ASX 200 up 0.3pc, led by Fortescue Metals, Telstra, TPG

ASX 200 closed up 0.3 per cent after a mixed session. Fortescue was the top performer followed by Telstra and TPG. However, investors dumped lithium stocks. GDP up 0.8 per cent, which bodes well for the economy. Origin sold off after dumping guidance.

A big week of economic data is pushing Investor sentiment this week. Picture: Damian Shaw

Welcome to the Trading Day blog for Wednesday, June 1. ASX 200 closed 0.3 per cent higher after a mixed trading session, thanks to Fortescue Metals, Telstra and TPG. Still, lithium stocks including Pilbara Minerals were battered. March quarterly economic update shows growth of 0.8 per cent. Origin Energy was hammered after abandoning its earnings guidance. 

The ASX 200 index rose 0.3 per cent to 7234.0, led by Fortescue Metals, Telstra and TPG.

However, investors dumped lithium stocks including Pilbara Minerals, which fell 22 per cent.

GDP rose 0.8 per cent during the March quarter, slightly ahead of market expectations.

In the US, Wall Street returned from a Memorial Holiday weekend to end the month lower with the Dow Jones down 0.7 per cent, the S&P 500 index 0.6 per cent weaker and tech-heavy Nasdaq off 0.4 per cent.

The US 10-year Treasury bond yield rose to 2.842 per cent.

Concerns around rising rates and fears of a recession – fuelled by the ongoing Russian war against Ukraine and China’s pandemic measures – failed to lift despite US President Joe Biden reiterating the Federal Reserve’s “laser focus on addressing inflation” after a meeting with chairman Jerome Powell.

The price of brent crude, the global benchmark, rose 1 per cent to $US122.84 a barrel while West Texas Intermediate slipped 0.3 per cent to $US114.67 a barrel.

Iron ore fell slightly to $US133.51 a tonne.

The Aussie dollar is near US71.75 cents at the US close.