[ad_1]
Shares of KMD Brands Inc., owner of Kathmandu and Rip Curl, rose 6.8% after it said it had slowed sales declines for its brands during the first and second quarters of March and June. The company reported underlying earnings of between $49 million and $51 million for the year ended July 31 and is due to release its final results in late September.
Shares of baby supplies retailer Baby Bunting Inc. rose 8.9% after the company reported improved sales in the first seven weeks of its fiscal year. The company reported a profit of between $9.5 million and $12.5 million for the current year after profits fell 75% to $3.7 million last year.
The retarded
On the other hand, Yancoal Coal Mining Co. shares fell 14.5 percent after the company withheld its dividend for the second half of June, saying it would retain its $429 million half-year profit to shore up its war chest for potential mine acquisitions.
Office real estate fund Dexus fell 8.9 percent after reporting a statutory net loss of $1.58 billion, more than double what it was a year ago, following a $1.9 billion loss on investment property valuations.
the details
The Australian share market rose to 8,025.20 in early trade, breaking above 8,000 for the first time since a two-day sell-off earlier this month, but fell back below that level after the Federal Reserve released minutes from its meeting earlier this month, which showed its board discussed further interest rate hikes before settling on keeping rates at their current 12-year high.
download
The central bank expects it will have to keep interest rates high for an extended period to ensure inflation returns to its target range next year, suggesting relief for Australian borrowers is still a long way off.
However, this was not enough to dampen the overall positive sentiment, which according to Momo strategist Jessica Amir was improving ahead of this week's Jackson Hole symposium in the US, where global markets will be closely watching comments from Federal Reserve Chairman Jerome Powell.
Investors have already fully priced in the possibility of four interest rate cuts in the world's largest economy by March next year, which could pave the way for other central banks around the world to follow suit.
“The markets are very optimistic, they know that a rate cut is likely coming,” Amir said.
The prospect of lower interest rates is supporting riskier assets such as stocks, while higher commodity prices are also good news for the Australian market, Amir said.
The local gains followed a rally on Wall Street on Monday. The S&P 500 rose 1% for its eighth straight gain, its longest winning streak since November. The index is back within 1% of its all-time high after falling about 10% below the level earlier this month.
The Dow Jones rose about 236 points, or 0.6 percent, and the Nasdaq Composite jumped 1.4 percent.
Tweet of the day
Quote of the day
The competition between them is like a pillow fight, with profit margins coming first and the average New Zealander second, New Zealand Finance Minister Nicola Willis has said, criticising Australia's big four banks that dominate her country's banking sector for acting in an uncompetitive manner.
The New Zealand government has now pledged to disrupt the “monopoly” of the Big Four by injecting capital into state-owned Kiwi Bank.
You may have missed it.
The Australian Securities and Investments Commission has made progress in its efforts to stem the seemingly endless tide of scammers, taking down more than 7,300 phishing and investment scam websites in the past year. The amount of money lost to scams has also fallen. It reached $2.74 billion in 2023, down from $3.1 billion in 2022. The regulator attributes this in part to its removal of suspicious websites since last year.
With AP
Market Recap is a summary of today's trading. Get it every one of usHThis afternoon.
[ad_2]
Source