Latest news with #KyleRodda
Perth Now
08-07-2025
- Business
- Perth Now
Australian shares seesaw ahead of Reserve Bank decision
The local share market has been gyrating between positive and negative territory amid tariff uncertainty and as traders wait for the latest Reserve Bank decision on interest rates. The ASX200 began trading on Tuesday with a 17-point fall, then climbed 20.7 points into the green in the second hour of trading before sinking back slightly into the red. At noon the benchmark S&P/ASX200 index was down 7.3 points, or 0.08 per cent, to 8,582.2, while the broader All Ordinaries was down 4.5 points, or 0.05 per cent, to 8,821.9. analyst Kyle Rodda said markets had received a "quick punch in the guts" as Wednesday's US trade deal deadline approached. Market participants were expecting a flurry of trade deals with trading partners, but so far only letters about tariffs on the likes of Japan, South Korea and South Africa had been announced. But Mr Rodda added there was some merit to the idea this was all a negotiating tactic by the Trump administration designed to create urgency. Closer to home, it is widely expected that the Reserve Bank will announce later on Tuesday afternoon that it is cutting the cash rate from 3.85 per cent. Earlier on Tuesday, the NAB Business Survey rose to its highest level, in trend terms, in more than a year, suggesting business conditions were starting to stabilise or even turn around after a disappointing start to the year. "After a volatile but soft year for business confidence, we have seen a trend improvement over the past three months," said NAB's head of Australian economics, Gareth Spence. "It is now around its long-run average." Seven of the ASX's 11 sectors were lower at midday, with consumer discretionary, financials, telecommunications and telecommunications higher. Consumer staples was the biggest mover, dropping 1.1 per cent as Coles subtracted 1.0 per cent and A2 Milk retreated 3.3 per cent. In health care, Botanix Pharmaceuticals had plunged 43.6 per cent to 17.5 cents after the clinical dermatology company announced sales figures for the launch of its treatment for primary axillary hyperhidrosis, or excessive underarm sweating. There had been 16,000 prescriptions filled for 6700 patients since February, Botanix said, apparently underwhelming investors who were hoping for far more. In the heavyweight mining sector, BHP was down 1.1 per cent and Rio Tinto had dipped 0.8 per cent, while Fortescue had added 0.6 per cent. In financials, three of the four big banks were higher. CBA had added 0.3 per cent, NAB was up 0.5 per cent and ANZ had advanced 0.4 per cent, while Westpac was down 0.4 per cent. In currency, the Australian dollar was trading for 65.15 US cents, from 65.24 US cents on Monday.
The Advertiser
04-07-2025
- Business
- The Advertiser
Australian shares rise, edge toward new record high
The local share market has been edging higher after a stronger-than-expected US jobs report reaffirmed the strength of the world's largest economy. At noon on Friday, the benchmark S&P/ASX200 index was up 14.2 points, or 0.17 per cent, to 8,610.0 - less than 30 points from its all-time intraday high set three weeks ago, and on track to finish the week 1.1 per cent higher than where it began. The broader All Ordinaries was up 13.7 points, or 0.16 per cent, to 8,847.3. The gains follow another record-setting day on Wall Street, where the S&P500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected. analyst Kyle Rodda said that while the readout had all but extinguished the case for the Federal Reserve to cut interest rates in July, stocks had still reacted positively on relief that the US economy was holding up strongly despite risks from US trade policy and tariffs. Nine of the ASX's 11 sectors were in the green at midday, with energy and materials lower. Tech was the biggest gainer, rising 1.3 per cent. Xero had climbed 1.9 per cent, Life360 had advanced 2.5 per cent and Wisetech Global was up 1.2 per cent. In the financial sector, CBA was down 0.8 per cent to $178.27, on track for its sixth day of declines out of the past seven sessions since Australia's most valuable company hit an all time-high of $192 on June 25. The other big four were all in the green, with ANZ up 0.6 per cent, Westpac adding 0.5 per cent and NAB gaining 0.4 per cent. In the heavyweight mining sector, BHP had declined 1.6 per cent, Rio Tinto had subtracted 1.7 per cent and South32 had dropped 2.3 per cent. The Australian dollar was buying 65.68 US cents, from 65.69 US cents at midday on Thursday. The local share market has been edging higher after a stronger-than-expected US jobs report reaffirmed the strength of the world's largest economy. At noon on Friday, the benchmark S&P/ASX200 index was up 14.2 points, or 0.17 per cent, to 8,610.0 - less than 30 points from its all-time intraday high set three weeks ago, and on track to finish the week 1.1 per cent higher than where it began. The broader All Ordinaries was up 13.7 points, or 0.16 per cent, to 8,847.3. The gains follow another record-setting day on Wall Street, where the S&P500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected. analyst Kyle Rodda said that while the readout had all but extinguished the case for the Federal Reserve to cut interest rates in July, stocks had still reacted positively on relief that the US economy was holding up strongly despite risks from US trade policy and tariffs. Nine of the ASX's 11 sectors were in the green at midday, with energy and materials lower. Tech was the biggest gainer, rising 1.3 per cent. Xero had climbed 1.9 per cent, Life360 had advanced 2.5 per cent and Wisetech Global was up 1.2 per cent. In the financial sector, CBA was down 0.8 per cent to $178.27, on track for its sixth day of declines out of the past seven sessions since Australia's most valuable company hit an all time-high of $192 on June 25. The other big four were all in the green, with ANZ up 0.6 per cent, Westpac adding 0.5 per cent and NAB gaining 0.4 per cent. In the heavyweight mining sector, BHP had declined 1.6 per cent, Rio Tinto had subtracted 1.7 per cent and South32 had dropped 2.3 per cent. The Australian dollar was buying 65.68 US cents, from 65.69 US cents at midday on Thursday. The local share market has been edging higher after a stronger-than-expected US jobs report reaffirmed the strength of the world's largest economy. At noon on Friday, the benchmark S&P/ASX200 index was up 14.2 points, or 0.17 per cent, to 8,610.0 - less than 30 points from its all-time intraday high set three weeks ago, and on track to finish the week 1.1 per cent higher than where it began. The broader All Ordinaries was up 13.7 points, or 0.16 per cent, to 8,847.3. The gains follow another record-setting day on Wall Street, where the S&P500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected. analyst Kyle Rodda said that while the readout had all but extinguished the case for the Federal Reserve to cut interest rates in July, stocks had still reacted positively on relief that the US economy was holding up strongly despite risks from US trade policy and tariffs. Nine of the ASX's 11 sectors were in the green at midday, with energy and materials lower. Tech was the biggest gainer, rising 1.3 per cent. Xero had climbed 1.9 per cent, Life360 had advanced 2.5 per cent and Wisetech Global was up 1.2 per cent. In the financial sector, CBA was down 0.8 per cent to $178.27, on track for its sixth day of declines out of the past seven sessions since Australia's most valuable company hit an all time-high of $192 on June 25. The other big four were all in the green, with ANZ up 0.6 per cent, Westpac adding 0.5 per cent and NAB gaining 0.4 per cent. In the heavyweight mining sector, BHP had declined 1.6 per cent, Rio Tinto had subtracted 1.7 per cent and South32 had dropped 2.3 per cent. The Australian dollar was buying 65.68 US cents, from 65.69 US cents at midday on Thursday. The local share market has been edging higher after a stronger-than-expected US jobs report reaffirmed the strength of the world's largest economy. At noon on Friday, the benchmark S&P/ASX200 index was up 14.2 points, or 0.17 per cent, to 8,610.0 - less than 30 points from its all-time intraday high set three weeks ago, and on track to finish the week 1.1 per cent higher than where it began. The broader All Ordinaries was up 13.7 points, or 0.16 per cent, to 8,847.3. The gains follow another record-setting day on Wall Street, where the S&P500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected. analyst Kyle Rodda said that while the readout had all but extinguished the case for the Federal Reserve to cut interest rates in July, stocks had still reacted positively on relief that the US economy was holding up strongly despite risks from US trade policy and tariffs. Nine of the ASX's 11 sectors were in the green at midday, with energy and materials lower. Tech was the biggest gainer, rising 1.3 per cent. Xero had climbed 1.9 per cent, Life360 had advanced 2.5 per cent and Wisetech Global was up 1.2 per cent. In the financial sector, CBA was down 0.8 per cent to $178.27, on track for its sixth day of declines out of the past seven sessions since Australia's most valuable company hit an all time-high of $192 on June 25. The other big four were all in the green, with ANZ up 0.6 per cent, Westpac adding 0.5 per cent and NAB gaining 0.4 per cent. In the heavyweight mining sector, BHP had declined 1.6 per cent, Rio Tinto had subtracted 1.7 per cent and South32 had dropped 2.3 per cent. The Australian dollar was buying 65.68 US cents, from 65.69 US cents at midday on Thursday.
