The Australian sharemarket climbed to a fresh record close on Wednesday, buoyed by rising hopes of an interest rate cut following weaker-than-expected retail sales data, and shrugging off a mixed session on Wall Street.
The benchmark S&P/ASX 200 Index rose 56.6 points or 0.7% to 8,597.7, eclipsing its previous closing high of 8,592.1 set on June 11.
Gains were broad-based, with ten out of 11 sectors finishing in the green, led by mining and real estate.
Mining giants rallied following a recovery in Chinese manufacturing activity on Tuesday. BHP gained 1.7%, Rio Tinto lifted 2.1%, and Fortescue Metals surged 3.8%.
Real estate stocks also lifted, with Mirvac, Goodman Group and Scentre Group rising 2.3%, 2.1%, and 2.7%, respectively, as soft retail sales data bolstered expectations of a rate cut by Australian Reserve Bank policymakers next week.
Wall Street’s overnight performance was mixed after President Donald Trump said he would not delay a July 9 deadline for higher tariffs on trading partners, prompting a risk-off tone across global markets.
Technology stocks underperformed both in the U.S. and locally. Tesla slumped 5.3% overnight after Trump threatened to cut subsidies for Elon Musk’s companies and review his immigration status.
On the ASX, Xero fell 2.1%, while Megaport and NextDC declined 1.1% apiece.
In corporate news, Qantas slipped 2.2% after the airline disclosed that personal data belonging to over 6 million customers had been compromised in a cyberattack, believed to be part of a broader campaign targeting global airlines.
Mortgage insurer Helia plunged 21.4% as it revealed that long-term partner ING Bank was exploring deals with alternative providers.
Domino’s Pizza tumbled 15.8% after announcing that CEO Mark van Dyck will step down in December, having held the role for less than a year.
In contrast, James Hardie climbed 5.3% following the completion of its acquisition of U.S.-based decking company Azek.
On the bond markets, yields edged higher, with the 10-year rate rising 0.5% to 4.153% and the 2-year rate up 0.2% to 3.224%.
