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FX.co ★ Australian Shares Hits Over 3-Month High

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typeContent_19130:::2025-06-04T01:15:49

Australian Shares Hits Over 3-Month High

The S&P/ASX 200 Index advanced by 0.6%, surpassing the 8,510 mark on Wednesday, building on the previous session's peak over the past three months. This rise comes as investors anticipate a moderate growth in the first quarter GDP. Projections from the Australian Bureau of Statistics indicate a 0.4% increase quarter-on-quarter, translating to an annual growth rate of 1.5%, slightly lower than the preceding quarter. Although analysts believe the direct effects of U.S. tariffs might be minimal, the escalating global trade tensions, particularly after President Trump increased tariffs on aluminium and steel imports, could impact Australia's outlook in the near term. Nevertheless, optimism surged with the announcement that Trump is likely to meet Chinese President Xi Jinping this week. Concurrently, investors reacted favorably to the continued expansion in Australia’s composite and services sectors, despite a gradual deceleration. In corporate news, significant gains were observed in companies such as Commonwealth Bank, which rose by 0.7%, BHP Group Limited, up by 1.2%, Westpac Banking, increasing by 0.9%, and Macquarie Group, which climbed by 0.8%.

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