A rally in mining stocks failed to lift the Australian sharemarket into the green after a choppy trading session on Wall Street.
Banks and utilities companies weighed the Australian sharemarket down on Thursday, offsetting a rally in mining stocks. Myer shares gained after the retailer announced a new CEO.
The lack of direction for the local bourse comes after US stocks were drifting around their records, as a lull carries through financial markets worldwide.The S&P 500 finished 0.1 per cent higher, a day after setting an all-time high. The Dow Jones was up 0.19 per cent and the Nasdaq composite lost 0.54 per cent.
But the expectation is still for the Fed to begin cutting in June because the longer-term trend for inflation seems to remain downward. The Fed’s main interest rate is at its highest level since 2001, and reductions would release pressure on the economy and financial system. Stocks have already rallied in part on expectations for such cuts.
‘The simple rule is you can’t get blood out of a stone. If you double the price of an asset, you halve its future return.’“The simple rule is you can’t get blood out of a stone,” he wrote in a recent report. “If you double the price of an asset, you halve its future return.” On the winning side of Wall Street was Williams-Sonoma, which jumped 19.4 per cent. The company, which also runs Pottery Barn and West Elm stores, increased its dividend 26 per cent and announced a new authorisation to buy back up to $1 billion of its stock. It also delivered a stronger profit for its latest quarter than analysts expected, despite the drag of a slower housing market.Stocks of energy producers were also strong, benefiting from the rise in oil prices.
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