ASX down 0.02% near noon: Australian retail trade rises by 0.1 per cent in April

By Peter Milios | More Articles by Peter Milios

Australian retail trade rose by 0.1 per cent in April, below the expected 0.2 per cent increase, following a 0.4 per cent decline in the previous month. Year-on-year, retail trade saw a 1.3 per cent increase, significant for the central bank monitoring economic slowdowns to manage inflation, maintaining the cash rate at 4.35 per cent since November. Globally, there's a shift in expectations regarding rate cuts, with Australia now projecting its first monetary easing for next year, fully priced for a decrease by June 2025, impacting market sentiments and strategies.

At 11:35am, the S&P/ASX 200 is 0.02 per cent lower at 7,786.80.

The SPI futures are pointing to a fall of 10 points.

Best and worst performers

The best-performing sector is Materials, up 0.37 per cent. The worst-performing sector is Utilities, down 0.48 per cent.

The best-performing large cap is Pro Medicus (ASX:PME), trading 1.91 per cent higher at $115.40. It is followed by shares in Evolution Mining (ASX:EVN) and South32 (ASX:S32).

The worst-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 2.77 per cent lower at $15.45. It is followed by shares in GQG Partners (ASX:GQG) and Mercury NZ (ASX:MCY).

Commodities and the dollar

Gold is trading at US$2375.20 an ounce.

Iron ore is 1.3 per cent lower at US$119.00 a tonne.

Iron ore futures are pointing to a 0.94 per cent rise.

One Australian dollar is buying 66.59 US cents.

About 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.

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