Financials, tech stocks nudge Aussie shares near record high
The S&P/ASX 200 index rose 0.2% to 8,611.50 points by 0047 GMT, just 27.6 points shy of the record high hit on June 11.
The benchmark has gained more than 1% so far this week and is headed for its best week since mid-May.
The Reserve Bank of Australia (RBA) is expected to cut rates on Tuesday, a Reuters poll of economists showed. Markets and economists had earlier forecast three RBA rate cuts this year but raised their projections to four in May and now to five, as inflation eased faster than expected and the growth outlook weakened.
While lower borrowing costs typically pressure bank margins, they could support the broader economy by spurring growth and potentially drive up both loan demand and volumes.
Financials rose 0.4%, recovering from a more than 1% drop on Thursday.
National Australia Bank and Westpac rose 0.2% and 0.4%, respectively. Rate-sensitive real estate stocks climbed as much as 1% to a three-week high.
Scentre Group and Goodman Group gained more than 1% each. Technology stocks added 1.4%, taking cues from the S&P 500 and Nasdaq, which notched record closes overnight.
Shares of Xero advanced 0.9%. Bucking the trend, heavyweight miners lost 1.3% after rising more than 3% on Thursday.
BHP Group and Rio Tinto shed 2% and 2.3%, respectively.
Gold stocks eased 0.2% after bullion prices declined 1% overnight.
Oil stocks followed suit, dropping 0.2%.
New Zealand's benchmark S&P/NZX 50 index added 0.5% to 12,770.55 points.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Global LNG: Asian spot prices fall on weak demand and rising supply
SINGAPORE: Asian spot liquefied natural gas (LNG) eased this week as subdued demand, rising supply and ample inventories weighed on prices, while the ceasefire between Israel and Iran reduced risk premiums. The average LNG price for August delivery into north-east Asia was $12.70 per million British thermal units (mmBtu), down from $13.10/mmBtu last week, industry sources estimated. 'Rising Pacific supply, high LNG inventories in China and South Korea, and weak industrial demand across China and India continued to pressure the market. The Iran–Israel ceasefire further eased geopolitical risk premiums,' said Kpler analyst Go Katayama, adding that output from Australia, Malaysia and Nigeria has increased. 'Looking ahead, the bearish outlook persists, with initial LNG Canada exports adding to supply length. While soft fundamentals dominate, further price declines could stimulate restocking, particularly in Japan.' LNG stockpiles held by major Japanese utilities fell to 2.15 million tons as of June 29, industry ministry data showed, as hotter weather drives cooling demand. This is down from 2.27 million tons the previous week but slightly above the five-year average of 2.1 million tons. 'Despite steady nuclear output, rising temperatures are outpacing non-gas generation capacity, potentially triggering incremental spot buying if the heatwave persists,' added Katayama. In Europe, S&P Global Commodity Insights assessed its daily North West Europe LNG Marker (NWM) price benchmark for cargoes delivered in August on an ex-ship (DES) basis at $11.142/mmBtu on July 3, a $0.435/mmBtu discount to the August gas price at the TTF hub. Global LNG: Asian spot LNG prices at 4-month high on supply concerns Argus assessed the price for August delivery at $11.19/mmBtu, while Spark Commodities assessed it at $11.175/mmBtu. 'A lack of a demand catalyst in the global LNG market failed to spark strong price reactions on the week with the supply picture balancing out as increased liquefaction from the U.S. and Qatar helped to improve supply fundamentals,' said Aly Blakeway, manager of Atlantic LNG at S&P Global Commodity Insights. 'With large supply hubs returning from maintenance and Asian demand still relatively on the sidelines, Europe continued to attract the brunt of cargoes as a closed arbitrage to Asia and heatwaves in the Mediterranean lured in waterborne LNG cargoes.' European prices have seen limited upside as demand in competing regions has been weak, while the European Union's less stringent storage targets have shifted supply risks to winter, said Xiaoyi Deng, deputy head of LNG pricing at Argus. 'This is reflected in increasing winter premiums over prompt deliveries in recent weeks,' said Deng. Meanwhile, the U.S. arbitrage to northeast Asia via the Cape of Good Hope is marginally pointing to Europe, while the arbitrage via Panama continues pointing to Asia for a fifth week, said Spark Commodities analyst Qasim Afghan. In LNG freight, Atlantic rates fell to $42,000/day, while Pacific rates eased to $40,000/day, he added.
