On Wednesday, the S&P/ASX 200 hovered around the 8,555 mark, stabilizing after a robust 1% uptick in the previous session. Gains in the banking sector were tempered by declines in mining and energy stocks. Investors were keenly anticipating the forthcoming Australian inflation data, which is expected to offer insights into the Reserve Bank of Australia’s future monetary policy. The RBA’s next interest rate decision is expected on July 8, and current market sentiment suggests an 89% probability of a 25-basis-point reduction. Additionally, there was growing optimism regarding a tentative US-mediated ceasefire between Israel and Iran, which is currently holding. Nonetheless, there remains a sense of caution due to uncertainties surrounding the ceasefire’s longevity. On the corporate landscape, the mining and gold sectors faced a 1.3% downturn, attributed to declining iron ore and gold prices. Energy stocks also saw a decline for the second consecutive session, influenced by dropping oil prices. In contrast, the financial sector saw growth, with CBA appreciating by 1% to attain a new record high.
The material has been provided by InstaForex Company – www.instaforex.com
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