ASX up 0.53% near noon: Wage growth decelerates in Australia

Market Reports

by Peter Milios

Wage growth in Australia decelerated to 0.8% in the first quarter, falling short of analysts' expectations of 0.9%. This slowdown, along with persistent inflation above the Reserve Bank's target range, suggests challenges for monetary policy, with the possibility of a rate cut diminished despite ongoing tightness in the job market.

At 11:30am, the S&P/ASX 200 is 0.53 per cent higher at 7,767.80.

The SPI futures are pointing to a rise of 37 points.

Best and worst performers

The best-performing sector is Materials, up 1.26 per cent. The worst-performing sector is Energy, down 0.54 per cent.

The best-performing large cap is Pro Medicus (ASX:PME), trading 4.15 per cent higher at $117.87. It is followed by shares in BHP Group (ASX:BHP) and Cochlear (ASX:COH).

The worst-performing large cap is Meridian Energy (ASX:MEZ), trading 1.88 per cent lower at $5.495. It is followed by shares in Mercury NZ (ASX:MCY) and Worley (ASX:WOR).

Commodities and the dollar

Gold is trading at US$2361.60 an ounce.

Iron ore is 1.9 per cent lower at US$115.05 a tonne.

Iron ore futures are pointing to a 1.3 per cent fall.

One Australian dollar is buying 66.31 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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