Australian shares hit a record high on Thursday as gold, iron ore, and lithium miners rose amid a rebound in resource prices. The interest rate sensitive banking, property and retail sectors also climbed as investors bet on rate cuts in the second half of 2024. In early trade the S&P/ASX 200 gained 0.8 per cent to 7881.7 points and topped its previous record intraday high from March 8 of 7853.1 points. The miners did much of the heavy lifting, with BHP adding 1.
“As we have been saying for over a year now, if the economy continues to expand and corporate profits keep growing with it, the stock market will keep moving higher, even in the absence of rate cuts.” Policymakers at Sweden’s central bank overnight held the key rate at 4 per cent at their latest meeting and said they could pivot to rate cuts as early as May. Bolstering hopes that cuts are coming into clearer focus. February’s retail sales data is set for release at 11.30am.
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