall Street, a choppy day of trading ended with a mixed finish for stock indexes on Wednesday, as gains by several big technology stocks helped temper losses. Loading The S&P 500 edged up 0.1 per cent after wavering between small gains and losses much of the day. Most of the stocks in the index lost ground, but solid gains for several heavyweight technology companies such as Nvidia helped counter a decline in healthcare and other sectors. The Dow Jones slipped 0.2 per cent, while the Nasdaq composite rose 0.7 per cent. Super Micro Computer surged 15.7 per cent after signing a partnership agreement with Saudi Arabian data centre company DataVolt. Advanced Micro Devices gained 4.7 per cent after announcing a $US6 billion ($9.3 billion) stock buyback program. Nvidia rose 4.2 per cent and Google parent Alphabet added 3.7 per cent. Other big gainers included eToro Group, a retail trading platform for stocks and cryptocurrency. It rose 28.8 per cent in its first day of trading. The market has been relatively steady since its surge on Monday, which came after the US and China entered a 90-day pause in their trade war. The market gained some more ground on Tuesday after the government reported that inflation unexpectedly cooled across the country in April. Additional updates on inflation and retail sales are expected on Thursday. The benchmark S&P 500 Index, which sits at the centre many 401(k) accounts, has erased all its losses since US President Donald Trump escalated his global trade war in early April. It has now also erased its losses for the year and is back to within 4.1 per cent of its all-time high set in February.
Yahoo
06-05-2025
- Business
- Yahoo
ASX snaps seven day winning streak
The Australian sharemarket broke a seven-day winning streak after a major bank announced its half yearly result and the price of oil slumped on a new deal. The benchmark ASX 200 index slumped by 82.20 points or 0.92 per cent to 8,157.80 during Monday's trading. The broader All Ordinaries also fell by 82.20 points or 0.97 per cent to close Monday at 8,373.00. The Aussie dollar is trading around US64.40 cents. A worse-than-expected half yearly result by Westpac led to a fall in the financial sector. For the six months ending March 31 Westpac announced a 3 per cent decline in net interest income to $9,351m. It also said the bank's core net interest margin, a key metric of profitability, fell by 3 basis points on tighter loan spreads, due to more competition in lending and tighter deposit spreads. Westpac shares slumped 2.99 per cent to $32.45 on the result, which also dragged ANZ down 0.99 per cent to $30.06, NAB dropped 1.75 per cent to $35.85 and bourse heavyweight CBA dropped 1.61 per cent to $166.93. senior financial market analyst Kyle Rodda said financials dragged after the Westpac result. 'The numbers from the bank weren't terrible,' he said. 'However, given the rich valuations of some of the Big 4 – almost comically rich when it comes to the CBA – a dose of reality helped sober up investors, lower bank stocks and weaken the overall ASX200.' On an overall negative day for the market, eight of the 11 sectors finished in the red. Monday's falls were led by the energy sector which closed down 2.9 per cent lower after OPEC+ announced a deal which will see supply of oil rise at the same time demand for crude is slowing. According to the oil producers, countries including Saudi Arabia and Russia said after a meeting on Sunday (AEST) to raise output by 411,000 barrels per day from June, in a move designed to punish overproducing nations. The price of Brent futures dropped $US2.04 a barrel to $US59.25. Woodside shed 3.6 per cent to $19.87 while Santos shed 4 per cent to $5.84 following the announcement. Mr Rodda said unfortunately for investors, the drop breaks a seven day winning streak. 'Energy weighed on the markets off the back of a nose dive in oil prices this morning, with the Saudis seemingly taking their hand off the wheel to punish other OPEC members for noncompliance with output quotas,' he said. 'There's also the possibility they are allowing prices to fall to butter up the Americans before critical nuclear and arms talks.' In other corporate news Endeavour Group announced flat to modest retail sales growth for April following improved trading over the Easter holiday period. The business said it had strong sales momentum in its hotel sector across food, bars, gaming and accommodation. It was also a good day for Gold Road shareholders, soaring 9.43 per cent to $3.25 after announcing a takeover bid. The company previously entered an intraday trading halt on Friday, before announcing the agreement with ruyere Holding which will acquire 100 per cent of the issued and outstanding shares capital in Gold Road. Sign in to access your portfolio
Perth Now
05-05-2025
