Australian Market Sharply Higher

RTTNews | 1116 days ago
Australian Market Sharply Higher

(RTTNews) - The Australian stock market is sharply higher on Tuesday, snapping the seven-session losing streak, with the benchmark S&P/ASX 200 moving above the 7,500 level, following the lack of cues from Wall Street overnight due to a holiday, boosted largely by materials, energy and financial stocks as traders picked up stocks at a bargain after the recent sell-off to 19-month lows.

Traders remained cautious as they brace for further interest rate hikes after Reserve Bank of Australia Governor Philip Lowe reiterated that Australians should be prepared for further interest rate increases. However, he added that future policy moves will be shaped by incoming data. The benchmark S&P/ASX 200 Index is gaining 78.90 points or 1.23 percent to 6,512.30, after touching a high of 6,520.00 earlier. The broader All Ordinaries Index is up 81.20 points or 1.23 percent to 6.690.70. Australian stocks closed modestly lower on Monday.

Among the major miners, Rio Tinto, BHP Group and Mineral Resources are gaining more than 2 percent each, while OZ Minerals is adding more than 4 percent and Fortescue Metals is advancing almost 3 percent.

Oil stocks are higher, with Beach energy gaining almost 4 percent, Origin Energy adding almost 2 percent, Santos up 1.5 percent and Woodside Energy advancing more than 2 percent.

Among tech stocks, Afterpay owner Block and Xero are edging up 0.5 percent each, while Zip and WiseTech Global are flat. Appen is edging down 0.4 percent.

Gold miners are up. Newcrest Mining, Evolution Mining and Northern Star Resources are edging up 0.3 percent each, while Gold Road Resources and Resolute Mining are flat.

Among the big four banks, Commonwealth Bank is gaining more than 1 percent and National Australia Bank is adding more than2 percent, while Westpac and ANZ Banking are advancing almost 2 percent each.

In economic news, the Reserve Bank of Australia will on Monday release the minutes from its monetary policy meeting on June 7. At the meeting, the RBA raised its key interest rate by a bigger-than-expected 50 basis points to 0.85 percent from 0.35 percent, which was the biggest hike since 2000, and vowed to withdraw the monetary support to bring inflation back to the target. This was the second consecutive rate hike after lifting a quarter-point in May.

In the currency market, the Aussie dollar is trading at $0.697 on Tuesday.

On Wall Street, the markets were off on Monday for the Juneteenth Day holiday and will return to action on Tuesday.

The major European markets all moved to the upside on the day. Germany's DAX jumped 139.34 points or 1.06 percent to finish at 13,265..60, London's FTSE spiked 105.56 points or 1.50 percent to close at 7,121.81 and the CAC 40 in France gained 37.44 points or 0.64 percent to end at 5,920.09.

Crude oil futures traded mixed on Monday after falling sharply in the previous session on inflation worries and global growth concerns. West Texas Intermediate Crude oil futures for August settlement edged up 0.3 percent to $108.28 a barrel.

read more
European Economic News Preview: UK GDP, Foreign Trade Data Due

European Economic News Preview: UK GDP, Foreign Trade Data Due

Monthly GDP and foreign trade from the UK and final inflation from France are due on Friday, headlining a light day for the European economic news. At 2.00 am ET, the Office for National Statistics releases UK GDP, industrial production and foreign trade data. Economists forecast the economy to grow 0.1 percent on a monthly basis in May, in contrast to the 0.3 percent fall in April.
RTTNews | 50 minutes ago
Australian Market Slips To Modest Losses In Mid-market

Australian Market Slips To Modest Losses In Mid-market

The Australian stock market is slipping to modest losses in mid-market moves on Friday after opening in the green, reversing some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,600 level, with weakness in gold miner and energy stocks partially offset by gains in iron ore miner stocks.
RTTNews | 2h 26min ago
Asian Markets Trade Mostly Higher

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from Wall Street overnight, as traders hope for an end to the tariff uncertainty after US President Donald Trump confirmed he will not extend the August 1 deadline for striking trade deals, though he continues to threaten higher reciprocal tariffs on various sectors and countries.
RTTNews | 2h 32min ago
Thai Stock Market Tipped To End Losing Streak

Thai Stock Market Tipped To End Losing Streak

Ahead of Thursday's holiday for Asarnha Bucha Day, the Thai stock market had moved lower in consecutive trading days, sinking more than a dozen points or 1 percent along the way. The Stock Exchange of Thailand now sits just above the 1,110-point plateau although it may stop the bleeding on Friday.
RTTNews | 3h 25min ago
Higher Open Called For Indonesia Stock Market

Higher Open Called For Indonesia Stock Market

The Indonesia stock market has moved higher in four straight sessions, gathering almost 140 points or 2 percent along the way. The Jakarta Composite Index now sits just above the 7,000-point plateau and it's looking at a steady start again on Friday.
RTTNews | 4h 18min ago