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Occidental Petroleum
-- 47.130 AU Evening Wrap: Australia Shares Rise 0.35% Amid Iron-Ore Strength
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.35% higher at 7753.7, rebounding from its pre-government budget dip amid strength in iron-ore stocks.
$Fortescue Ltd (FMG.AU)$, $Rio Tinto Ltd (RIO.AU)$ and $BHP Group Ltd (BHP.AU)$ added between 0.85% and 2.2% as the benchmark index recovered from Tuesday's 0.3% slip. Lithium stocks also rose as the materials sector put on 1.1%, helping offset weakness among heavyweight financials. $CommBank (CBA.AU)$, the country's No. 1 bank by market capitalization, added 0.5%, but the next four largest lenders all lost ground. $National Australia Bank Ltd (NAB.AU)$, $Westpac Banking Corp (WBC.AU)$, $Macquarie Group Ltd (MQG.AU)$ and $ANZ Group Holdings Ltd (ANZ.AU)$ fell by between 0.7% and 1.2% amid worries that Australia's central bank may raise interest rates once before embarking on cuts.
Top News
Australian Wages Show Signs of Peaking
Australian wages grew less than expected in the first quarter, indicating that wage demand may be peaking and supporting a gradual moderation of inflation pressures over the coming year. The Australian Bureau of Statistics reported that the wage price index rose by 0.8% in the first three months of the year, and by 4.1% from a year earlier. While still a solid increase, the figure was below expectations, suggesting that wage growth may be starting to slow down.
Source: Dow Jones Newswires, AFR, ASX
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