ASX closes 0.77% higher: Aus shares on rate cut speculation




The Australian share market began June with strong gains, following a positive trend in US stocks driven by subdued inflation data, prompting confidence in potential future rate cuts by the Federal Reserve. Key sectors like utilities, finance, and real estate performed well, while fluctuations in commodity prices impacted mining stocks. 

At the closing bell, the S&P/ASX 200 was 0.77 per cent higher at 7,761.


The Dow Jones futures are pointing to a rise of 105 points.

The S&P 500 futures are pointing to a rise of 12.25 points.

The Nasdaq futures are pointing to a rise of 48 points.

The SPI futures are up 64 points.

Best and worst performers

The best-performing sector was Financials, up 1.54 per cent. The worst-performing sector was Information Technology, down 0.72 per cent.

The best-performing large cap was Amcor (ASX:AMC), closing 2.83 per cent higher at $15.26. It was followed by shares in AGL Energy (ASX:AGL) and QBE Insurance Group (ASX:QBE).

The worst-performing large cap was Mercury NZ (ASX:MCY), closing 2.4 per cent lower at $6.10. It was followed by shares in Reece (ASX:REH) and EBOS Group (ASX:EBO).

Asian markets

Japan's Nikkei has gained 1.13 per cent.

Hong Kong's Hang Seng has gained 2.12 per cent.

China's Shanghai Composite has lost 0.01 per cent.

Commodities and the dollar

Gold is trading at US$2,337.00 an ounce.

Iron ore is 0.1 per cent higher at US$ 115.25 a tonne.

Iron ore futures are pointing to a 2.5 per cent fall.

Light crude is trading $0.26 lower at US$76.74 a barrel.

One Australian dollar is buying 66.43 US cents.


Name Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.