The Australian Securities Exchange’s (ASX) benchmark index, the ASX 200, exhibited resilience on Thursday, closing at 7,782 after a day of intraday fluctuations. Early gains spurred by positive economic data were tempered by hawkish signals from the Reserve Bank of Australia (RBA).
Strong Employment Data Bolsters RBA’s Hawkish Stance
Australia’s labor market displayed remarkable strength in February, with seasonally adjusted Employment Change surging to 116.5K, significantly exceeding forecasts. This robust data bolstered the RBA’s hawkish stance on monetary policy, as evidenced by their decision to maintain the cash rate at a 12-year high of 4.35%.
Initial Rally Mirrored US Optimism on Fed Rate Cuts
The ASX 200 initially mirrored the positive sentiment on Wall Street, tracking higher in early trading. This upward movement coincided with the US Federal Reserve’s (Fed) reaffirmation of expectations for three interest rate cuts in 2024, with the current federal funds rate remaining at 5.5%. Base metals, including copper and palladium, also extended gains from the previous session.
Financials Retreat, Resources, and Healthcare Sectors Advance
The Australian market witnessed a pullback in the financial sector, with major institutions like the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), and Westpac Banking Corporation (WBC) experiencing modest declines. Conversely, the healthcare and resources sectors displayed strength, with Telix Pharmaceuticals, Ramelius Resources, and Webjet Limited emerging as top gainers. Brickworks Limited and Strike Energy Limited, on the other hand, registered the most significant losses.
Australian Private Sector Activity Remains Positive
Australia’s private sector continued to exhibit signs of expansion in March. The preliminary Judo Bank Services PMI climbed to 53.5 from 53.1 in the prior month, while the Composite PMI edged up to 52.4 from 52.1. However, the Manufacturing PMI contracted slightly, dipping to 46.8 from 47.8.
ASX 200 Long (Buy)
Enter At: 7850.6
T.P_1: 8103.5
T.P_2: 8322.5
T.P_3: 8597.9
S.L: 7475.2
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