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Read more about Australia Market closes at record high on Business Standard. At closing bell, the benchmark S&P/ASX200 was up 42.33 points, or 0.59%, up at 7,260.15. The broader All Ordinaries rose 41.85 points, or 0.56%, to 7,510.71.
April 30, 2021SharePrint
Everyone on Wall Street is trying to figure out if the peak in Treasury yields will stick for a while now that the US is approaching peak growth. The best expansion since World War 2 is being accompanied with a Fed that remains committed to supporting the economy until a complete recovery. The playbook for many traders appears to be the Fed could announce at the June FOMC or at the Jackson Hole Symposium that they are ready to start talking about tapering, paving the way for a gradual reduction of the $120 billion per month in asset purchases.
Another busy week ahead has several key economic releases, central bank speak, and a couple of big interest rate decisions. In the US, traders will closely watch the ISM Manufacturing reading and Market PMIs, durable goods, factory orders, and the nonfarm payroll report, which could show over a million jobs were created in April. We will hear from ECB’s Lagarde, Fed Chair Powell and his colleagues Daly, Kashkari
The Australian share market finished session at new 11-month highs on Wednesday, 03 February 2021, supported by gains on Wall Street, and as the Reserve Bank of Australia reaffirmed it would hold rates at record low levels for several years.
At closing bell, the benchmark S&P/ASX200 advanced 62 points, or 0.92%, to 6,824.61. The broader All Ordinaries added 63.36 points, or 0.9%, to 7,090.86.
RBA governor Philip Lowe, in a speech in Canberra, reiterated the bank s stance to maintain cash rate at 0.1% and insisted the country will need to maintain very significant monetary support for several years. Lowe s comments came a day after the RBA announced it had expanded its bond-buying program by another A$100 billion to support an economic recovery.