ASX 200 ends higher; Medibank sorry for dead alerts; China GDP beats forecasts
The sharemarket trims gains as materials soar. China GDP beats expectations. Medibank's hack alerts to dead customers. Star higher on gaps in repair plan. Vulcan, Novonix top gainers. Tavistock increases AACo board control.
Welcome to the Trading Day blog for Monday, October 24. The ASX 200 is up 1.5 per cent as materials gain. China GDP beats expectations. Medibank's hack alerts to dead customers. Star higher on gaps in repair plan. Vulcan, Novonix top gainers. Tavistock increases AACo board control.
Treasurer Jim Chalmers faces his first balancing act on business and household expectations on Tuesday ahead of economists’ expectations of a rise in headline inflation to 7 per cent when official data is released on Wednesday.
Investors will also be focused this week on annual general meetings of Rio Tinto, Tabcorp, Dexus, Woolworths, Whitehaven, Wesfarmers, JB Hi-Fi, Bega and Corporate Travel Management, among others.
On Wall Street, expectations of a possible smaller rate increase by the US Federal Reserve in December – following a potential 75 basis point hike next month – lifted the S&P 500 2.4 per cent, the technology-focused Nasdaq Composite Index gained 2.3 per cent and the Dow Jones Industrial Average closed 2.5 per cent stronger.
US 10-year bond yields fell to near 4.2 per cent and the US 2-year yields fell to near 4.48 per cent.
In the UK, Britain’s new prime minister will be the wealthy former hedge fund banker Rishi Sunak, unless a swathe of Tory MPs swing behind Boris Johnson by Monday midnight, Australian time.
Oil prices rose with the global benchmark Brent crude up 1.2 per cent to $US93.50 per barrel and the US Nymex 0.6 higher at $US85.05 per barrel.
The gold futures price is up 1.2 per cent to $US1656.30 an ounce and iron ore futures rose by 0.1 per cent to $US94.86 per tonne.
The Aussie dollar was near US63.77c at the US close.
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