Perth Now
04-07-2025
- Business
- Perth Now
Australian shares rise, edge toward new record high
The local share market has been edging higher after a stronger-than-expected US jobs report reaffirmed the strength of the world's largest economy. At noon on Friday, the benchmark S&P/ASX200 index was up 14.2 points, or 0.17 per cent, to 8,610.0 - less than 30 points from its all-time intraday high set three weeks ago, and on track to finish the week 1.1 per cent higher than where it began. The broader All Ordinaries was up 13.7 points, or 0.16 per cent, to 8,847.3. The gains follow another record-setting day on Wall Street, where the S&P500 and the Nasdaq Composite hit new records after the June non-farm payrolls report showed US employment rising more than expected. analyst Kyle Rodda said that while the readout had all but extinguished the case for the Federal Reserve to cut interest rates in July, stocks had still reacted positively on relief that the US economy was holding up strongly despite risks from US trade policy and tariffs. Nine of the ASX's 11 sectors were in the green at midday, with energy and materials lower. Tech was the biggest gainer, rising 1.3 per cent. Xero had climbed 1.9 per cent, Life360 had advanced 2.5 per cent and Wisetech Global was up 1.2 per cent. In the financial sector, CBA was down 0.8 per cent to $178.27, on track for its sixth day of declines out of the past seven sessions since Australia's most valuable company hit an all time-high of $192 on June 25. The other big four were all in the green, with ANZ up 0.6 per cent, Westpac adding 0.5 per cent and NAB gaining 0.4 per cent. In the heavyweight mining sector, BHP had declined 1.6 per cent, Rio Tinto had subtracted 1.7 per cent and South32 had dropped 2.3 per cent. The Australian dollar was buying 65.68 US cents, from 65.69 US cents at midday on Thursday.
Perth Now
03-07-2025
- Business
- Perth Now
ASX treads water as miners soar, banks fall
Strong iron ore prices and a lead in from Wall Street was not enough to lift a lagging day of trading on the Australian sharemarket. The ASX 200 index finished down 1.9 points or 0.02 per cent to 8595.8 on a sea sawing day of trading which saw it hit a three-week high of 8623.60 then dipping to an intraday low of 8543.2. The broader All Ordinaries closed up 4.90 or 0.06 per cent to 8,833.60. The Australian dollar slipped 0.2 per cent to 65.67 US cents. On a mixed day of trading, eight of the 11 sectors finished in the red, with gains of more than 3 per cent in the materials sector offset by falls in telecommunications, financials and consumer discretionary stocks. BHP soared as the rest of the market traded sideways. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia Singapore iron ore futures rose 0.9 per cent to a multi-week high of $US96.20, as the market continued to react positively to the China manufacturing index released earlier in the week. BHP shares soared 5.56 per cent to $39.27, while Rio Tinto finished up 1.80 per cent to $110.25 and Fortescue jumped 1.82 per cent to $16.26. Lithium miners also rallied, with Mineral Resources up 7.76 per cent to $24.44, Pilbara up 11.31 per cent to $1.53, and Liontown up 5 per cent to $0.74. While the miners soared the big banks slumped. CBA slumped 2.17 per cent to $179.69, NAB dropped 1.07 per cent to $39.91 and Westpac fell 0.71 per cent to $33.48. ANZ was the outlier among the major banks and gained 0.53 per cent to $30.08. Australia's index dropped despite a strong lead in from Wall Street overnight with both the S & P 500 and Nasdaq hitting all time highs on the back of the US and Vietnam announcing a trade deal. The ASX 200 traded flat despite a strong lead in from Wall Street. Newswire/ Gaye Gerard. Credit: News Corp Australia senior financial market analyst Kyle Rodda said the market reacted positively to an average tariff of around 20 per cent, which is significantly lower than the 45 per cent initially planned on Liberation Day. 'Trade deals, especially ones with major trading partners and with far more favourable terms than outlined on 'Liberation Day', will be bought into by market participants and add to the momentum of Wall Street's record highs,' he wrote. In company news Pro Medicus briefly hit an intra day high of $316.47, before settling up 7.78 per cent to $307.39 after announcing it had won two new contracts in the US which will add nearly $200m in revenue. Shares in the highly anticipated GemLife IPO soared on debut, with the chief executive of the over 50s lifestyle resort adding $20m to his personal wealth in just 15 minutes after the company listed. GemLife initially soared to $4.49, before closing at $4.33, which is still 4.1 per cent higher than its IPO price of $4.16. G8 Education shares slumped for the third consecutive day of trading and closed down 7.4 per cent to $1.00, after police revealed it had charged a former employee with dozens of alleged abuse charges.
