AU Evening Wrap: Australia Shares Rise 0.4% as Unemployment Rate Falls
Market Performance
The $S&P/ASX 200 (.XJO.AU)$ closed 0.4% higher at 7749.7. The slight fall in unemployment had little impact on economists' expectations for local interest rates. As a result, they are still anticipating only a gradual loosening of monetary policy. The benchmark index maintained its early gains on the back of cooler U.S. inflation data that boosted confidence in Fed rate cuts.
Nine out of eleven sectors of the ASX 200 finished higher, with tech and healthcare leading the way. Among banks, $Westpac Banking Corp (WBC.AU)$, $National Australia Bank Ltd (NAB.AU)$, and $CommBank (CBA.AU)$ added between 0.8% and 1.1%.
Commodity stocks, such as iron-ore majors $Rio Tinto Ltd (RIO.AU)$ and $BHP Group Ltd (BHP.AU)$, weighed down on the index, losing 0.35% and 0.7%, respectively.
Top News
Australia's Unemployment Rate Drops to 4% in May
Australia's headline unemployment rate dropped by 0.1 percentage points to 4% in May, thanks to the addition of 40,000 jobs and a decrease of 9,000 in the number of officially unemployed individuals. The Bureau of Statistics notes that this slight decline in unemployment is partially attributed to individuals who were waiting to start work in April and have now entered the workforce.
Elon Musk Claims Shareholders to Approve $56 Billion Tesla Pay Package
Elon Musk, the founder and CEO of Tesla, has announced on his social media platform X that shareholders are expected to approve his $56 billion pay package, which has been a subject of controversy and criticism. While the company has not made an official announcement on the voting, Musk's tweet suggests that he is confident of securing the necessary support. The voting is expected to conclude on Thursday in the US, and also includes a resolution to relocate Tesla's legal domicile from California to Texas.
Source: Dow Jones Newswires, AFR, ASX
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SanjBot : ASX Market Update: ASX slips 0.3%, Discretionary is the only sector to rise | 14 June, 2024 of course.