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The Advertiser
3 days ago
- Business
- The Advertiser
Rally propels Aussie shares to another record close
The Australian share market has finished at a record high for the third time this week, with every sector gaining ground in the bourse's biggest rally in three months. The benchmark S&P/ASX200 index on Friday gained 118.2 points, or 1.37 per cent, to 8,757.2, while the broader All Ordinaries rose 116 points, or 1.3 per cent, to 9,006. The gains were the ASX200's biggest since a 4.5 per cent rally on April 10 and the first time it has crossed 8,700. For the week the index rose 3.39 per cent, its best weekly performance since a 3.44 per cent gain in mid-December. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year end," he said on Friday. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." On Thursday, Australian shares rose 0.9 per cent after an unexpected rise in unemployment increased the odds of a rate cut in August. AMP chief economist Shane Oliver said the money market now saw a 98 per cent change the Reserve Bank would cut rates. "With unemployment breaking to its highest since the pandemic and June jobs data showing broad-based weakness, it's now hard to describe the labour market as tight," he said. "It also supports the view that the RBA should have cut this month." Every ASX sector finished in the green on Friday, led by health care, which climbed 2.5 per cent as CSL added 3.6 per cent. Mesoblast rallied 34.6 per cent to $2.41 after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. BHP led the way for miners, climbing 3.0 per cent to $40.29 after the Big Australian announced 2025 record hauls were on the cards for iron ore and copper. Rio Tinto rose 1.8 per cent to $113.11, while Fortescue lifted 0.5 per cent to $17. Graphite miner Syrah soared 25.9 per cent to a two-month high of 36.5 cents after the US imposed steep tariffs on Chinese graphite imports, while peer Novonix added 16.0 per cent to 54.5 cents. The big four banks finished on the green, with CBA rising 0.9 per cent to $182.46, Westpac adding 18. per cent to $34.31, ANZ advancing 1.2 per cent to $30.82 and NAB growing 1.3 per cent to $39.19. The Australian dollar was trading for 65.02 US cents, from 64.71 US cents on Thursday. ON THE ASX: * The benchmark S&P/ASX200 index on Friday rose 118.2 points, or 1.37 per cent, to 8,757.2 * The broader All Ordinaries climbed 116 points, or 1.3 per cent, to 9,006.8. CURRENCY SNAPSHOT: One Australian dollar buys: * 65.02 US cents, from 64.71 US cents on Thursday. * 96.77 Japanese yen, from 96.37 Japanese yen * 55.99 euro cents, from 56.87 euro cents * 48.46 British pence, from 48.47 British pence * 109.25 NZ cents, from 109.49 NZ cents The Australian share market has finished at a record high for the third time this week, with every sector gaining ground in the bourse's biggest rally in three months. The benchmark S&P/ASX200 index on Friday gained 118.2 points, or 1.37 per cent, to 8,757.2, while the broader All Ordinaries rose 116 points, or 1.3 per cent, to 9,006. The gains were the ASX200's biggest since a 4.5 per cent rally on April 10 and the first time it has crossed 8,700. For the week the index rose 3.39 per cent, its best weekly performance since a 3.44 per cent gain in mid-December. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year end," he said on Friday. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." On Thursday, Australian shares rose 0.9 per cent after an unexpected rise in unemployment increased the odds of a rate cut in August. AMP chief economist Shane Oliver said the money market now saw a 98 per cent change the Reserve Bank would cut rates. "With unemployment breaking to its highest since the pandemic and June jobs data showing broad-based weakness, it's now hard to describe the labour market as tight," he said. "It also supports the view that the RBA should have cut this month." Every ASX sector finished in the green on Friday, led by health care, which climbed 2.5 per cent as CSL added 3.6 per cent. Mesoblast rallied 34.6 per cent to $2.41 after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. BHP led the way for miners, climbing 3.0 per cent to $40.29 after the Big Australian announced 2025 record hauls were on the cards for iron ore and copper. Rio Tinto rose 1.8 per cent to $113.11, while Fortescue lifted 0.5 per cent to $17. Graphite miner Syrah soared 25.9 per cent to a