On Thursday, the S&P/ASX 200 Index advanced by 0.78%, closing at 7,819, marking a two-week peak as mining and energy stocks surged due to an uptick in commodity prices. Despite significant losses on Wall Street overnight—prompted by US Federal Reserve Chair Jerome Powell’s remarks that tariffs could threaten the central bank’s dual objectives of managing inflation and fostering economic growth—Australia’s market posted moderate gains. Investors were also evaluating data indicating that Australia’s job growth in March fell short of expectations; however, the unemployment rate remained steady at a low 4.1%. This sustained speculations that the Reserve Bank of Australia (RBA) might lower interest rates by 25 basis points in May, with some market participants even considering a potential 50 basis point reduction, amid escalating worries over a global economic slowdown driven by tariffs. Leading the market’s upward movement were prominent mining and energy companies, including BHP Group (+1.2%), Northern Star (+1.2%), Evolution Mining (+1.8%), Woodside Energy (+3.5%), and Santos (+3.1%).
The material has been provided by InstaForex Company – www.instaforex.com
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