Latest news with #GayeGerard
Perth Now
4 hours ago
- Business
- Perth Now
ASX soars on firming rate cuts
Banks, property and supermarket shares drove the ASX to a near record high on Wednesday after quarterly inflation all but confirmed an interest-rate cut when the Reserve Bank of Australia board meets in August. The benchmark ASX 200 jumped 51.80 points or 0.60 per cent to 8,756.40, with the market lifting after 11.30am on the CPI data from the Australian Bureau of Statistics. The broader All Ordinaries also traded higher up 48.70 points or 0.54 per cent to 9,015.40. Australia's dollar slid on the news down 0.05 per cent to US 65.09 cents. Six of the 11 sectors finished in the green. The ASX 200 jumped on the back of quarterly inflation data. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia Shares related to a rate cut jumped on the news. Gains were led by the major banks with bourse heavyweight CBA up 1.55 per cent to $176.99, NAB gained 0.71 per cent to $38.47, Westpac jumped 1.60 per cent to $33.72 and ANZ closed 1.25 per cent higher to $30.70. Woolworths Group added 1.58 per cent to $31.44, Coles jumped 1.72 per cent to $20.65 and Endeavour Group is up 1.23 per cent to $4.12. Stockland shares jumped 2.21 per cent to $5.55, Charter Hall Group gained 1.76 per cent to $20.21 and Mirvac Group gained 2.73 per cent to $2.26. Betashare chief economist David Bassanese said near enough was good enough for a rate cut as trimmed mean inflation fell to 2.7 per cent for the 12 months until June. 'Underlying inflation is inching closer to the middle of the RBA's 2 to 3 per cent target band and so justifies a further easing in what – in the RBA's own words – a still 'modestly restrictive' level of interest rates,' he said. Six of the 11 sectors gained on Wednesday. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia Josh Gilbert, market analyst for eToro, described it as hard for the RBA to hold rates. 'After the surprise pause in July, today's data means an August rate cut is all but nailed on,' he said. 'Markets are now pricing a 93 per cent chance of a cut, and it's easy to see why. Cost-of-living pressures are easing, and the risk is now skewed towards holding rates too high for too long.' In company news, Rio Tinto half-yearly earnings fell to a five-year low on the back of weaker iron ore prices throughout the previous six months. The major iron ore exporter told the market its underlying profits came in at $US4.8bn for the first six months until June 30, which is down from $US5.75bn ($8.83bn) last year Interim dividends fall to $US1.48 a share versus $1.77 a year ago Embattled casino operator Star Entertainment used its quarterly update to announce the sale of its Queen's Wharf precinct in Brisbane was 'unlikely' to go through by Thursday's deadline. But it also pointed to an improving cash position with Star having $234m in cash and $269m in cash equivalents, as of June 30, up from $44m at the end of March. Shares in Star Entertainment Group slumped 4.35 per cent to $0.11 following the announcement. Pointsbet shares rallied a further 4.2 per cent to $1.25 after rival wagering business Betr upped its takeover offer.
