ASX shrugs off poor pre-market trading to chart new high. US stocks closed lower after Jerome Powell dashed hopes for aggressive rate cuts. Follow updates here.
Australian shares have shrugged off declines in futures and US markets to open at a fresh record high after the US Federal Reserve chose to cut rates by 50 basis points earlier this morning. The S&P/ASX 200 is 31 points, or 0.4 per cent, higher at 8173.3 – marking its first time above 8170 points. That’s despite ASX futures pointing down in the lead-up to the open.
“Now we wait for more data.” Gold briefly surged more than 1 per cent, rising above $US2600 an ounce for the first time. Oil briefly reversed a modest loss, but was down more than 1 per cent late in the New York day. The Australian dollar briefly topped US68¢. Stocks in focus Brisbane-based testing giant ALS is leading the index lower and said its minerals business has faced volume headwinds.
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