Yahoo
23-06-2025
- Business
- Yahoo
Why all eyes are on the Strait of Hormuz, a 90-mile strip critical to global oil prices
US strikes on Iran's nuclear sites are raising fears of Tehran's retaliation and oil disruption. For years, Tehran has threatened to close the Strait of Hormuz, a key energy shipping route to its south. A blockade would hit Asian markets hardest, with global high prices also affecting the US. Global investors are on alert about a 90-mile sea passage in the Middle East, fearing that any block of the Strait of Hormuz could derail global shipping and oil. Tensions in the Middle East escalated sharply after the US struck Iran's nuclear facilities on Sunday, prompting fears of retaliation from Tehran. Beyond concerns about defense and security, markets are concerned about the fallout for oil prices and the global economy should Iran block shipping in the Strait of Hormuz — a threat Tehran has repeated for years. "If Iran chooses to blockade the Strait of Hormuz, it'd be categorically negative," Kyle Rodda, a senior financial markets analyst at told Business Insider. "In the worst-case scenario, it would be incredibly impactful: higher fuel prices, higher inflation, slower growth, and interest rates higher than where they'd otherwise be," Rodda said. This embedded content is not available in your region. One of the most geopolitically sensitive maritime routes, the Strait of Hormuz is just 21 miles across at its narrowest point. It connects the Persian Gulf to the Indian Ocean, with Iran to its north and the United Arab Emirates and Oman to its south. According to the US's Energy Information Administration, the Hormuz is one of the world's busiest shipping lanes, carrying about 20 million barrels of oil a day. Most energy shipments through the Strait of Hormuz have no other means of exiting the Persian Gulf, the starting sea point for major oil producers like Saudi Arabia to export their energy to the rest of the world. About a quarter of seaborne oil and a fifth of global liquified natural gas trade moves through the Hormuz, so any disruption to shipping would hit the energy markets hard. "The bombing of Iranian nuclear facilities by the US over the weekend increased supply risks significantly for the oil and LNG market," wrote Warren Patterson, the head of commodities strategy at ING, on Monday. Iran doesn't have the legal authority to shut down marine traffic in the Hormuz. But it could disrupt the movement of vessels by other means, for example by damaging oil and shipping infrastructure. On Sunday, the Iranian parliament voted to close the Strait of Hormuz in retaliation against the US's action. The final decision still lies with the country's top security officials, according to Iran's state-owned Press TV. Analysts said they think an Iranian blockade is probably more about political posturing than real action. "While the headlines sound dramatic, the reality is that Iran's parliament holds no executive power over military or strategic decisions, particularly not ones with such far-reaching geopolitical and economic consequences," Dilin Wu, a research strategist at Pepperstone, told BI. "Iran is well aware that any direct disruption to global oil flows through the Strait would likely trigger a significant military and economic response, possibly escalating the conflict beyond its control," she added. The US is an energy giant and has become a net energy exporter since 2019, so it's less prone to physical supply shock from a blockade of the Hormuz. However, the US could still be hit by the fallout from worsening global economic conditions. "Any negative impact would be through deteriorating financial conditions or through higher for longer rates as the Fed has another reason to delay cuts," Deutsche Bank analysts said in a Monday note. Asian countries would be the most affected by a blockade of the Hormuz, said Priyanka Sachdeva, a senior analyst at brokerage Phillip Nova. In 2024, over 80% of crude oil, condensates, and LNG that moved through the Hormuz headed to Asia, according to the EIA. "Asia, which consumes the lion's share of Middle Eastern oil, would be most vulnerable, with India, Japan, South Korea, and China facing logistical uncertainties and costlier re-routing," said Sachdeva. In 2023, a third of the oil that passed through the Hormuz headed to China, Bloomberg calculated. South European countries dependent on Gulf oil could also face higher import costs, although Saudi Arabia and the UAE can reroute significant volumes of such exports via pipelines and via a pipeline and the UAE port of Fujairah. Energy is a key input cost, so any gains in oil prices are likely to drive up inflation broadly. The US's strike on Iran sent oil futures up to a five-month high late on Sunday. Oil prices are now up about 10% since Israel's strikes on Iran in June. These developments are taking place amid the summer driving season, when US gas demand peaks. Should the gains in oil prices be sustained, pump prices are likely to rise in the weeks ahead. According to the EIA, the price of gas typically rises by 2.4 cents per gallon when crude oil prices rise by $1. This translates into a gain of about 20 cents per gallon at current levels for oil futures. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