Perth Now
5 hours ago
- Business
- Perth Now
Free trains boost for Aus city
Trains and metro services will be fee-free into the early hours of Saturday in Sydney, after months of disruption and industrial action. Originally planned for Thursday and Friday, the period has been extended with Opal gates at train and metro stations now remaining open or turned off from 12.01am Thursday 31 July until 6am on Saturday 2 August. The fare-free travel period is an acknowledgment of the disruption that occurred before the Sydney Trains and NSW TrainLink Enterprise Agreement was agreed with the rail workforce earlier this month. Transport Minister John Graham said the announcement came as an admission the disruptions were unacceptable but also an invitation 'to support those businesses who had some lean days'. The fare-free period is from Thursday until 6am Saturday. Photo: NewsWire/ Gaye Gerard Credit: NewsWire The fare free period is predicted to amount to at least $6.4m in lost revenue for Transport NSW, with 2.2 million people forecast to make use of the free window. Minister for Regional Transport Jenny Aitchison added the fare-free days included regional routes to locations like Melbourne and Brisbane. 'We encourage our regional passengers to use the rail network over these two days to explore regional NSW. 'You will need to book in advance, but this is a fantastic opportunity to get out and explore this state and beyond.' Fare-free travel does not extend to buses, ferries or light rail. NewsWire / Nikki Short Credit: NewsWire Not everyone is pleased with the move however, regular commuter Joe Carrozzo said it comes 'too little too late'. '(The disruptions) earlier this year really messed me around so much, Sydney trains are slow and smelly at the best of times but paying what we do and receiving that kind of treatment just isn't on. 'The fare-free period is a nice gesture but as commuters what we want isn't gestures, it's better transport.' The free travel will not extend to buses, ferries or light rail which will charge fares as normal however Business Sydney Executive Director Paul Nicolaou said it was a good opportunity to support business around train stations affected by the disruptions. Transport Minister John Graham said the government was working 'overtime' to restore public faith in the service. NewsWire / Damian Shaw Credit: NewsWire 'Fare-free travel on Thursday and Friday is a terrific initiative that sends a strong signal of confidence in Sydney and Parramatta's CBDs. It's not just a win for commuters — it's a much-needed boost for food, hospitality and retail businesses that have faced enormous pressure over recent months.' 'Encouraging people to return to the office and explore the city at no cost helps revitalise our commercial centres and reconnects workers with the vibrant, dynamic experiences our CBDs are known for.' 'This thoughtful initiative is expected to benefit more than a million passengers, but its impact will ripple far beyond the trains and buses — it will support jobs, stimulate spending, and re-energise the heart of our economy.'
The Australian
17 hours ago
- Business
- The Australian
ASX cautious ahead of inflation data to be released on Wednesday
Cautious traders lifted the ASX from an early fall on Tuesday but are still waiting for Wednesday's key CPI figure and US tariff fallout. The benchmark ASX200 eked out a small 6.9 or 0.08 per cent gain to 8,704.6 after falling by as much as 0.6 per cent on the open. The broader All Ordinaries also finished in the green up 3.20 points or 0.04 per cent to 8,966.70. Australia's dollar firmed marginally up 0.06 per cent to buy 65.25 US cents. Markets pared back early losses during Tuesday's trading. Picture NewsWire/ Gaye Gerard. On an overall quiet day of trading, seven of the 11 sectors finished in the green, led by energy, industrials and healthcare stocks. Woodside Energy gained 1.57 per cent to $26.60 and Santos jumped 2.06 per cent to $7.91 on the back of rising oil prices. Healthcare giant CSL gained 0.52 per cent to $272, Pro Medicus gained 0.86 per cent to $323.21 and Fisher Paykel Healthcare jumped 1.44 per cent to $33.78. It was a mixed day for the market heavyweight big four banks. Commonwealth Bank shares slipped 0.35 per cent to $174.29 while Westpac fell 0.06 per cent to $33.19. Offsetting the falls were gains from National Australia Bank which closed 1.17 per cent higher to $38.20 and ANZ which eked out a 0.03 per cent gain to $30.32. The initial excitement in the markets on the back of a US-EU trade deal over the weekend quickly died down as the White House announced a possible bounce in the tariff rate. Under the new plan the 'Rest of World', including Australia, could now face tariffs of 15 to 20 per cent, up from the 10 per cent initial base rate. senior financial market analyst Kyle Rodda said market excitement on the back of trade talks between the US and the EU was short lived. 'Wall Street failed to hold onto the post US-EU trade deal buzz but that's only because of the mountain of event risk that the markets confront in the coming days,' he said. 