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Gold, silver and copper hit highs: Will the rally last?
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AU Evening Wrap: Australia Shares Slip 0.15% Amid Materials Weakness

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Moomoo News AU joined discussion · May 21 02:45
Market Performance
Australia's $S&P/ASX 200(.XJO.AU)$ closed 0.15% lower at 7851.7, missing the chance to set a record amid weakness in materials stocks. The index, which had been about 33 points short of a record after opening the week with a 0.6% rise, is up 0.5% so far this week.
The benchmark index spent all but a few minutes of Tuesday's session in the red, weighed by shares of building-materials suppliers, gold miners and two of its three largest iron-ore companies. Building-products provider $James Hardie Industries PLC(JHX.AU)$ tumbled 15% after its FY 2025 guidance was weaker than expected. Gold miners $Northern Star Resources Ltd(NST.AU)$, $Gold Road Resources Ltd(GOR.AU)$ and $De Grey Mining Ltd(DEG.AU)$ lost between 1.2% and 3.75%, while $Fortescue Ltd(FMG.AU)$ and $Rio Tinto Ltd(RIO.AU)$ lost 0.8% and 1.3%, respectively. Iron-ore giant $BHP Group Ltd(BHP.AU)$ pared the overall losses with a 0.7% rise.
Souce: ASX
Souce: ASX
AU Evening Wrap: Australia Shares Slip 0.15% Amid Materials Weakness
AU Evening Wrap: Australia Shares Slip 0.15% Amid Materials Weakness
Top News
RBA Discusses Interest-Rate Hikes at May Policy Meeting
The Reserve Bank of Australia (RBA) resumed discussions of interest-rate hikes at its May policy meeting, but ultimately decided to stand pat given the risks around its economic forecasts. The RBA's minutes of its May 6-7 gathering showed that the board discussed two options before leaving the key rate at 0.1%, noting that the risks were still "balanced" despite stronger-than-expected data leading up to the meeting. The minutes suggest that rates are likely to stay higher-for-longer, and as a result, Australian government bonds have declined and the policy-sensitive three-year yield has risen for a third straight day. Swaps traders now see the RBA staying on hold until mid-2025.
Westpac Consumer Sentiment Falls in May
Australian consumer sentiment deteriorated further in May, due to concerns over sticky inflation and the prospect of high interest rates for a longer period of time, which left little optimism over the economy. The Westpac-Melbourne Institute consumer sentiment index fell 0.3% to 82.2 in early May, extending declines after sliding 2.4% in April. The index was close to record lows seen during the 2020 COVID-19 pandemic, as a rising cost of living kept consumers largely pessimistic about the economy. The survey highlights the challenges facing Australia's economic recovery, as consumers remain cautious amid uncertainty over the global economic outlook and the impact of inflation on their purchasing power.
Source: Dow Jones Newswires, AFR, ASX
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