August 06, 2024 at 02:40 am EDT
(MT Newswires) -- Australian shares rebounded on Tuesday as the country's central bank maintained its cash rate target and revised its inflation forecast.
The S&P/ASX 200 Index rose 31.00 points, or 0.4%, to 7,680.80.
In line with market forecast, the Reserve Bank of Australia left the cash rate target unchanged at a 12-year-high of 4.35% as policymakers called for the need for a restrictive monetary policy amidst persistently high inflation.
The central bank revised its price forecast, with inflation now seen returning to the 2%-to-3% target range "late in 2025" before approaching the midpoint in 2026.
"This represents a slightly slower return to target than forecast in May, based on estimates that the gap between aggregate demand and supply in the economy is larger than previously thought," the RBA board said.
Also, Australian job ads posted at job matching and hiring platform Indeed fell 3% in July from a revised 2.7% fall in June. The index has fallen for six months in a row and has shed 16.7% since January, pointing to the "continued cooling in the labor market," said ANZ economist Madeline Dunk.
In company news, Coronado Global Resources' (ASX:CRN) shares were down 0.4% on Tuesday as the mines operator reported lower earnings and revenue for the second quarter. Earnings per share fell to $0.27 per share, compared with the prior-year period's $0.54. Revenue from ordinary activities was $673.8 million, down from $727.5 million in the same period last year.
Liontown Resources (ASX:LTR) delivered the first batch of spodumene concentrates sourced from the Kathleen Valley project in Western Australia to the Port of Geraldton. Shares of the mineral producer rose nearly 3%.
Sumber : MT Newswires
powered by: IPOTNEWS.COM
