Rate Cut Views Strengthed after RBA Minutes
IDP Education Worst Performer on Asx 200
June 3 (Reuters) – Australian Shares Ended Higher on Tuesday, Helped by Banks as Investors Expectations for Further Rate Cuts Were Strengthed after Minutes from the Central Bank Considered an outsized cut.
The S & P/Asx 200 Index Rose 0.6% to 8,466.70 points at the close of trade. The benchmark remains a few points shy of the psychologically important 8,500-point level, last seen in mid-fiberry.
Minutes from the Reserve Bank of Australia’s (RBA) May meeting suggested that policmakers had considered an outsized cut of 50 Basis points as an “Insurance” Against Global TRADE RISKS.
This marks a shift in the central bank’s tone, following the rate cut it delivered in May, which raised the probability of easing at the RBA’s next meeting on july 8 to 77% from 59% Last Week, Acording to the RBA WATCH tool.
Meanwhile, The Country’s First-Quarter Gross Domestic Product Print, Due on Wednsday, is expected to show a modest growth of 0.4%, While Recent data show shows and goONMENT Spending Dragged on Economic Growth Last Quarter.
“RBA now views the tariffs and broader trade dispute as being more likely to reduce inflation than add to it. Complicated “,” Analysts at WestPac said in a note.
Banks Led Gains on the Benchmark on Tuesday, Rising 1.2%and Mirroring Gains in the ‘Big Four’ lenders, which rose 1.2%-1.4%.
Gold stocks were the top advancers on the mining sub-India, underpinned by strong prices, which retreated on tursday but still Hoavered Around A Four-White Peak.
Shares of Student Placement Services Provider IDP Education Tanked 48.1% And the Stock was the Worst Performer on the ASX 200, as Tighter Student Visa Rules in its KEY MARKETS RES KEY MARKETS RESELED In ANNUL Profit Projection.
New Zealand’s Benchmark S & P/NZX 50 Index Fell 0.7% to Finish the Session at 12,327.23 points. (Reporting by Shivangi Lahiri in Bengaluru)
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