Australian Shares Rebound on Powell's Rate Cut Hint

MT Newswires Live08-26

Australian shares rebounded on Monday as the market rallied after US Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium sparked rate cut speculation, suggesting a potential pause or even a rate cut in the near future.

The S&P/ASX 200 Index rose 60.60 points, or 0.8%, to 8,084.50.

Equities surged as analysts interpreted Powell's remarks as a signal that the Fed may be nearing the end of its aggressive interest rate hikes.

"The interest rates market is pricing in a 75% chance of a 25-basis-point cut and a 25% chance of a 50-basis-point cut in September," Tony Sycamore, IG market analyst for Australia, said, adding that the August non-farm payrolls report will be pivotal in deciding the size of the rate cut.

In company news, Bendigo and Adelaide Bank (ASX:BEN) reported that its cash earnings per share in the fiscal year ended June 30 fell 2.7% to AU$0.993 from AU$1.021 a year earlier. Shares of the retail banking company were down 0.5% Monday.

Dalrymple Bay Infrastructure (ASX:DBI) reported that its earnings per share in the six-month period ended June 30, 2024 remained flat at AU$0.07. Shares of the infrastructure company closed more than 1% higher.

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