ASX 200 rises 0.3 per cent as investors await fresh inflation data that could pave the way for a second RBA rate cut of 2025
The index bumped up 0.3 per cent in the early moments of trading on Wednesday, with Ramelius Resources rising 4.1 per cent and Spartan Resources jumping 3.5 per cent.
Australian stocks have been on a tear over the past week, rising by 3.2 per cent over the past five days.
It comes as investors look forward to inflation data set to be published by the Australian Bureau of Statistics later in the day, which could pre-empt the Reserve Bank to lower the official cash rate.
Trimmed mean inflation is expected to fall into the central bank's target range for the first time since 2021, possibly leading to the second rate cut of the year.
Sky News Business Reporter Ed Boyd said lowering inflation could lead to a boost in market confidence.
'Inflation numbers today could have an impact on the market,' Boyd said.
'If they're pretty good, the markets should lift even more.'
On Wall Street, all major indexes surged despite US employers posting 7.2 million jobs vacancies in March, below the 7.5 million forecast by economists.
The Nasdaq rose 0.6 per cent, the Dow Jones increased 0.8 per cent and the S&P 500 jumped 0.6 per cent.
Hopes of the ongoing trade war simmering have surged on the back of US President Donald Trump telling reporters tariff negotiations with India are 'coming along great' and predicting there will be a deal between the two major countries.
'I think we'll have a deal with India,' Trump said outside the White House.
'The prime minister, as you know, was here three weeks ago, and they want to make a deal.'
US treasury secretary Scott Bessent echoed Trump's comments, telling reporters the US was 'very close on India'.
The US President said he was in discussions with Anthony Albanese on tariff discussions after speculation grew on whether the Prime Minister can get in contact with Trump.
'They are calling, and I will be talking to him, yes,' Trump told Nine News.
The NZX 50 Index rose about 0.4 per cent on Wednesday before more than undoing these gains and sitting down 0.1 per cent.
After Japan pausing trading on Tuesday for ShÅwa Day, Japan's Nikkei 225 spiked almost half a per cent before losing its gains.
South Korea's KOSPI is up about 0.1 per cent.
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The Advertiser
35 minutes ago
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Trump's tax-cut bill heads to a final vote in US House
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As dawn broke in Washington on Thursday, the top House Democrat, Hakeem Jeffries, was well into what was turning into an hours-long speech, calling out Republican lawmakers by name as he blasted the package as a giveaway to the wealthiest Americans. "This one big, ugly bill - this reckless Republican budget - this disgusting abomination is not about improving the quality of life of the American people," he said, a scathing reference to Trump's name for his signature legislation: One Big Beautiful Bill. "The focus of this bill, the justification for all of the cuts that will hurt everyday Americans is to provide massive tax breaks for billionaires." Democrats are united in opposition to the bill, but on their own lack the votes to stop the bill in the chamber, which is controlled 220-212 by Trump's Republicans. Republicans can afford no more than three defections to get a final bill passed. 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He praised Trump for making phone calls to the holdouts through the early hours of Thursday morning. "There couldn't be a more engaged and involved president," Johnson told reporters. The Senate passed the legislation by the narrowest possible margin on Tuesday after intense debate on the bill's hefty price tag and $US900 million in cuts to the Medicaid healthcare program for low-income Americans. Any changes made by the House would require another Senate vote, which would make it all but impossible to meet Trump's self-imposed deadline of getting the legislation approved by the July 4 holiday. The bill would raise the nation's debt ceiling by $US5 trillion, a necessary step to avoid a devastating default in coming months. The legislation contains most of Trump's top domestic priorities. It would extend Trump's 2017 tax cuts, cut health and food safety net programs, fund Trump's immigration crackdown, and zero out many green-energy incentives. It also includes a $US5 trillion increase in the nation's debt ceiling, which lawmakers must address in the coming months or risk a devastating default. Republicans in the US House of Representatives have advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost. During a marathon overnight session, lawmakers cleared a final procedural hurdle needed to begin debate on the bill in a 219-213 vote about 3.30am. It was not clear when they would hold a final vote. As dawn broke in Washington on Thursday, the top House Democrat, Hakeem Jeffries, was well into what was turning into an hours-long speech, calling out Republican lawmakers by name as he blasted the package as a giveaway to the wealthiest Americans. "This one big, ugly bill - this reckless Republican budget - this disgusting abomination is not about improving the quality of life of the American people," he said, a scathing reference to Trump's name for his signature legislation: One Big Beautiful Bill. "The focus of this bill, the justification for all of the cuts that will hurt everyday Americans is to provide massive tax breaks for billionaires." Democrats are united in opposition to the bill, but on their own lack the votes to stop the bill in the chamber, which is controlled 220-212 by Trump's Republicans. Republicans can afford no more than three defections to get a final bill passed. The past two weeks have shown deep Republican divides on the bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion in debt and make major cuts to social programs including Medicaid. Republican lawmakers have long railed against the growth of the debt, which has continued during the past two decades regardless of which party was in control in Washington. A handful of Republican holdouts have objected to the bill. One, senator Thom Tillis, opted not to seek re-election after voting against it. Nonetheless, Trump has succeeded in getting the votes to advance the legislation at each step of the way. Votes in the House were held open for hours on Wednesday during the day and overnight as House Speaker Mike Johnson and the White House talked with reluctant members. Johnson expressed optimism on Wednesday night, saying lawmakers had a "long, productive day" discussing the issues. He praised Trump for making phone calls to the holdouts through the early hours of Thursday morning. "There couldn't be a more engaged and involved president," Johnson told reporters. The Senate passed the legislation by the narrowest possible margin on Tuesday after intense debate on the bill's hefty price tag and $US900 million in cuts to the Medicaid healthcare program for low-income Americans. Any changes made by the House would require another Senate vote, which would make it all but impossible to meet Trump's self-imposed deadline of getting the legislation approved by the July 4 holiday. The bill would raise the nation's debt ceiling by $US5 trillion, a necessary step to avoid a devastating default in coming months. The legislation contains most of Trump's top domestic priorities. It would extend Trump's 2017 tax cuts, cut health and food safety net programs, fund Trump's immigration crackdown, and zero out many green-energy incentives. It also includes a $US5 trillion increase in the nation's debt ceiling, which lawmakers must address in the coming months or risk a devastating default. Republicans in the US House of Representatives have advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost. During a marathon overnight session, lawmakers cleared a final procedural hurdle needed to begin debate on the bill in a 219-213 vote about 3.30am. It was not clear when they would hold a final vote. As dawn broke in Washington on Thursday, the top House Democrat, Hakeem Jeffries, was well into what was turning into an hours-long speech, calling out Republican lawmakers by name as he blasted the package as a giveaway to the wealthiest Americans. "This one big, ugly bill - this reckless Republican budget - this disgusting abomination is not about improving the quality of life of the American people," he said, a scathing reference to Trump's name for his signature legislation: One Big Beautiful Bill. "The focus of this bill, the justification for all of the cuts that will hurt everyday Americans is to provide massive tax breaks for billionaires." Democrats are united in opposition to the bill, but on their own lack the votes to stop the bill in the chamber, which is controlled 220-212 by Trump's Republicans. Republicans can afford no more than three defections to get a final bill passed. The past two weeks have shown deep Republican divides on the bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion in debt and make major cuts to social programs including Medicaid. Republican lawmakers have long railed against the growth of the debt, which has continued during the past two decades regardless of which party was in control in Washington. A handful of Republican holdouts have objected to the bill. One, senator Thom Tillis, opted not to seek re-election after voting against it. Nonetheless, Trump has succeeded in getting the votes to advance the legislation at each step of the way. Votes in the House were held open for hours on Wednesday during the day and overnight as House Speaker Mike Johnson and the White House talked with reluctant members. Johnson expressed optimism on Wednesday night, saying lawmakers had a "long, productive day" discussing the issues. He praised Trump for making phone calls to the holdouts through the early hours of Thursday morning. "There couldn't be a more engaged and involved president," Johnson told reporters. The Senate passed the legislation by the narrowest possible margin on Tuesday after intense debate on the bill's hefty price tag and $US900 million in cuts to the Medicaid healthcare program for low-income Americans. Any changes made by the House would require another Senate vote, which would make it all but impossible to meet Trump's self-imposed deadline of getting the legislation approved by the July 4 holiday. The bill would raise the nation's debt ceiling by $US5 trillion, a necessary step to avoid a devastating default in coming months. The legislation contains most of Trump's top domestic priorities. It would extend Trump's 2017 tax cuts, cut health and food safety net programs, fund Trump's immigration crackdown, and zero out many green-energy incentives. It also includes a $US5 trillion increase in the nation's debt ceiling, which lawmakers must address in the coming months or risk a devastating default.
AU Financial Review
2 hours ago
- AU Financial Review
Sydney may be the world's steak capital, but farmers are going hungry
The recent story, ' Why Sydney has been declared the steak capital of the world ', was both encouraging and dismaying to read as someone who raises the cattle behind those world-class steaks. It's incredible to see Australian restaurants like Rockpool, Margaret and The Grill being globally recognised. I'm proud of what our country's beef producers make possible. But as a farmer and business owner, I couldn't help asking the question many of us in the industry are thinking: If Sydney is the steak capital of the world, why are so many of the people producing that beef still under financial pressure or leaving the land altogether?
