Australian stocks held on again today.
- S&P ASX 200: 5,539.70 +2.23 +0.04%
- All Ordinaries: 5,615.00 +2.44 +0.04%
- AUD/USD: 0.7477 -0.0026 -0.35%
The local market cruised for the second session in a row, closing just ahead of where it started and keeping the advances of the last two weeks.
The ASX 200 is up 5.8% since the start of July.
The big miners kept the local market above water. BHP added 3% to close at $19.86 and Rio Tinto 1.9% to $49.60.
The banks were flat with Westpac up just 0.16% to $30.92 and the Commonwealth down 0.08% to $77.94.
Graincorp lost 5.5% to close at $8.175 after speculation about key shareholder US-based food group Archer Daniels Midland failing to sell its 19.9% stake.
Bradken shares closed almost 30% higher at $1.295 after restructuring its mining services business model and management team.
The top stories Tuesday:
1. The lowest year-on-year core inflation rate on record. And also read what economists are saying.
2. What does it mean for rates? Markets are split on whether the RBA will cut in August.
3. The big Australian banks are in a fight with Apple Pay. They’ve asked the competition regulator for permission to collectively negotiate with Apple to get their own digital wallets onto iPhones.
4. Less debt, more iron ore, fewer costs. Andrew Forrest’s Fortescue released its quarterly numbers. The shares closed 7% higher at $4.41.
5. Late payment fees on credit cards are here to stay. The High Court dismissed a class action challenging the size of fees. Also read: What this means, according to the lawyers who lost the High Court case.
6. Which way local stocks? The current rally in Australian shares, up about 10% from Brexit lows a month ago, is soon expected to stall.
7. A letter from a victim. A child at the centre of the Northern Territory juvenile detention scandal.
8. The bank sell-off. Why hedge funds aren’t to blame for the decline in Australian banking stocks.
9. A good drop. These are the best restaurant wine lists in Australia.