ASX down 0.02% near noon: Australian retail trade rises by 0.1 per cent in April

Market Reports

by Peter Milios

Australian retail trade rose by 0.1 per cent in April, below the expected 0.2 per cent increase, following a 0.4 per cent decline in the previous month. Year-on-year, retail trade saw a 1.3 per cent increase, significant for the central bank monitoring economic slowdowns to manage inflation, maintaining the cash rate at 4.35 per cent since November. Globally, there's a shift in expectations regarding rate cuts, with Australia now projecting its first monetary easing for next year, fully priced for a decrease by June 2025, impacting market sentiments and strategies.

At 11:35am, the S&P/ASX 200 is 0.02 per cent lower at 7,786.80.

The SPI futures are pointing to a fall of 10 points.

Best and worst performers

The best-performing sector is Materials, up 0.37 per cent. The worst-performing sector is Utilities, down 0.48 per cent.

The best-performing large cap is Pro Medicus (ASX:PME), trading 1.91 per cent higher at $115.40. It is followed by shares in Evolution Mining (ASX:EVN) and South32 (ASX:S32).

The worst-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 2.77 per cent lower at $15.45. It is followed by shares in GQG Partners (ASX:GQG) and Mercury NZ (ASX:MCY).

Commodities and the dollar

Gold is trading at US$2375.20 an ounce.

Iron ore is 1.3 per cent lower at US$119.00 a tonne.

Iron ore futures are pointing to a 0.94 per cent rise.

One Australian dollar is buying 66.59 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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