Business Recorder
an hour ago
- Business Recorder
Copper slides as focus shifts to July 9 U.S. tariff deadline
LONDON: Copper prices retreated on Friday as focus switched to President Donald Trump's July 9 deadline when sweeping tariffs take effect on countries that have not yet secured trade agreements. Benchmark copper on the London Metal Exchange (LME) was down 0.8% at $9,875 a metric ton at 1017 GMT, after having hit a three-month high at $10,020.5 a ton earlier this week. Volumes are subdued and likely to remain so due to the July 4 Independence Day holiday in the United States, traders said. Trump said his administration will begin sending letters later on Friday to 10 to 12 countries informing them of the tariff rate their products will face in the United States. Caution due to several large trading partners, including the European Union, Japan and India, still trying to negotiate a deal with the U.S. had triggered profit-taking on long positions or bets on higher prices, traders said. On the technical front, first support for copper comes in at the 21-day moving average around $9,760. Copper prices edge up as tariff uncertainty drags on Elsewhere, worries about aluminium supplies on the LME created by large holdings of warrants and nearby contracts due to slowing outflows and deliveries to warehouses approved by the London exchange. Aluminium stocks in LME warehouses have climbed more than 20,000 tons to 356,975 tons since June 25. Cancelled warrants or metal earmarked for delivery at 2% indicate only small amounts are due to be delivered out. Overall, a softer dollar was providing some support for industrial metals on Friday. But traders said growing prospects of the Federal Reserve holding interest rates steady after Thursday's strong jobs report could boost the U.S. currency and weigh on metals demand. Aluminium was down 0.4% at $2,595 a ton, zinc fell 0.5% to $2,736, lead eased 0.2% to $2,059, tin retreated 0.4% to $33,710 and nickel slipped 0.5% to $15,370.
Business Recorder
an hour ago
- Business Recorder
Stocks surge as KSE-100 gains nearly 1,100 points
Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 1,100 points during the second half of the trading session on Friday. At 3:55pm, the benchmark index was hovering at 131,776.46 level, an increase of 1,089.81 points or 0.83%. Buying was observed in key sectors including automobile assemblers, cement, commercial banks, OMCs and power generation. Index-heavy stocks including HUBCO, SSGC, WAFI, HCAR, HBL, MCB and MEBL traded in the green. On Thursday, the PSX extended its record-breaking rally as the government's decision to slash National Savings Scheme rates, reduce industrial power tariffs, and accelerate deliberations on the privatisation of state-owned enterprises fueled market momentum. The benchmark KSE-100 Index surged to a fresh all-time high, rising by 342 points or 0.26% to close at 130,686.66 points. Internationally, most Asian equity markets struggled on Friday, despite record highs for Wall Street overnight, as US President Donald Trump's deadline for trade deals loomed next week. The dollar retraced some of Thursday's gains with US markets already shut for the week, as traders considered the impact of the sweeping spending bill Trump is about to sign into law. Japan's Nikkei rose 0.3% as of 0152 GMT after flipping between gains and losses in early trading. Hong Kong's Hang Seng slumped 1.3%, while mainland Chinese blue chips edged slightly lower. Taiwan's equity benchmark shed early gains to decline 0.2%. South Korea's KOSPI sank more than 1%. US S&P 500 futures edged down 0.2%, following a 0.8% overnight advance for the cash index to a fresh all-time closing peak. Wall Street is closed on Friday for Independence Day. Investors cheered a surprisingly robust jobs report on Thursday in sending all three of the main U.S. equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $3.4 trillion to the nation's $36.2 trillion debt, according to the nonpartisan Congressional Budget Office. Trump also said he would start sending out letters to trade partners with their tariff rates, as deals remained elusive ahead of the July 9 deadline. This is an intra-day update
