FX.co ★ Australian Shares Track Global Peers Higher

The S&P/ASX 200 Index experienced a rally of 0.3%, reaching approximately 8,420 on Thursday. This uptick comes after the losses seen in the previous session, aligning with an upward trend in global markets, which was driven by diminishing trade tensions. Investor sentiment improved significantly when the US Court of International Trade determined that President Donald Trump had overreached his authority in implementing reciprocal tariffs. The court's decision to vacate and permanently block these measures signals a noteworthy challenge to the president’s economic policy. While the Trump administration plans to appeal this decision, it marks a considerable obstacle to their agenda. Domestically, Australia's Consumer Price Index (CPI) for April surpassed forecasts, sparking inflation concerns. Despite this, it's largely anticipated that the Reserve Bank of Australia will continue on its path to easing monetary policy, following a recent 25 basis point rate reduction. Among the top performers in the market were Woodside Energy, which gained 2.1%, Zip Co, up 2.8%, and Macquarie Group, which rose by 1%.