AU Weekly Wrap | ASX 200 Hit New Record Highs; Monthly CPI Boosts Stock Market
News Highlight
ANZ Bank notes Henry Hub Natural Gas Futures prices rose on demand recovery signs. European gas prices climbed 2.6%, recording a fourth weekly gain, while buyers turned to LNG after price dips. North Asian LNG gains were limited due to reduced trade.
The Australian market is spurred by lower-than-expected Consumer Inflation Expectations and modest Retail Sales growth. These indicators suggest that the Reserve Bank of Australia may lean towards a more dovish stance on interest rates. Adding to the positive tone, the Australian Monthly Consumer Price Index came in below projections, further lifting the stock market.
The monthly CPI indicator rose 3.4% in the 12 months to February. The most significant price rises were Housing (+4.6%), Food and non-alcoholic beverages (+3.6%), Alcohol and tobacco (+6.1%) and Insurance and financial services (+8.4%).
Crude oil prices dipped as markets weighed geopolitical strife and OPEC's production quotas, according to ANZ Bank. Tensions escalated with ceasefires failing in Israel and Houthi rebels targeting international ships, heightening concerns. Traders are also eyeing potential OPEC shifts on output cuts ahead of a key meeting.
The February 2024 seasonally adjusted estimate: Rose 0.3% month-on-month & Rose 1.6% compared with February 2023.
AU Market Weekly Movers
Upcoming Economic Events
Source: Investing.com, MarketWatch
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment