Mining recovery reaches the coalface
The commodities mini-boom moves beyond share prices and macro data and is starting to be felt at ground level, NAB says.
Jens is the markets and breaking news editor, based in Sydney.
The commodities mini-boom moves beyond share prices and macro data and is starting to be felt at ground level, NAB says.
Shares dip led down by Harvey Norman's biggest slide in more than five years, while the Aussie dollar nudges higher.
The sharemarket nudged close to 2017 highs in a week marked by a rebound in mining stocks and an equities-friendly Fed decision.
Central bank policy dominated sharemarket trade: while a Fed hike was initially greeted with strong gains, a surprise follow-up move by China dampened the mood.
Markets are tipping a one-in-three chance the RBA will start lifting rates this year, while Goldman Sachs says a move in 2017 is now more likely than not.
Market exuberance is still driven more by monetary stimulus than fundamentals, and now may be a good time to reduce risk positions, Citi warns.
Neither soaring house prices nor a more hawkish US central bank will sway the RBA when it meets on Tuesday, but a rate hike may loom later in the year.
The stars are aligning for the economy: business conditions and confidence have unexpectedly jumped, with employment conditions particularly encouraging.
The big miners led the market higher, while company earnings provided plenty of momentum elsewhere.
Shares shook off uninspiring overseas leads, with gains in the banks and a rally in Premier Investments offsetting losses in energy stocks.
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