two-month high of 36.5 cents after the US imposed steep tariffs on Chinese graphite imports, while peer Novonix added 16.0 per cent to 54.5 cents. The big four banks finished on the green, with CBA rising 0.9 per cent to $182.46, Westpac adding 18. per cent to $34.31, ANZ advancing 1.2 per cent to $30.82 and NAB growing 1.3 per cent to $39.19. The Australian dollar was trading for 65.02 US cents, from 64.71 US cents on Thursday. ON THE ASX: * The benchmark S&P/ASX200 index on Friday rose 118.2 points, or 1.37 per cent, to 8,757.2 * The broader All Ordinaries climbed 116 points, or 1.3 per cent, to 9,006.8. CURRENCY SNAPSHOT: One Australian dollar buys: * 65.02 US cents, from 64.71 US cents on Thursday. * 96.77 Japanese yen, from 96.37 Japanese yen * 55.99 euro cents, from 56.87 euro cents * 48.46 British pence, from 48.47 British pence * 109.25 NZ cents, from 109.49 NZ cents The Australian share market has finished at a record high for the third time this week, with every sector gaining ground in the bourse's biggest rally in three months. The benchmark S&P/ASX200 index on Friday gained 118.2 points, or 1.37 per cent, to 8,757.2, while the broader All Ordinaries rose 116 points, or 1.3 per cent, to 9,006. The gains were the ASX200's biggest since a 4.5 per cent rally on April 10 and the first time it has crossed 8,700. For the week the index rose 3.39 per cent, its best weekly performance since a 3.44 per cent gain in mid-December. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year end," he said on Friday. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." On Thursday, Australian shares rose 0.9 per cent after an unexpected rise in unemployment increased the odds of a rate cut in August. AMP chief economist Shane Oliver said the money market now saw a 98 per cent change the Reserve Bank would cut rates. "With unemployment breaking to its highest since the pandemic and June jobs data showing broad-based weakness, it's now hard to describe the labour market as tight," he said. "It also supports the view that the RBA should have cut this month." Every ASX sector finished in the green on Friday, led by health care, which climbed 2.5 per cent as CSL added 3.6 per cent. Mesoblast rallied 34.6 per cent to $2.41 after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. BHP led the way for miners, climbing 3.0 per cent to $40.29 after the Big Australian announced 2025 record hauls were on the cards for iron ore and copper. Rio Tinto rose 1.8 per cent to $113.11, while Fortescue lifted 0.5 per cent to $17. Graphite miner Syrah soared 25.9 per cent to a two-month high of 36.5 cents after the US imposed steep tariffs on Chinese graphite imports, while peer Novonix added 16.0 per cent to 54.5 cents. The big four banks finished on the green, with CBA rising 0.9 per cent to $182.46, Westpac adding 18. per cent to $34.31, ANZ advancing 1.2 per cent to $30.82 and NAB growing 1.3 per cent to $39.19. The Australian dollar was trading for 65.02 US cents, from 64.71 US cents on Thursday. ON THE ASX: * The benchmark S&P/ASX200 index on Friday rose 118.2 points, or 1.37 per cent, to 8,757.2 * The broader All Ordinaries climbed 116 points, or 1.3 per cent, to 9,006.8. CURRENCY SNAPSHOT: One Australian dollar buys: * 65.02 US cents, from 64.71 US cents on Thursday. * 96.77 Japanese yen, from 96.37 Japanese yen * 55.99 euro cents, from 56.87 euro cents * 48.46 British pence, from 48.47 British pence * 109.25 NZ cents, from 109.49 NZ cents The Australian share market has finished at a record high for the third time this week, with every sector gaining ground in the bourse's biggest rally in three months. The benchmark S&P/ASX200 index on Friday gained 118.2 points, or 1.37 per cent, to 8,757.2, while the broader All Ordinaries rose 116 points, or 1.3 per cent, to 9,006. The gains were the ASX200's biggest since a 4.5 per cent rally on April 10 and the first time it has crossed 8,700. For the week the index rose 3.39 per cent, its best weekly performance since a 3.44 per cent gain in mid-December. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year end," he said on Friday. