Australia: Shares close at record highs

The S&P/ASX 200 index closed 0.3 per cent higher at 7,162.5 but fell off from the session high.[SYDNEY] Australian shares ended Thursday at a record peak as China ramped up support for its virus-hit economy, while domestic employment and wage data suggested further monetary easing could be on the cards.

"Leading labour market indicators continue to suggest a deterioration in unemployment over coming months," ANZ research said in a note to clients, while Andrew Hanlan, an economist at Westpac said"wages growth is set to remain weak and inconsistent with an economy on a sustainable expansion path." A further lift in the unemployment rate"will be enough to push the RBA over the line for another rate cut, most likely in Q2," ANZ added.

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