Australian stocks closed the session higher but ended the week lower.
- S&P ASX 200: 5,497.40 +21.59 +0.39%
- All Ordinaries: 5,585.60 +22.25 +0.40%
- AUD/USD: 0.7659 +0.0031 +0.41%
The big miners carried the market to a positive close for the session.
But for the week, the ASX 200 was down 1.1%, a negative start to August following a 6.3% rise in July.
Today BHP closed 3% higher at $19.89, Rio Tinto 1.5% to $49.35 and Fortescue Metals 5.5% to $4.56.
The major banks were mixed. The Commonwealth closed 0.6% higher at $76.11 but the NAB dropped 0.2% to close at $25.87.
The top stories:
1. Inflation will stay weak until the end of 2018. The Reserve Bank of Australia’s ]quarterly statement on monetary policy included updated economic forecasts on the outlook for inflation and economic growth.
2. Where to for rates now? Most economists think the RBA will cut again and more are starting to think rates will hit 1%.
3. The cost of restructuring. Virgin Australia posted a loss of $224.7 million for the 2016 year, reflecting the cost of building a more efficient airline. Its shares gained 2% to close at $0.245.
4. PODCAST: With Shane Oliver on the RBA, the banks, and the big questions for the global economy.
5. David Jones is moving its HQ to Melbourne. The move, expected early next year, will free valuable floor space at the retailer’s flagship Elizabeth Street store.
6. A 21-year-old pitched her startup on Shark Tank. A dress renting business called Your Closet.
7. Iron ore blues. Prices tumble by the most since June, leaving it below $US60 a tonne.
8. Only in Adelaide. Creating the world’s largest virtual power plant, linking 1,000 home batteries.
9. Property plays. The 25 most expensive suburbs to buy a home in Australia.