Markets

Australian shares opened slightly higher, with a 0.2% increase driven by gains in the tech sector, although Telstra experienced a 4% decline due to announced job cuts. Wall Street saw major indices reaching record highs, notably the S&P 500, which added 0.3% to its record high for the 24th time in the year. At 11:30am, the S&P/ASX 200 is 0.22 per cent higher at 7,868.70.

Australian shares closed slightly lower on Tuesday as declines in James Hardie and Sonic Healthcare offset gains in the tech sector following a Nasdaq high. The S&P/ASX 200 dropped 0.2% to 7851.7, nearing but not reaching its previous record close of 7896.4 in March.

The Reserve Bank's May policy meeting minutes indicated that while raising the cash rate was considered if forecasts risked optimism regarding inflation factors, stronger-than-expected data prompted them to maintain the rate at 4.35%, citing insufficient updates to justify policy alteration and acknowledging increased inflation risks.

Australian shares are inching closer to a record close, with the ASX moving within 35 points of its all-time high.

Copper has surged to a new high, driven by financial investors anticipating a supply shortage, with futures on the London Metal Exchange reaching $US10,848 a ton, reflecting a more than 25% increase since the year began, amid concerns of a tightening ore supply potentially leading to a global shortfall in refined metal.

Oil prices remained relatively stable throughout the week, with Brent trading slightly above $83 a barrel and West Texas Intermediate below $80, as the market focused on supply dynamics and inflation concerns.

On Thursday, Australian shares experienced a significant surge, edging tantalizingly close to their all-time high, buoyed by market speculation surrounding potential interest rate cuts by the Reserve Bank of Australia.

Australian employment rose by 38,500 in April, with the unemployment rate climbing to 4.1%, up from the previous month's 3.9%.

The Australian sharemarket rallied on Wednesday, with the S&P/ASX 200 Index climbing 0.4% to 7753.7 and the All Ordinaries rising 0.3%, driven by gains in the mining sector following the federal government's commitment to increase funding for critical minerals.

Wage growth in Australia decelerated to 0.8% in the first quarter, falling short of analysts' expectations of 0.9%.

Australian shares declined on Tuesday as investors awaited details from the federal budget and awaited key inflation data from the US.

Australian shares opened slightly lower as investors awaited the federal budget and US inflation data, mirroring subdued Wall Street performance. At 11:30am, the S&P/ASX 200 is 0.27 per cent lower at 7,729.20.

On Monday, the sharemarket closed with minimal change as gains in consumer stocks counterbalanced losses in energy, setting a cautious tone ahead of the federal budget that could influence the Reserve Bank's stance on maintaining high interest rates amidst inflation concerns.

The Australian sharemarket edged downwards, primarily driven by losses in financials, anticipating a federal budget presentation by Treasurer Jim Chalmers from the Labor government, expected to offer cost-of-living relief to households amidst a focus on maintaining high interest rates by the Reserve Bank in the fight against inflation, alongside a projected consecutive surplus.

On Friday, Australian shares opened higher, mirroring a positive trend on Wall Street fueled by reinforced expectations of interest rate cuts in the US.

Investor concerns over rising living costs and their potential impact on retail sales and bank lending drove accelerated selling in Australian shares, leading to a 1.1% decline in the S&P/ASX 200 to 7721.6 points.

Australian shares opened lower by 0.4% due to Commonwealth Bank's decreased quarterly profit, leading to selling pressure on financial stocks, while multiple retailers also declined on reports of reduced consumer spending amidst rising living costs. At 11:30am, the S&P/ASX 200 is 0.75 per cent lower at 7,745.90.

On Wednesday, gains in the tech and property sectors were counterbalanced by declines in the mining sector, following a 1.4 per cent increase in shares on Tuesday, prompted by the Reserve Bank's decision to maintain interest rates and indicate data-dependent rate adjustments.

Australian shares continued their upward trend, gaining 0.3% at the opening following the Reserve Bank's decision to maintain interest rates and emphasise data dependency for future adjustments.

The Australian sharemarket surged by 1.4 percent following the Reserve Bank of Australia's decision to maintain the cash rate, resulting in gains across all 11 sectors, with the S&P/ASX 200 Index climbing to 7793.3 points at closing.

The Australian sharemarket opened higher, mirroring a surge in New York driven by anticipation of potential interest rate cuts by the Federal Reserve.

The Australian sharemarket saw a 0.7% increase in the benchmark S&P/ASX 200 Index on Monday, primarily driven by gains in interest rate sensitive sectors such as real estate and information technology ahead of the Reserve Bank's expected decision to maintain the cash rate.

The Australian sharemarket surged at opening due to a weaker-than-expected US jobs report, suggesting potential interest rate cuts in the US. At 11:30am, the S&P/ASX 200 is 0.54 per cent higher at 7,670.3.

The Australian sharemarket began on a positive note amidst concerns of prolonged higher interest rates, with Apple's stock surging over 7% in after-hours trading and local tech companies such as Pro Medicus reaching record highs.

At the closing bell, the S&P/ASX 200 was 0.23 per cent higher at 7,587, led by gains in the financial sector, as National Australia Bank exceeded analysts' expectations with a $3.55 billion cash profit, while US markets remained mixed following the Federal Reserve's decision to maintain interest rates and Chairman Powell's indication of unlikely further rate hikes.

Australian shares showed resilience, edging higher on Thursday morning despite concerns about prolonged higher interest rates, with the S&P/ASX 200 up 0.2%.