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AU Evening Wrap: Australia Shares Slip 0.5% as Miners, Banks Fall

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Moomoo News AU wrote a column · May 23 02:34
Market Performance
Australia's $S&P/ASX 200(.XJO.AU)$ closed 0.5% lower at 7811.8, losing its chance at a record high amid weakness in shares of large-cap miners and banks. The ASX 200 is now 1.1% off the record high it set in March.
Eight of the nine largest companies by market capitalization finished in the red, led by $BHP Group Ltd(BHP.AU)$. The iron-ore giant lost 2.9% as analysts continued to mull the chances of it succeeding with its play for Anglo American. $Fortescue Ltd(FMG.AU)$ lost 1.1% and $Rio Tinto Ltd(RIO.AU)$ shed 2.0%.
Banks $CommBank(CBA.AU)$, $Westpac Banking Corp(WBC.AU)$, $ANZ Group Holdings Ltd(ANZ.AU)$, $Macquarie Technology Group Ltd(MAQ.AU)$ and $National Australia Bank Ltd(NAB.AU)$ lost between 0.6% and 1.1% as Goldman Sachs analysts highlighted continued margin headwinds in mortgages.
Vaccine maker $CSL Ltd(CSL.AU)$ was the large-cap outlier, adding 1.4%.
Source: ASX
Source: ASX
AU Evening Wrap: Australia Shares Slip 0.5% as Miners, Banks Fall
AU Evening Wrap: Australia Shares Slip 0.5% as Miners, Banks Fall
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Australian Inflation Moderates, Wage Stable in May
According to the Melbourne Institute Survey of Consumer Inflationary Expectations released on Thursday, inflation expectations in Australia fell by 0.5% to 4.1% in May. The figure is 1.1% below the year-ago number and is at its lowest point since the third quarter of 2021. The survey also found that total pay is expected to grow by 1.2% over the next 12 months, indicating a broader pattern of moderating expected inflation and relatively stable wage expectations.
Xero Reports NZ$174.6M Annual Profit on Revenue Jump
Cloud-accounting software provider $Xero Ltd(XRO.AU)$ has reported a net profit of NZ$174.6 million (US$106.5 million) for the 12 months through March, compared to a loss of NZ$113.5 million the previous year. The New Zealand-based company's jump in revenue by 22% was attributed to subscriber and price growth.
Source: Dow Jones Newswires, AFR, ASX
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