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." On Thursday, Australian shares rose 0.9 per cent after an unexpected rise in unemployment increased the odds of a rate cut in August. AMP chief economist Shane Oliver said the money market now saw a 98 per cent change the Reserve Bank would cut rates. "With unemployment breaking to its highest since the pandemic and June jobs data showing broad-based weakness, it's now hard to describe the labour market as tight," he said. "It also supports the view that the RBA should have cut this month." Every ASX sector finished in the green on Friday, led by health care, which climbed 2.5 per cent as CSL added 3.6 per cent. Mesoblast rallied 34.6 per cent to $2.41 after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. BHP led the way for miners, climbing 3.0 per cent to $40.29 after the Big Australian announced 2025 record hauls were on the cards for iron ore and copper. Rio Tinto rose 1.8 per cent to $113.11, while Fortescue lifted 0.5 per cent to $17. Graphite miner Syrah soared 25.9 per cent to a two-month high of 36.5 cents after the US imposed steep tariffs on Chinese graphite imports, while peer Novonix added 16.0 per cent to 54.5 cents. The big four banks finished on the green, with CBA rising 0.9 per cent to $182.46, Westpac adding 18. per cent to $34.31, ANZ advancing 1.2 per cent to $30.82 and NAB growing 1.3 per cent to $39.19. The Australian dollar was trading for 65.02 US cents, from 64.71 US cents on Thursday. ON THE ASX: * The benchmark S&P/ASX200 index on Friday rose 118.2 points, or 1.37 per cent, to 8,757.2 * The broader All Ordinaries climbed 116 points, or 1.3 per cent, to 9,006.8. CURRENCY SNAPSHOT: One Australian dollar buys: * 65.02 US cents, from 64.71 US cents on Thursday. * 96.77 Japanese yen, from 96.37 Japanese yen * 55.99 euro cents, from 56.87 euro cents * 48.46 British pence, from 48.47 British pence * 109.25 NZ cents, from 109.49 NZ cents
Perth Now
4 days ago
- Business
- Perth Now
Aussie shares surge as jobless rise spurs rate cut hope
The Australian sharemarket has jumped after the unemployment rate ticked up to 4.3 per cent, increasing the odds of an interest rate cut in September. Near midday on Thursday, the benchmark S&P/ASX200 index was up 63.3 points to 8,624.9, a gain of 0.74 per cent, while the broader All Ordinaries had gained 59 points, or 0.66 per cent, to 8,862.1. June labour force data released by the Australian Bureau of Statistics showed employment increased by 2,000 jobs, while the unemployment rate rose to 4.3 per cent. Consensus predictions were for 20,000 jobs to be created, and the jobless rate to stay at 4.1 per cent. The RBA will likely cut interest rates in September following the result, AMP chief economist Shane Oliver told ABC News. "For those looking for a black cat you get a ticket in terms of the jobs number because they were on a soft side," he said on Thursday. "Softer jobs growth for a couple of months in a row, that is pointing to a cut coming in. Today's results will just add to expectations by money market traders and economists that we will get a cut in August. It has reinforced those expectations." Betashares chief economist David Bassanese said an August rate cut would be a "slam dunk" unless second-quarter inflation data is higher than expected. The Australian share market, which was already back in the green after one of its worst sessions since in early May on Wednesday, surged following the release of the jobs report. The Australian dollar meanwhile dropped to a 23-day low, trading for 64.78 US cents, from 65.25 US cents at close of business on Wednesday. In the US overnight, US President Donald Trump retreated from talk of firing Federal Reserve chair Jerome Powell. Wall Street rocked as the story unfolded but bounced back by the market's close, with the S&P500 finishing up 0.3 per cent. Every ASX sector was in the green at midday, with property the biggest gainer, rising 1.2 per cent. Goodman Group had added 1.2 per cent and Scentre Group had climbed 1.6 per cent. Miners also rebounded with 16 of the top 20 stocks back in the green, including BHP's 0.56 per cent gain, Rio Tinto rising 0.98 per cent and Fortescue up by 0.5 per cent. Superfund Australian Ethical was up 3.2 per cent after the investment management company announced it had delivered 34 per cent growth in funds under management, to a record high of $13.94 billion. All the big four banks had also gained, with both the CBA and Westpac up 1.2 per cent, NAB climbing 0.86 per cent and ANZ rising 0.75 per cent. Shares in Carsales' parent company, CAR Group, took a 2.3 per cent hit after CEO Cameron McIntyre stood down following a nine-year tenure in the top job. The Australian dollar was trading for 64.78 US cents, from 65.25 US cents.
Yahoo
6 days ago
- Business
- Yahoo
Catch-22 over leading Aussie export
International student arrivals continue to steadily increase, which could mean a massive boost for one of the nation's leading sectors. Australia welcomed 26,210 international students in May 2025, up from 24,270 in May 2024 and 22,500 in May 2023, according to new data from the Australian Bureau of Statistics. As the rate of international student arrivals steadily increases, AMP chief economist Shane Oliver expects Australia's tertiary education industry to begin leapfrogging its way up the ladder of prominent national exports – a catch-22 for the Australian government, which announced it would place caps on total international student numbers in late 2024. 'We have been moving towards services, exports, particularly education,' Mr Oliver said. 'That's why we've got to be careful here that Australia doesn't shoot itself in the foot by restricting immigration that turns off the education export sector. 'I suspect if things had continued as they were, we would have found a situation where, in the next few years, education would be our second highest exporter ahead of gas and coal and still just behind iron ore – but it was always in a position to potentially become No.1.' Meanwhile, ABS data shows a minor lift in Aussie tourism, with 11,000 more people arriving from overseas than the previous year's reporting period. The figures also revealed other insights, particularly regarding short-term travel destinations for Aussies leaving the country and also the national origins of our most commonly welcomed tourists. The top three countries Aussies returned from in May were Indonesia (149,080), New Zealand (83,020) and Japan (82,920), followed by the US, China and Thailand. Indonesia and Japan were the only countries Aussies toured for short-term travel that greatly exceeded pre-Covid travel levels, while the US was notably the only country in the top 10 that experienced a significant decrease from pre-2019 levels. Indonesia is in the middle of its dry season, and as the ongoing cost-of-living crisis continues to strongarm Aussies into avoiding big-ticket trips like Euro summers, short-term trips to islands like Bali are becoming more feasible for those hoping to seek offshore adventure. New Zealand experiences autumnal weather during the month of May, so while snowfall in popular ski areas is minimal, the proximity to Australia makes our small neighbour a popular tourist destination all year round. Fair summer weather paired with a drop-off in Yen value resulted in large numbers of Aussies making their way to and from Japan in May, with almost 24,000 more returns reported than in May 2024. The majority of those visiting Australia came from New Zealand (117,250), China (67,350) and India (47,940), with the only significant lift from 2024 traveller numbers coming from China. The majority of travel to and from Australia came through NSW across all measurements. Overall, the ABS reported 611,000 short-term visitor arrivals and 970,000 short-term residential returns. There were 1.66 million total arrivals and 1.68 million departures, meaning the overall population shrank by a relatively small fraction.
