If the Numbers Don’t Fit the Narrative, Change the Numbers
Trump installs an “Inside Man” at Bureau of Labor Statistics
Trump installs an “Inside Man” at Bureau of Labor Statistics
Stocks were lucky to eke out a small gain overnight as investors had their selective hearing on full power as inflation numbers came in much higher than expected .
Anticipating next week’s company earnings and economic figures.
Stay informed on the latest financial updates and trends with MPC Markets
Anticipating next week’s company earnings and economic figures.
BHP, WDS, STO, GMG, CSL
Stay informed on the latest financial updates and trends with MPC Markets
The Australian sharemarket advanced towards a record close on Thursday, buoyed by strong financial sector gains led by Westpac’s standout quarterly result. At 2pm AEST, the S&P/ASX 200 rose 48.9 points to 8876, after hitting an intraday peak of 8899.10 – its fourth consecutive record high this week.
Equites notched a record close for the second day in a row on Wednesday as investors weighed the prospect of a Federal Reserve rate cut as soon as next month and an ongoing slew of mostly upbeat quarterly earnings.
The Australian sharemarket is on track for its sharpest one-day fall in nearly two weeks, driven by heavy selling in major bank stocks, particularly Commonwealth Bank (CBA). After opening at a record high of 8890.50, the S&P/ASX 200 Index slid 42.50 points, or 0.5%, to 8838.30 by 2.05pm AEST.
Stocks notched another record high overnight as inflation figures were benign, leaving the door open for the Fed to cut rates.
The S&P/ASX 200 climbed to a record high after the Reserve Bank of Australia unanimously cut the cash rate by 25 basis points to 3.6 per cent, its lowest level in over two years. The index gained 0.3 per cent, or 23.7 points, to 8,868.50 at 2:43pm AEST, after reaching an intraday peak of 8,870.10 moments after the 2:30pm decision.
Stocks headed lower overnight as investors took some risk off the table into key inflation prints due later in the week and digested reports that President Donald Trump had extended the deadline for China tariffs by 90 days.
Australian shares eased on Friday, with the S&P/ASX 200 down 0.2% or 20.2 points to 8811.20 at 2:05pm AEST, though the index remains on track for its first weekly gain in three weeks, up 1.7%. Market sentiment softened as US President Donald Trump’s sweeping new tariffs—impacting over 90 countries—took effect, lifting the average US import rate to over 17%, the highest since the Great Depression.