The Australian sharemarket posted early gains after Wall Street rebounded from its tech sell-off overnight, as local investors wait for the release of quarterly inflation data, which could open the door to a rate cut next month.
The Australian sharemarket opened higher on Wednesday after Wall Street rebounded from its tech sell-off overnight, as local investors wait for the release of quarterly inflation data, which could open the door to a rate cut next month.
Energy stocks were also having a strong morning after Tuesday’s losses, buoyed by gains in Woodside Energy , Ampol and Yancoal . The big banks were mixed, with CBA, Westpac and ANZ all up 0.3 per cent, however NAB traded flat. Miners were in the red with heavyweights BHP and Rio Tinto down 1.1 per cent and 1 per cent, respectively.Meanwhile, shares in embattled casino operator Star Entertainment were up 10.
AI-related stocks have been Wall Street’s biggest stars in recent years, soaring on expectations that big spending will only continue to grow. The gains, though, also created criticism that their stock prices had simply gone too high, too fast. Cruise operator Royal Caribbean steamed 12 per cent higher after it topped analysts’ profit expectations for the end of 2024. It benefited from stronger-than-expected demand from customers booking trips closer to the time of departure. The company also gave a profit forecast for the first three months of 2025 that beat analysts’ expectations.
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