Australian retail trade rose by 0.1 per cent in April, below the expected 0.2 per cent increase, following a 0.4 per cent decline in the previous month. Year-on-year, retail trade saw a 1.3 per cent increase, significant for the central bank monitoring economic slowdowns to manage inflation, maintaining the cash rate at 4.35 per cent since November. Globally, there's a shift in expectations regarding rate cuts, with Australia now projecting its first monetary easing for next year, fully priced for a decrease by June 2025, impacting market sentiments and strategies.
At 11:35am, the S&P/ASX 200 is 0.02 per cent lower at 7,786.80.
The SPI futures are pointing to a fall of 10 points.
Best and worst performers
The best-performing sector is Materials, up 0.37 per cent. The worst-performing sector is Utilities, down 0.48 per cent.
The best-performing large cap is Pro Medicus (ASX:PME), trading 1.91 per cent higher at $115.40. It is followed by shares in Evolution Mining (ASX:EVN) and South32 (ASX:S32).
The worst-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 2.77 per cent lower at $15.45. It is followed by shares in GQG Partners (ASX:GQG) and Mercury NZ (ASX:MCY).
Commodities and the dollar
Gold is trading at US$2375.20 an ounce.
Iron ore is 1.3 per cent lower at US$119.00 a tonne.
Iron ore futures are pointing to a 0.94 per cent rise.
One Australian dollar is buying 66.59 US cents.
