AU Evening Wrap: Australia Shares Rise 0.35% Amid Iron-Ore Strength
Market Performance
Australia's $S&P/ASX 200(.XJO.AU$ closed 0.35% higher at 7753.7, rebounding from its pre-government budget dip amid strength in iron-ore stocks.
$Fortescue Ltd(FMG.AU$, $Rio Tinto Ltd(RIO.AU$ and $BHP Group Ltd(BHP.AU$ added between 0.85% and 2.2% as the benchmark index recovered from Tuesday's 0.3% slip. Lithium stocks also rose as the materials sector put on 1.1%, helping offset weakness among heavyweight financials. $CommBank(CBA.AU$, the country's No. 1 bank by market capitalization, added 0.5%, but the next four largest lenders all lost ground. $National Australia Bank Ltd(NAB.AU$, $Westpac Banking Corp(WBC.AU$, $Macquarie Group Ltd(MQG.AU$ and $ANZ Group Holdings Ltd(ANZ.AU$ fell by between 0.7% and 1.2% amid worries that Australia's central bank may raise interest rates once before embarking on cuts.
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Australian Wages Show Signs of Peaking
Australian wages grew less than expected in the first quarter, indicating that wage demand may be peaking and supporting a gradual moderation of inflation pressures over the coming year. The Australian Bureau of Statistics reported that the wage price index rose by 0.8% in the first three months of the year, and by 4.1% from a year earlier. While still a solid increase, the figure was below expectations, suggesting that wage growth may be starting to slow down.
Source: Dow Jones Newswires, AFR, ASX
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