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Tag: S&P/ASX 200

  • European markets muted as global stocks search for new highs

    European markets muted as global stocks search for new highs

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    The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 13, 2023.

    Staff | Reuters

    LONDON — European stocks were little changed on Thursday as global markets search for new record highs to close out the year.

    The pan-European Stoxx 600 index hovered around the flatline by mid-morning, with health care stocks adding 0.5% while oil and gas stocks dropped 0.6%.

    The continental blue chip index was last trading around the 478.66 mark, not far below the index’s record closing high of 483.44 notched in November 2021.

    Stateside, U.S. stock futures were little changed in early premarket trade after another day of modest gains on Wall Street, with the S&P 500 benchmark also closing in on a record high.

    Shares in Asia-Pacific were mostly higher overnight, with markets in mainland China and Hong Kong leading gains and Australia’s S&P/ASX 200 hovering near a two-year high. Japan’s Nikkei 225 and Topix bucked the trend to post slight declines.

    Trading volumes are expected to be thin during the last two days of the trading year, with fewer data points on the economic calendar and all major central bank meetings out of the way.

    In terms of individual share price movement in Europe, Spanish utility company Endesa fell 3% in early trade to the bottom of the Stoxx 600, while Danish biotech Zealand Pharma gained 3% to lead the index.

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  • Australia’s central bank leaves its key rate unchanged, says inflation ‘passed its peak’

    Australia’s central bank leaves its key rate unchanged, says inflation ‘passed its peak’

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    An aerial view of the central business district and Sydney Opera House on February 17, 2023.

    David Gray | Getty Images News | Getty Images

    Australia’s central bank held its official cash rate steady at 4.10% in a closely watched decision Tuesday.

    Economists were split on expectations ahead of the decision, with 16 out of 31 respondents surveyed by Reuters forecasting a hike of 25 basis points and 15 expecting the central bank to hold.

    Stocks cheered the move as the central bank said “inflation in Australia has passed its peak.” The S&P/ASX 200 pared earlier gains and rose 0.21%.

    The Australia Bureau of Statistics’ monthly inflation indicator showed some cooling in the rise of prices at 5.6% for the month of May, led by housing prices, food and non-alcoholic beverages.

    Australia’s monthly inflation indicator peaked at 8.4% in December. The economy’s consumer price index rose 7% in the first quarter of 2023.

    The decision comes after the central bank raised its cash rate by 25 basis points last month — a move it described as a “finely balanced” decision, according to minutes from its June meeting.

    It added that inflation risks have “shifted somewhat to the upside.” The RBA added that the inflation rate’s return to the central bank’s price stability target range of 2 to 3% was “already drawn out.”

    Tuesday’s decision will revolve around similar discussions that took place in the RBA’s June meeting, Commonwealth Bank of Australia’s senior economist Belinda Allen said ahead of the decision.

    “The recent data flow has been mixed and we think this affords the RBA some time to slow its hiking cycle,” said Allen, adding that the second-quarter CPI print will be closely watched ahead of the central bank’s next meeting in August.

    This is breaking news. Please check back for updates.

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