AU Weekly Wrap | Australia March Unemployment Rate Held Steady; BHP and RIO Maintain Annual Guidance
Macro News
In March 2024, the unemployment rate held steady at 3.9%, while the participation rate saw a decrease to 66.6%.
New Zealand's consumer prices rose by less than expected in the first three months of this year, giving the country's central bank more latitude to join global counterparts which have either cut interest rates or are considering doing so.
This year's iron-ore price declines are likely to have been a dress rehearsal for what's ahead, Capital Economics says. Iron-ore prices have softened on weakness in China's property sector, at one point tumbling below $100/ton before recovering slightly as steel output improved.
Company News
$Woodside Energy Group Ltd(WDS.AU$ said weaker output and lower realized prices for its oil and natural gas drove a 12% drop in sales revenue in its latest quarter.
$BHP Group Ltd(BHP.AU$ maintained its annual iron-ore production guidance after third-quarter volumes fell by 7% compared with the prior three months.
$Rio Tinto Ltd(RIO.AU$ maintained its 2024 guidance after the Australian mining giant reported a 10% fall in first-quarter iron-ore shipments.
$Ansell Ltd(ANN.AU$ launched a non-underwritten share purchase plan to raise up to AU$65 million to fund its acquisition of personal protective equipment assets, according to a Monday filing with the Australian bourse.
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Source: Investing.com, MarketWatch
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