'The August 1 trade deadline loomed as potentially the biggest story of the week'. Seven of the 11 sectors finished higher on a quiet day of trading. Picture: NewsWire / Max Mason-Hubers But Mr Rodda pointed out that with deals worked out between the US and the EU, Japan and potentially China means markets attention will shift to macroeconomic figures and corporate earnings. Australia's key macroeconomic data comes out on Wednesday with the release of the quarterly CPI figures. Economists say a quarterly trimmed mean inflation rate between 2.6 and 2.7 per cent over the year, would fall in the RBA's target band of 2 to 3 per cent and open the door for further interest rate relief. In company news, shares in jeweller Michael Hill jumped 2.47 per cent to $0.42 on the bell after the business announced founder Sir Michael Hill died at age 86 earlier on Tuesday. 'To every endeavour he pursued, Michael brought a deep sense of purpose, an enduring curiosity, open-mindedness and creativity that challenged all of us to embrace ever more lofty goals and be unconstrained in our thinking – a legacy that will continue to inspire us,' Michael Hill chairman Rob Fyfe said in a statement to the ASX. Boss Energy continued its slump following the announcement of its result on Monday, dropping another 5.51 per cent to $1.80. The stock fell more than 40 per cent after warning the market it is unlikely to meet its production targets at its Honeymoon project in South Australia on the back of costs and concerns about the uranium quality. Shares in wagering company Tabcorp finished 1.31 per cent higher to $0.78 after Aware Super told the market it exited its stake on July 24 on the back of strong gains made earlier this year. Read related topics: ASX
Perth Now
a day ago
- Business
- Perth Now
Cautious investors lift ASX 200
Cautious traders lifted the ASX from an early fall on Tuesday but are still waiting for Wednesday's key CPI figure and US tariff fallout. The benchmark ASX200 eked out a small 6.9 or 0.08 per cent gain to 8,704.6 after falling by as much as 0.6 per cent on the open. The broader All Ordinaries also finished in the green up 3.20 points or 0.04 per cent to 8,966.70. Australia's dollar firmed marginally up 0.06 per cent to buy 65.25 US cents. Markets pared back early losses during Tuesday's trading. Picture NewsWire/ Gaye Gerard. Credit: News Corp Australia On an overall quiet day of trading, seven of the 11 sectors finished in the green, led by energy, industrials and healthcare stocks. Woodside Energy gained 1.57 per cent to $26.60 and Santos jumped 2.06 per cent to $7.91 on the back of rising oil prices. Healthcare giant CSL gained 0.52 per cent to $272, Pro Medicus gained 0.86 per cent to $323.21 and Fisher Paykel Healthcare jumped 1.44 per cent to $33.78. It was a mixed day for the market heavyweight big four banks. Commonwealth Bank shares slipped 0.35 per cent to $174.29 while Westpac fell 0.06 per cent to $33.19. Offsetting the falls were gains from National Australia Bank which closed 1.17 per cent higher to $38.20 and ANZ which eked out a 0.03 per cent gain to $30.32. The initial excitement in the markets on the back of a US-EU trade deal over the weekend quickly died down as the White House announced a possible bounce in the tariff rate. Under the new plan the 'Rest of World', including Australia, could now face tariffs of 15 to 20 per cent, up from the 10 per cent initial base rate. senior financial market analyst Kyle Rodda said market excitement on the back of trade talks between the US and the EU was short lived. 'Wall Street failed to hold onto the post US-EU trade deal buzz but that's only because of the mountain of event risk that the markets confront in the coming days,' he said. 'The August 1 trade deadline loomed as potentially the biggest story of the week'. Seven of the 11 sectors finished higher on a quiet day of trading. NewsWire / Max Mason-Hubers Credit: News Corp Australia But Mr Rodda pointed out that with deals worked out between the US and the EU, Japan and potentially China means markets attention will shift to macroeconomic figures and corporate earnings. Australia's key macroeconomic data comes out on Wednesday with the release of the quarterly CPI figures. Economists say a quarterly trimmed mean inflation rate between 2.6 and 2.7 per cent over the year, would fall in the RBA's target band of 2 to 3 per cent and open the door for further interest rate relief. In company news, shares in jeweller Michael Hill jumped 2.47 per cent to $0.42 on the bell after the business announced founder Sir Michael Hill died at age 86 earlier on Tuesday. 'To every endeavour he pursued, Michael brought a deep sense of purpose, an enduring curiosity, open-mindedness and creativity that challenged all of us to embrace ever more lofty goals and be unconstrained in our thinking – a legacy that will continue to inspire us,' Michael Hill chairman Rob Fyfe said in a statement to the ASX. Boss Energy continued its slump following the announcement of its result on Monday, dropping another 5.51 per cent to $1.80. The stock fell more than 40 per cent after warning the market it is unlikely to meet its production targets at its Honeymoon project in South Australia on the back of costs and concerns about the uranium quality. Shares in wagering company Tabcorp finished 1.31 per cent higher to $0.78 after Aware Super told the market it exited its stake on July 24 on the back of strong gains made earlier this year.
Perth Now
2 days ago
- Business
- Perth Now
ASX jumps on the latest Trump deal
Australia's sharemarket snapped a brief two day losing streak on Monday after US President Donald Trump announced his latest trade deal and the major banks bounced back from their recent falls. The benchmark ASX 200 index closed up 30.8 points or 0.36 per cent at 8697.7 after hitting an intraday high of 8704.9, while the broader All Ordinaries finished in the green up 29.20 points or 0.33 per cent to 8,963.50. The Australian dollar slipped from a nine-month high on Friday buying 65.51 US cents at the time of writing. On an overall positive day, eight of the 11 sectors finished in the green, led by the telecommunications sector, the big four banks and healthcare stocks. The ASX had a good day after Donald Trump announced a trade deal with the EU. Gaye Gerard / NewsWire Credit: News Corp Australia Shares in Telstra gained 0.81 per cent to $4.95, REA Group jumped 1.34 per cent to $236.09 and CAR group added 1.72 per cent to $37.89. Market heavyweight CBA gained 1.17 per cent to $174.90 offsetting half the falls in recent days, while NAB gained 0.67 per cent to $37.76, Westpac added 0.54 per cent to $33.21 and ANZ group closed 0.30 per cent higher at $30.31. Healthcare darling CSL gained 1 per cent to $270.59, Sigma Healthcare added 1.41 per cent to $2.88 and ResMed finished 0.97 per cent higher to $41.70. The markets jumped after US President Donald Trump announced a deal with the EU to end four months of negotiations between the two economic powerhouses. Following the discussions, the EU will face a 15 per cent tariff from the US, which is down from the 25 per cent the President announced in April. European Commission chief Ursula von de Leyen described it as 'a big deal, a huge deal, bringing: stability and predictability' to the two trading partners. IG market analyst Tony Sycamore said global markets around the world jumped on these trade deals. 'In terms of the trade deals with Japan and Europe, the tariff rate that will be implemented came in lower than initially threatened and the market is looking very positively on it,' Mr Sycamore said. Uranium shares were one of the rare misses during Monday's trading, dragged down by news out of Boss Energy which flagged challenges out of its Honeymoon uranium project. Boss Energy shares plummeted 43.97 per cent to $1.90, Deep Yellow fell 8.34 per cent to $1.65 and Paladin Energy dropped 4.43 per cent to $6.91. 'That is the uranium sector in a nutshell,' he said. 'It is one where you have to be prepared for extraordinary volatility. 'This was a disappointing performance day and a disappointing report by Boss Energy.' In company news, Helloworld Travel shares soared 14.14 per cent to $1.69 after the business upgraded its guidance to somewhere between $58-$62m. Stealth Group's shares also soared 11.02 per cent to $0.70 after announcing a 50 per cent jump in pre-orders on the back of the soon to be released iPhone 17. Bubs Australia shares jumped 2.94 per cent to $0.18 after the infant formula maker announced Joe Cootes as its new chief executive, effective immediately.
