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The ASX200 is tipped to rise about 0.66 per cent on open this morning, on the back of a three-day streak of gains on Wall Street, which has itself been driven by weaker-than-expected job figures on Friday, and the growing belief that the Federal Reserve might cut interest rates. There were rises on all three US indexes, with the S&P 500 gaining 1%, the Nasdaq rose 1.2% and the Dow adding 176 points. The Dow Jones closed 1.18 percent higher.
We have a big day ahead on the Australian market on Tuesday, with First Quarter Retail Sales expected this morning, followed by a decision on interest rates by the Reserve Bank of Australia at 2.30 pm AEST. It is generally expected that the RBA will keep the rate at 4.35 percent, although some economists are tipping a rise on the back of stubborn inflation.
ANZ released its half yearly results for the Financial Year 2024, showing cash profits at $3,552 million – a fall of 1 percent from the previous half, and of 7 percent from the same time last year.
The bank’s board has proposed a plan to buy back $2 billion worth of shares, with an Interim Dividend set at 83 cents per share, partially franked at 65 percent.
Westar Resources Ltd has announced it has picked up assays including 40.7 grams per tonne of gold and 214 grams per tonne of silver at its Mindoolah project in Western Australia.
One Australian dollar has been buying US$66.23 cents,
Gold is at US$2325.32; iron ore has been up around US$118.03, brent crude has been around US$83.688 and natural gas has been trading just above US$2.202 per million British thermal units.
