According to Mars Finance, Australian stocks hit a record high on Tuesday as market expectations that the Federal Reserve may cut interest rates sharply this week continue to heat up. Australia's S&P/ASX 200 index rose 0.3% to 8,148.8 points, surpassing the all-time high of 8,148.7 points set on August 1. According to CME's FedWatch tool, 62% of market participants currently expect a 50 basis point rate cut. Traders are waiting for Australia's August employment report on Friday to see how the labor market responds to high interest rates. The Reserve Bank of Australia has kept interest rates steady at a 12-year high of 4.35% since November 2023. Interest rate-sensitive financial stocks rose 0.3%, with the Commonwealth Bank of Australia rising 0.4%. Gold stocks rose for the sixth consecutive trading day. Mining stocks rose slightly by 0.1%, with industry giants BHP Group up 0.3% and Rio Tinto Group up 0.7%. Technology stocks rose as much as 1%, setting a record high. (Jinshi)
Australian shares hit record high on expectations of big Fed rate cut
This article is machine translated
Show original
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Share