Markets

Oil is set for consecutive weekly gains as a surprise draw in US inventory levels and strong demand signaled buoyant conditions in the world's top oil consumer, with West Texas Intermediate trading above $81 a barrel and Brent near $86.

On Thursday, the S&P/ASX 200 experienced slight losses despite Guzman y Gomez's successful debut, marking it as the largest IPO since November 2021.

Australian shares opened without much movement as the market aimed to prevent its third decline in four days this week. Meanwhile, European markets experienced a decline, and trading in Wall Street was halted due to a federal holiday.

Australian shares closed marginally lower on Wednesday despite a rise in energy stocks, with the S&P/ASX 200 slipping 0.1% to 7769.7 amidst subdued sector movements. Energy stocks led gains, supported by rising oil prices, while various sectors experienced modest declines, reflecting a generally quiet trading session.

At 11:30am, the S&P/ASX 200 is 0.09 per cent lower at 7,771. Australian shares saw modest declines despite gains in energy stocks, with the overall index experiencing a slight downturn.

The Australian sharemarket rose by 1 percent on Tuesday, with the S&P/ASX 200 Index closing at 7778.1 points, following the Reserve Bank's decision to keep its cash rate unchanged.

At 11:30am, the S&P/ASX 200 is 0.92 per cent higher at 7,771.10, mirroring a continued surge in New York where Tesla and Apple led gains in the blue-chip technology sector.

Australian shares fell on Monday, with the benchmark S&P/ASX 200 closing 0.3% lower, led by declines in energy and mining sectors due to disappointing Chinese economic data and cautious sentiment ahead of the Reserve Bank’s rate decision.

Australian job advertisements, as measured by ANZ-Indeed, decreased by 2.1% in May, following a peak decline of 23.9% from November 2022, yet remaining over 20% higher than pre-pandemic levels.

At 11:30am, the S&P/ASX 200 is 0.35 per cent lower at 7,722.30, following Wall Street's surge to record highs, driven by increased investor confidence in companies poised to benefit from artificial intelligence.

Australian shares rebounded on Thursday, with the S&P/ASX 200 gaining 0.4% to reach 7749.7 points, driven by increases in sectors sensitive to interest rates such as property, banking, and technology.

In May, Australian employment rose by 39,700, reducing the unemployment rate to 4%.

The Australian sharemarket extended losses on Wednesday, with the S&P/ASX 200 Index dropping 0.5% amid investor anxiety over the imminent US Federal Reserve interest rate decision.

At 11:30am, the S&P/ASX 200 is 0.69 per cent lower at 7,701.90, reflecting Wall Street's mixed performance where banking stocks weighed on the Dow Jones while the Nasdaq and S&P 500 were lifted by Apple's 7.3% surge.

The sharemarket experienced a significant decline as anticipation grew for the US Federal Reserve to delay immediate rate cuts, compounded by political uncertainty stemming from far-right gains in European elections and concerns about the bloc's future.

At 11:30am, the S&P/ASX 200 is 1.27 per cent lower at 7,760.30, mirroring losses in Europe due to better-than-expected performance by far-right parties in weekend elections, and in anticipation of the US Federal Reserve's resistance to immediate rate cuts.

Australian shares opened with a 0.2% increase driven by gains in mining sectors like iron ore, lithium, and coal, although this was tempered by weaknesses in healthcare and technology. At 11:30am, the S&P/ASX 200 is 0.18 per cent higher at 7,835.70.

Australian shares rose on Thursday following a record-breaking session on Wall Street, fuelled by Canada’s central bank lowering its cash rate by 25 basis points to 4.75 per cent.

Australian shares opened 0.6% higher as US tech gains and the Bank of Canada's rate cut bolstered hopes for global rate reductions.

On Tuesday, the Australian Securities Exchange (ASX) witnessed a downturn, predominantly influenced by a notable sell-off in mining and energy sectors, triggered by weakened commodity prices. The S&P/ASX 200 index slid by 0.3%, equivalent to 23.9 points, halting a two-day consecutive upward trend, while the broader All Ordinaries index also experienced a decline of 0.4%, settling at 7994.1 points. Among the eleven sectors on the ASX, nine ended the day in negative territory, with energy and materials sectors bearing the brunt of the losses.

Aus shares began the session with minimal change, leveling off shortly after the market opened. This stagnation was attributed to a decline in commodity prices, which adversely affected mining firms, counterbalancing any positive momentum in the healthcare sector.

The Australian share market began June with strong gains, following a positive trend in US stocks driven by subdued inflation data, prompting confidence in potential future rate cuts by the Federal Reserve.

The Australian sharemarket has risen in June, continuing its recovery from recent sell-offs, with a 0.82 per cent rise at 11:30am following modest gains on Wall Street. This follows a 1 per cent jump on Friday, driven by traders unwinding earlier sell-offs prompted by concerns over inflation and potential Reserve Bank interest rate hikes.

At 11:30am, the S&P/ASX 200 is 0.49 per cent higher at 7,665.70, following a three-day sell-off, driven by broad buying spurred by slightly elevated April inflation data.