The S&P/ASX 200 Index experienced a modest increase of 0.3%, closing at 8,435 on Friday, as early losses were offset by gains. This shift occurred after lackluster economic data bolstered expectations for sustained monetary policy easing from the Reserve Bank of Australia. Retail sales recorded an unexpected 0.1% decrease in April compared to the previous month, contrasting with the anticipated 0.3% rise and overturning the growth seen in the prior month. Furthermore, there was a sharper-than-expected decline in building permits, heightening apprehensions of a slowdown in the domestic economy. Investors continued to exercise caution amidst intensifying global trade tensions. Notably, a US appeals court reinstated President Donald Trump’s reciprocal tariffs, countering an earlier federal court ruling. Meanwhile, US-China trade negotiations remained in deadlock, as stated by Treasury Secretary Scott Bessent. On the corporate side, substantial gains were observed in companies such as Commonwealth Bank (up 1.1%), Northern Star Resources (up 2.7%), and Treasury Wine Estates (up 4%). Over the course of the week, the ASX 200 rose by 0.88%, marking the index’s sixth gain in the past seven weeks.
The material has been provided by InstaForex Company – www.instaforex.com
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