- Business
- Perth Now
ASX snaps seven day winning streak
The Australian sharemarket broke a seven-day winning streak after a major bank announced its half yearly result and the price of oil slumped on a new deal. The benchmark ASX 200 index slumped by 82.20 points or 0.92 per cent to 8,157.80 during Monday's trading. The broader All Ordinaries also fell by 82.20 points or 0.97 per cent to close Monday at 8,373.00. The Aussie dollar is trading around US64.40 cents. A worse-than-expected half yearly result by Westpac led to a fall in the financial sector. For the six months ending March 31 Westpac announced a 3 per cent decline in net interest income to $9,351m. Westpac helped drive the market down on its half year results NewsWire / Damian Shaw Credit: News Corp Australia It also said the bank's core net interest margin, a key metric of profitability, fell by 3 basis points on tighter loan spreads, due to more competition in lending and tighter deposit spreads. Westpac shares slumped 2.99 per cent to $32.45 on the result, which also dragged ANZ down 0.99 per cent to $30.06, NAB dropped 1.75 per cent to $35.85 and bourse heavyweight CBA dropped 1.61 per cent to $166.93. senior financial market analyst Kyle Rodda said financials dragged after the Westpac result. 'The numbers from the bank weren't terrible,' he said. 'However, given the rich valuations of some of the Big 4 – almost comically rich when it comes to the CBA – a dose of reality helped sober up investors, lower bank stocks and weaken the overall ASX200.' On an overall negative day for the market, eight of the 11 sectors finished in the red. Monday's falls were led by the energy sector which closed down 2.9 per cent lower after OPEC+ announced a deal which will see supply of oil rise at the same time demand for crude is slowing. According to the oil producers, countries including Saudi Arabia and Russia said after a meeting on Sunday (AEST) to raise output by 411,000 barrels per day from June, in a move designed to punish overproducing nations. The price of Brent futures dropped $US2.04 a barrel to $US59.25. Woodside shed 3.6 per cent to $19.87 while Santos shed 4 per cent to $5.84 following the announcement. On a mixed day for the market eight of the 11 sectors finished in the red. NewsWire / Jeremy Piper Credit: News Corp Australia Mr Rodda said unfortunately for investors, the drop breaks a seven day winning streak. 'Energy weighed on the markets off the back of a nose dive in oil prices this morning, with the Saudis seemingly taking their hand off the wheel to punish other OPEC members for noncompliance with output quotas,' he said. 'There's also the possibility they are allowing prices to fall to butter up the Americans before critical nuclear and arms talks.' In other corporate news Endeavour Group announced flat to modest retail sales growth for April following improved trading over the Easter holiday period. The business said it had strong sales momentum in its hotel sector across food, bars, gaming and accommodation. It was also a good day for Gold Road shareholders, soaring 9.43 per cent to $3.25 after announcing a takeover bid. The company previously entered an intraday trading halt on Friday, before announcing the agreement with ruyere Holding which will acquire 100 per cent of the issued and outstanding shares capital in Gold Road.
Yahoo
05-05-2025
- Business
- Yahoo
ASX snaps seven day winning streak
The Australian sharemarket broke a seven-day winning streak after a major bank announced its half yearly result and the price of oil slumped on a new deal. The benchmark ASX 200 index slumped by 82.20 points or 0.92 per cent to 8,157.80 during Monday's trading. The broader All Ordinaries also fell by 82.20 points or 0.97 per cent to close Monday at 8,373.00. The Aussie dollar is trading around US64.40 cents. A worse-than-expected half yearly result by Westpac led to a fall in the financial sector. For the six months ending March 31 Westpac announced a 3 per cent decline in net interest income to $9,351m. It also said the bank's core net interest margin, a key metric of profitability, fell by 3 basis points on tighter loan spreads, due to more competition in lending and tighter deposit spreads. Westpac shares slumped 2.99 per cent to $32.45 on the result, which also dragged ANZ down 0.99 per cent to $30.06, NAB dropped 1.75 per cent to $35.85 and bourse heavyweight CBA dropped 1.61 per cent to $166.93. senior financial market analyst Kyle Rodda said financials dragged after the Westpac result. 'The numbers from the bank weren't terrible,' he said. 