Mid-Market: S&P/ASX 200 Trading Lower; With Investors Awaiting Local Inflation Data

On 29 May 2024, at AEST 11:00 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 64.70 points or 0.83%, and is currently trading at 7,702.20 levels. Out of 11 sectors, 10 sectors are trading lower along with the decline in the S&P/ASX 200.

The Energy sector is the only gaining sector, gaining 0.20% in its index value. On the other hand, Consumer Staples and Industrials sectors are the top 2 declining sectors, declining 1.45% and 1.04% in their index values.

Fishers & Paykel Healthcare Corporation Limited (ASX: FPH) and Alumina Limited (ASX: AWC) are the top-gaining stocks, gaining 5.972% and 3.448% in their stock prices. On the other hand, Centuria Capital Group (ASX: CNI) and Neuren Pharmaceuticals Limited (ASX: NEU) are the top-losing stocks and are declining by 3.649% and 3.311% in their stock prices.

Factors influencing the market-

• Australian shares dropped to a three-week low shortly after opening, tracking weakness in New York, with investors awaiting local inflation data for possible clues on the direction of interest rates.
• Lendlease Limited’s shares declined on news that it has struck a deal to sell its US construction business after unveiling a $4.5 billion plan to pull back from its offshore operations to focus on Australia.
• The Australian dollar retraced all of its gains made on Tuesday to hold at US66.46¢ on expectations that US interest rates will remain high for longer.
• Gold prices gained in the previous sesssion, helped by a weaker US dollar as investors look forward to US inflation data due later this week for more clarity on interest rate cut timings.
• Oil prices rebounded from last week’s selloff as tensions flared in the Middle East, with a vessel attacked in the Red Sea and Israeli tanks reaching the center of Rafah.
• The Dow has closed down by 0.55%, the S&P 500 closed up by 0.02%, and the NASDAQ ended higher by 0.59%.
• Hang Seng is down by 0.03%, and FTSE 100 is down by 0.76%.

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