AU Weekly Wrap | May Unemplyment Rate Falls; Telix Pharmaceuticals Shares Sink on Unexpected Nasdaq News
Macro News
The results of the latest monthly survey of firms by the National Australia Bank paint the worst of worlds for the Reserve Bank of Australia, which may need to raise interest rates further before it can claim victory over inflation.
Business confidence fell 4 index points to minus 3 index points in May from April, while NAB's business conditions index fell 1 point to 6 index points over the same period.
Australian consumer confidence recorded its biggest weekly fall of the year last week following data showing the economy remained largely lifeless in the first quarter, amid recent warnings from the Reserve Bank of Australia that further interest rate increases may still be required.
$Henry Hub Natural Gas Futures(DEC4) (NGmain.US)$ prices extended gains amid further supply issues and concerns extreme weather will boost demand, $ANZ Group Holdings Ltd (ANZ.AU)$ said in a Wednesday note.
In seasonally adjusted terms, in May 2024: unemployment rate decreased to 4.0%.
Company News
$Rio Tinto Ltd (RIO.AU)$'s acquisition of $Mitsubishi (8058.JP)$'s nearly 12% interest in an Australian aluminum smelter illustrates the company's continued commitment to its aluminum business, especially Pacific Aluminium, Morgan Stanley analysts say in a note.
$Xero Ltd (XRO.AU)$ issued $925 million of 1.625% guaranteed senior unsecured convertible notes due 2031 to be listed on the Singapore Exchange on Thursday, according to a Wednesday Australian bourse filing.
$Telix Pharmaceuticals Ltd (TLX.AU)$ share price is under pressure after the company announced that its Nasdaq listing is off the cards.
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Source: Investing.com, MarketWatch
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