'However, given the rich valuations of some of the Big 4 – almost comically rich when it comes to the CBA – a dose of reality helped sober up investors, lower bank stocks and weaken the overall ASX200.' On an overall negative day for the market, eight of the 11 sectors finished in the red. Monday's falls were led by the energy sector which closed down 2.9 per cent lower after OPEC+ announced a deal which will see supply of oil rise at the same time demand for crude is slowing. According to the oil producers, countries including Saudi Arabia and Russia said after a meeting on Sunday (AEST) to raise output by 411,000 barrels per day from June, in a move designed to punish overproducing nations. The price of Brent futures dropped $US2.04 a barrel to $US59.25. Woodside shed 3.6 per cent to $19.87 while Santos shed 4 per cent to $5.84 following the announcement. Mr Rodda said unfortunately for investors, the drop breaks a seven day winning streak. 'Energy weighed on the markets off the back of a nose dive in oil prices this morning, with the Saudis seemingly taking their hand off the wheel to punish other OPEC members for noncompliance with output quotas,' he said. 'There's also the possibility they are allowing prices to fall to butter up the Americans before critical nuclear and arms talks.' In other corporate news Endeavour Group announced flat to modest retail sales growth for April following improved trading over the Easter holiday period. The business said it had strong sales momentum in its hotel sector across food, bars, gaming and accommodation. It was also a good day for Gold Road shareholders, soaring 9.43 per cent to $3.25 after announcing a takeover bid. The company previously entered an intraday trading halt on Friday, before announcing the agreement with ruyere Holding which will acquire 100 per cent of the issued and outstanding shares capital in Gold Road.
News.com.au
05-05-2025
- Business
- News.com.au
‘Rich valuation': ASX slumps during Monday's trading
The Australian sharemarket broke a seven-day winning streak after a major bank announced its half yearly result and the price of oil slumped on a new deal. The benchmark ASX 200 index slumped by 82.20 points or 0.92 per cent to 8,157.80 during Monday's trading. The broader All Ordinaries also fell by 82.20 points or 0.97 per cent to close Monday at 8,373.00. The Aussie dollar is trading around US64.40 cents. A worse-than-expected half yearly result by Westpac led to a fall in the financial sector. For the six months ending March 31 Westpac announced a 3 per cent decline in net interest income to $9,351m. It also said the bank's core net interest margin, a key metric of profitability, fell by 3 basis points on tighter loan spreads, due to more competition in lending and tighter deposit spreads. Westpac shares slumped 2.99 per cent to $32.45 on the result, which also dragged ANZ down 0.99 per cent to $30.06, NAB dropped 1.75 per cent to $35.85 and bourse heavyweight CBA dropped 1.61 per cent to $166.93. senior financial market analyst Kyle Rodda said financials dragged after the Westpac result. 'The numbers from the bank weren't terrible,' he said. 'However, given the rich valuations of some of the Big 4 – almost comically rich when it comes to the CBA – a dose of reality helped sober up investors, lower bank stocks and weaken the overall ASX200.' On an overall negative day for the market, eight of the 11 sectors finished in the red. Monday's falls were led by the energy sector which closed down 2.9 per cent lower after OPEC+ announced a deal which will see supply of oil rise at the same time demand for crude is slowing. According to the oil producers, countries including Saudi Arabia and Russia said after a meeting on Sunday (AEST) to raise output by 411,000 barrels per day from June, in a move designed to punish overproducing nations. The price of Brent futures dropped $US2.04 a barrel to $US59.25. Woodside shed 3.6 per cent to $19.87 while Santos shed 4 per cent to $5.84 following the announcement. Mr Rodda said unfortunately for investors, the drop breaks a seven day winning streak. 'Energy weighed on the markets off the back of a nose dive in oil prices this morning, with the Saudis seemingly taking their hand off the wheel to punish other OPEC members for noncompliance with output quotas,' he said. 'There's also the possibility they are allowing prices to fall to butter up the Americans before critical nuclear and arms talks.' In other corporate news Endeavour Group announced flat to modest retail sales growth for April following improved trading over the Easter holiday period. The business said it had strong sales momentum in its hotel sector across food, bars, gaming and accommodation. It was also a good day for Gold Road shareholders, soaring 9.43 per cent to $3.25 after announcing a takeover bid. The company previously entered an intraday trading halt on Friday, before announcing the agreement with ruyere Holding which will acquire 100 per cent of the issued and outstanding shares capital in Gold Road.
