Australian shares are decently in the green this morning, with the ASX 200 expected to advance as much as +0.2% higher in a continuous climb into the bourse’s all-time records guided by the Reserve Bank.
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The RBA’s rate call helped the ASX on to another all-time high at close yesterday. It wasn’t surprising; traders liked the positive sentiment anyway.
The mid-week surge leaves the bourse tracking towards a lofty 8,910 points.
There’s every chance that continues, too, even with some Aussie investors eyeing profit-taking over sticking with the ride, considering Wall Street has today been tracking +1% jumps across all the major U.S. indexes.
Same story: Rate cuts swelled dovish buying in the States, though for Wall Street traders, it’s that they’re banking on the Fed Reserve chopping in September.
(For the S&P 500, today’s a record too; the first time it’s ever closed above 6,400pts.)
In company news, index-leading Commonwealth Bank (ASX:CBA) – our “Mag One,” if you will – has this morning delivered a cash profit of $10.25 billion for the full year, which marks a (welcome and expected) +4% rise.
Also in earnings: AGL Energy (ASX:AGL) and IAG (ASX:IAG) are the big reporters to come.
And, we’ll get stats on the second-quarter wages/prices at 11.30am today.
More market news
Gov’t help: Oz likely to get commodity supports, but don’t expect Trumpian flair
All-time rise: XJO hits new ATH on RBA cut – is 9,000 by EOY too low?
Looking at forex, the Aussie dollar buys 65.2 US cents.
And then to commodities, all in the greenback,
Iron Ore is up another +0.85%, selling at $104.40 a tonne in Singapore,
Brent Crude is at $66.09,
Gold has held, selling at $3,354 per ounce, and,
US natgas futures are down -5.7%, to $2.78 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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