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Index Update: The S&P/ASX 200 rose 7.20 points on Friday to close at a record 8,603.00. It finished above the key 8,600-point level for the first time ever as investors snapped up retail stocks in anticipation of a possible interest rate cut from the Reserve Bank next week. The index rose 1.04% over the past five sessions and now sits just 0.42% below its 52-week high. Gains were broad-based, with eight of eleven sectors advancing, led by consumer discretionary, which climbed 0.81% on the day and 1.94% over the week.
Macro Update: Household spending in Australia climbed 0.9 per cent in May, seasonally adjusted, according to figures released today by the Australian Bureau of Statistics (ABS). The increase follows a flat result in April and a modest 0.1 per cent decline in March. The latest rise was fuelled by higher spending on discretionary goods and services, which grew by 1.1 per cent as consumers splurged on clothing and footwear, new vehicles, and dining out. Non-discretionary spending also edged higher, up 0.5 per cent in May, marking its fifth consecutive monthly increase.
Top Market Movers: Clarity Pharmaceuticals (ASX: CU6) led the S&P/ASX 200 gainers on Friday, jumping 6.91% to close at AUD 2.94. AMP Limited (ASX: AMP) rose 5.17% to AUD 1.425, while Corporate Travel Management (ASX: CTD) climbed 4.18% to AUD 14.71. Among the biggest decliners, New Hope Corporation (ASX: NHC) fell 3.19% to AUD 3.95, The Lottery Corporation (ASX: TLC) slipped 2.79%, and Imdex (ASX: IMD) declined by 2.60%.
Commodity Update: The dollar held firm on Friday after President Trump secured his tax cut bill, and global pressure intensified for trade deals with the U.S. A strong jobs report delayed expectations for a Fed rate cut, lifting the greenback from multi-year lows. Gold edged down 0.09% to USD 3,340, silver slipped 0.37% to 36.94 USD, copper dropped 0.37% to 9921.00 USD, while Brent crude inched up 0.01% to USD 68.81 amid anticipation over Trump’s upcoming tariff decisions.
Our Stance: The S&P/ASX 200’s record close at 8,603.00 reflects renewed optimism in Australian equities, buoyed by expectations of a Reserve Bank rate cut and positive consumer sentiment. Household spending’s 0.9% rise in May, driven by discretionary purchases, signals resilience in the economy despite lingering cost-of-living pressures. Meanwhile, commodities remain sensitive to U.S. policy moves, keeping markets vigilant. Overall, the outlook for Australian markets appears cautiously upbeat, hinging on monetary policy signals and global economic stability.
In its latest trading session, the S&P/ASX 200 Index rose 7.20 points to close at 8,603.00, supported by a small bullish candlestick pattern and strong trading volumes signals that reflect continued investor confidence and enthusiasm. Technically, the index remains firmly above its 21-period Simple Moving Average (SMA), reinforcing a positive near-term outlook. A key level to watch is resistance at 8,640.30; a decisive breakout above this threshold could mark a significant bullish development, potentially reshaping market sentiment and opening the door for further gains. From a broader perspective, the index’s position above the 21-period SMA on the weekly chart further solidifies its long-term bullish foundation.
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