Australian Market Significantly Higher

RTTNews | 1004 days ago
Australian Market Significantly Higher

(RTTNews) - The Australian stock market is significantly higher on Monday, extending the gains in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 6,900 level, following the broadly positive cues from global markets on Friday, with gains across most sectors, led by materials and energy stocks amid firm commodity prices.

The benchmark S&P/ASX 200 Index is gaining 56.90 points or 0.83 percent to 6,951.10, after touching a high of 6,967.80 earlier. The broader All Ordinaries Index is up 57.70 points or 0.81 percent to 7,196.70. Australian stocks closed significantly higher on Friday.

Among the major miners, BHP Group and Mineral Resources are gaining more than 2 percent each, while Fortescue Metals is advancing almost 3 percent, Rio Tinto is adding almost 1 percent and OZ Minerals is up more than 1 percent.

Oil stocks are mostly higher. Beach energy and Woodside Energy are gaining more than 1 percent each, while Origin Energy is adding almost 2 percent. Santos is losing more than 1 percent.

Among tech stocks, Xero is up almost 1 percent, Zip is gaining almost 4 percent, Afterpay owner Block is adding almost 5 percent, WiseTech Global is edging up 0.3 percent and Appen is advancing more than 2 percent.

Gold miners are higher, Gold Road Resources is gaining almost 5 percent, Evolution Mining is adding more than 2 percent, Newcrest Mining is edging up 0.2 percent, Resolute Mining is rising almost 1 percent and Northern Star Resources is advancing more than 1 percent.

Among the big four banks, National Australia Bank, Westpac and Commonwealth Bank are edging up 0.1 to 0.5 percent each, while ANZ Banking is adding more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.684 on Monday.

On Wall Street, stocks moved sharply higher over the course of the trading session on Friday, extending the notable rebound seen on Wednesday and Thursday. With the continued upward move, the major averages snapped a three-week losing streak.

The major averages pulled back off their highs of the session going into the close but held on to strong gains. The Dow jumped 377.19 points or 1.2 percent to 32,151.71, the Nasdaq surged 250.18 points or 2.1 percent to 12,112.31 and the S&P 500 shot up 61.18 points or 1.5 percent to 4,067.36.

The major European markets also showed strong moves to the upside on the day. While the U.K.'s FTSE 100 Index jumped by 1.2 percent, the French CAC 40 Index and the German DAX Index both surged by 1.4 percent.

Crude oil prices rose sharply on Friday, extending gains from the previous session, with traders covering short positions and indulging in some bargain hunting. West Texas Intermediate Crude oil futures for October ended higher by $3.25 or about 3.9 percent at $86.79 a barrel. WTI crude futures gained about 2 percent on Thursday, after having tumbled to near 8-month low a session earlier.

read more
U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.
RTTNews | 2h 46min ago
U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in flat in the week ended June 7th. The report said initial jobless claims in at 248,000, unchanged from the previous week's revised level. Economists had expected jobless claims to dip to 240,000 from the 247,000 originally reported for the previous week.
RTTNews | 2h 49min ago
Bay Street Likely To Open On Negative Note

Bay Street Likely To Open On Negative Note

Canadian shares are likely to open with a negative bias on Thursday as trade concerns, and Middle East tensions may weigh on sentiment. A lack of specifics in the framework agreed to by U.S. and Chinese officials on Tuesday has raised uncertainty about the two nations reaching an agreement anytime soon.
RTTNews | 3h 33min ago
U.S. Producer Prices Inch Up Less Than Expected In May

U.S. Producer Prices Inch Up Less Than Expected In May

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May.
RTTNews | 3h 59min ago
Boeing Shares Hit After 787-8 Dreamliner With 242 Onboard Crashes In India

Boeing Shares Hit After 787-8 Dreamliner With 242 Onboard Crashes In India

Boeing Co. shares are currently down around 8 percent in the pre-market activity on the NYSE after an Air India aircraft headed to London with 242 people onboard crashed immediately after take-off in the Indian city of Ahmedabad. The plane, a Boeing 787-8 Dreamliner headed to Gatwick Airport in the UK, crashed in a civilian area near the Sardar Vallabhbhai Patel International Airport.
RTTNews | 4h 18min ago
FTSE 100 Recovers After Weak Start, Up Marginally

FTSE 100 Recovers After Weak Start, Up Marginally

After opening on a negative note amid trade tensions and data showing a contraction in the nation's GDP growth in April, U.K. stocks recovered some lost ground on Thursday. Still, amid uncertainty about China and the U.S. agreeing on a concrete trade deal anytime soon, and lingering concerns about the European Union finalizing a trade deal before the July 8 deadline, the mood in the market remain
RTTNews | 4h 28min ago
GameStop Shares Plunge After Plan To Raise $1.75 Bln

GameStop Shares Plunge After Plan To Raise $1.75 Bln

Shares of GameStop Corp. plunged around 11 percent in the extended trading on Wednesday and are currently trading 13 percent lower in the pre-market activity on the NYSE, after the company announced plan to raise $1.75 billion again in private offering, probably for Bitcoin purchase. GameStop's shares had declined sharply in March after the firm announced a $1.3 billion private offering.
RTTNews | 5h 29min ago