The Australian retail sector experienced a flat month in July, following a modest 0.5% increase in June. This unexpected result defied expectations of a 0.3% rise. Despite recent tax cuts and concerns about increased consumer spending, the overall retail turnover remained stable. The Reserve Bank closely monitors consumer spending patterns as it aims to curb inflation and potentially lower interest rates in the future. The upcoming release of GDP figures for the June quarter will provide further insights into the broader economic landscape.
At 11:35am, the S&P/ASX 200 is 0.37 per cent higher at 8,074.80.
The SPI futures are pointing to a rise of 27 points.
Best and worst performers
The best-performing sector is Energy, up 1.86 per cent. The worst-performing sector is Consumer Discretionary, down 1.19 per cent.
The best-performing large cap is TPG Telecom (ASX:TPG), trading 6.55 per cent higher at $4.88. It is followed by shares in Qantas Airways (ASX:QAN) and Steadfast Group (ASX:SDF).
The worst-performing large cap is Ramsay Health Care (ASX:RHC), trading 7.54 per cent lower at $41.20. It is followed by shares in Harvey Norman Holdings (ASX:HVN) and Wesfarmers (ASX:WES).
Commodities and the dollar
Gold is trading at US$2551.40 an ounce.
Iron ore is 0.8 per cent higher at US$101.25 a tonne.
Iron ore futures are pointing to a 0.1 per cent fall.
One Australian dollar is buying 67.96 US cents.