Business Recorder
6 days ago
- Business
- Business Recorder
Australia, NZ dollars little inspired by mixed China GDP data
SYDNEY: The Australian and New Zealand dollars found little support on Tuesday from mixed Chinese GDP data, with their near-term fate dependent on the reaction of the U.S. dollar to the looming inflation report. The Aussie was flat at $0.6544, having dipped 0.4% overnight to move further away from its eight-month top of $0.6595. Price actions suggest some heavy resistance near the level of 66 cents, with support coming at the 21-day moving average of $0.6530. The kiwi dollar edged up 0.1% at $0.5978, after slumping 0.6% overnight to as low as $0.5969. It now faces resistance at the 60 cents level and is some distance away from its nine-month peak of $0.6120 hit two weeks ago. Chinese data showed the gross domestic product grew 5.2% in the second quarter from a year earlier, slightly beating expectations, but gains in retail sales slowed and property prices fell at a sharper pace in June. 'It is just enough to keep the economy growing around the target pace of 5%… and I think from a policy point of view, the authorities will continue to do just enough to keep it ticking over and will not do more,' said Shane Oliver, chief economist at AMP. Australia dollar slips from 8-month top as Trump flags EU tariffs, kiwi struggles The two Antipodean currencies are often traded as proxies for the Chinese yuan due to Australia's and New Zealand's close trade relationship with Beijing. The offshore yuan was steady at 7.1742 per dollar. Sean Callow, a senior analyst at ITC Markets said the Aussie seems likely to keep failing ahead of 0.6600 for now and may test the 50-day moving average at 0.6489 if the gradual U.S. dollar revival continues. In the broader foreign exchange market, the U.S. dollar held near three-week highs as traders awaited the release of U.S. inflation data later in the day that could decide or break the case of a September rate cut. Australian bond yields climbed on Tuesday. Three-year government bond yield rose 2 basis points to 3.482%, the highest since May 23, while ten-year yields ticked up 2 bp to 4.4%, the highest since May 26. Markets are pricing in an 80% chance that the Reserve Bank of Australia will cut rates in August after the release of the second quarter inflation report. A total easing of 75 bps has been priced in, taking the rate to 3.1% early next year.
Perth Now
6 days ago
- Business
- Perth Now
Catch-22 over leading Aussie export
International student arrivals continue to steadily increase, which could mean a massive boost for one of the nation's leading sectors. Australia welcomed 26,210 international students in May 2025, up from 24,270 in May 2024 and 22,500 in May 2023, according to new data from the Australian Bureau of Statistics. Thousands of people flow between Australia's borders every day. NewsWire / David Crosling Credit: News Corp Australia As the rate of international student arrivals steadily increases, AMP chief economist Shane Oliver expects Australia's tertiary education industry to begin leapfrogging its way up the ladder of prominent national exports – a catch-22 for the Australian government, which announced it would place caps on total international student numbers in late 2024. 'We have been moving towards services, exports, particularly education,' Mr Oliver said. 'That's why we've got to be careful here that Australia doesn't shoot itself in the foot by restricting immigration that turns off the education export sector. 'I suspect if things had continued as they were, we would have found a situation where, in the next few years, education would be our second highest exporter ahead of gas and coal and still just behind iron ore – but it was always in a position to potentially become No.1.' International student arrivals continue to steadily increase. NewsWire / Dylan Coker Credit: NewsWire Meanwhile, ABS data shows a minor lift in Aussie tourism, with 11,000 more people arriving from overseas than the previous year's reporting period. The figures also revealed other insights, particularly regarding short-term travel destinations for Aussies leaving the country and also the national origins of our most commonly welcomed tourists. The top three countries Aussies returned from in May were Indonesia (149,080), New Zealand (83,020) and Japan (82,920), followed by the US, China and Thailand. Indonesia and Japan were the only countries Aussies toured for short-term travel that greatly exceeded pre-Covid travel levels, while the US was notably the only country in the top 10 that experienced a significant decrease from pre-2019 levels. Indonesia is in the middle of its dry season, and as the ongoing cost-of-living crisis continues to strongarm Aussies into avoiding big-ticket trips like Euro summers, short-term trips to islands like Bali are becoming more feasible for those hoping to seek offshore adventure. The largest percentage of traffic in and out of the country comes through NSW. NewsWire / Simon Bullard. Credit: News Corp Australia New Zealand experiences autumnal weather during the month of May, so while snowfall in popular ski areas is minimal, the proximity to Australia makes our small neighbour a popular tourist destination all year round. Fair summer weather paired with a drop-off in Yen value resulted in large numbers of Aussies making their way to and from Japan in May, with almost 24,000 more returns reported than in May 2024. The majority of those visiting Australia came from New Zealand (117,250), China (67,350) and India (47,940), with the only significant lift from 2024 traveller numbers coming from China. The majority of travel to and from Australia came through NSW across all measurements. Overall, the ABS reported 611,000 short-term visitor arrivals and 970,000 short-term residential returns. There were 1.66 million total arrivals and 1.68 million departures, meaning the overall population shrank by a relatively small fraction.
