Speaker 1: Hello, I'm Scott Hayward and welcome to the Money News
Speaker 1: Market Wrap podcast. Thanks to CMC Markets, an award winning
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Speaker 1: this Wednesday, the twenty fifth of June twenty twenty five.
Speaker 1: After some wild swings on the mark in the last
Speaker 1: couple of days, the action was a little more sedate today,
Speaker 1: sitting me flat for most of the session. The ASX
Speaker 1: two hundred closed up just three point seven points to
Speaker 1: eighty five hundred and fifty nine. Financial stocks again set
Speaker 1: the tone as good inflation numbers came in. More on
Speaker 1: that in the moment, but it was the materials and
Speaker 1: the energy sector at the bottom. But after a pretty
Speaker 1: tough fight with inflation, could it now be that we
Speaker 1: can declare the dragon has been slaid? Headline inflation dropped
Speaker 1: in the twelve months to May to just two point
Speaker 1: one percent, down from two point four percent the month before.
Speaker 1: Underlying flation was also in a better spot, with the
Speaker 1: RBA's preferred measure dropping from two two point eight percent
Speaker 1: in April to two point four percent today. Fruit and
Speaker 1: vegetable prices rose two point eight percent over the period,
Speaker 1: but was down from six point one percent previously, as Mandarin's, oranges, avocados,
Speaker 1: and Apple's all saw lower prices. Housing inflation also dropped,
Speaker 1: with rents going down by up to four point five
Speaker 1: percent over the twelve months, down from five percent the
Speaker 1: month before, and that news put a smile on the
Speaker 1: Treasurer's face.
Speaker 2: To have headline inflation at two point one underlying inflation
Speaker 2: at two point four the lowest we've seen in four
Speaker 2: years on both fronts, the first time we've had six
Speaker 2: consecutive months of inflation within the Reserve Bank's target range.
Speaker 2: That is, those are very very welcome developments and all
Speaker 2: Australians deserve to share in the credit for that. We
Speaker 2: know there's more work to do.
Speaker 1: But with those numbers, the expectations of rate cuts have
Speaker 1: also changed. The Reserve Bank has been cautious about cutting
Speaker 1: too soon, but it already made cuts of twenty five
Speaker 1: basis points in both March and May. This new might
Speaker 1: speed up the process, with expectations growing for a live
Speaker 1: decision at the July eighth meeting. Previously, most economists agreed
Speaker 1: that there would be a watch and wait, but at
Speaker 1: a lower result could prompt more action from the RBA
Speaker 1: across the year. The market did react positively, heading upwards
Speaker 1: after the announcement, although the move didn't last for long.
Speaker 1: And you can hear more on the inflation fight when
Speaker 1: I speak to amp's deputy Chief Economist Deana Massena on
Speaker 1: Money News tonight from seven pm or via the podcast feed.
Speaker 1: Turning to the market, and while we've seen a lot
Speaker 1: of unrest in the Middle East and last week, it
Speaker 1: was a defense platform drone Shield that investors had an if.
Speaker 1: Today it signed a new contract in Europe worth more
Speaker 1: than sixty million dollars, its single largest order in the
Speaker 1: company's history, and shares were boosted by twenty percent to
Speaker 1: close at two dollars fourteen. Financial stocks also saw gains.
Speaker 1: CBA shares reaching an intra day high at one hundred
Speaker 1: and ninety two dollars, eventually closing up one point seven
Speaker 1: percent to one hundred and ninety one dollars forty and
Speaker 1: after a successful IPI yesterday, Virgin Australia continued to soar,
Speaker 1: rising by another three point four percent on its second
Speaker 1: day of trading to close at three dollars thirty four,
Speaker 1: taking a loss, though were mining stocks, with iron or
Speaker 1: futures dipping below ninety three dollars US a ton BHP
Speaker 1: four one percent four toest you down two point three percent,
Speaker 1: but Rio recovered from earlier losses to only drop point
Speaker 1: six percent to close at one hundred and four dollars
Speaker 1: thirty As the need for safe haven withdrew, investors looked
Speaker 1: towards gross stocks instead of gold, and the spot price
Speaker 1: of the medal dropped a three thy three hundred US
Speaker 1: announce gold mine as Northern Star Resources, Evolution Mining, and
Speaker 1: Newmont all took a hit. Turning to the currency markets,
Speaker 1: and the door experienced some weakness this afternoon to be
Speaker 1: back just below sixty five US cents. One dollar is
Speaker 1: also worth forty seven point seven British pence, just under
Speaker 1: fifty six euro cents, ninety four Japanese yen, and a
Speaker 1: dollar oh seven New Zealand. The geopolitical tensions did not
Speaker 1: do much to the price of iron or, with futures
Speaker 1: slipping just under ninety three dollars US a ton, and
Speaker 1: while bitcoin was slightly higher to one one hundred and
Speaker 1: sixty three thousand, seven hundred and forty six Aussie dollars
Speaker 1: for just a single unit, and while you might get
Speaker 1: an apple or avocado at a healthier price point, picking
Speaker 1: the rights supermarket might be the key. According to consumer
Speaker 1: group Choice, Aldi is once again at the top of
Speaker 1: the tree name the cheapest supermarket for grocery items, ahead
Speaker 1: of Coals and Wire Worse. Choice to a comparison of
Speaker 1: basic shopping carts including items like milk, carrots, chicken, breast, strawberries,
Speaker 1: drinking chocolate, brown onions, and garlic, and Choice found that
Speaker 1: Aldi was over three dollars cheaper than were Worse and
Speaker 1: four dollars cheaper than Coals, coming in at fifty five
Speaker 1: dollars thirty five. And while prices are moderating, the pressure
Speaker 1: has still been on the supermarkets after allegations of price gouging,
Speaker 1: but an a trip will C report this year denied misconduct,
Speaker 1: although did admit that the grocery chains were up there
Speaker 1: as the most profitable in the world. And with so
Speaker 1: much in the world of business, it pays the shop
Speaker 1: around if you want to get the best deal, and
Speaker 1: the supermarkets seem to be no different. Today, on the
Speaker 1: show The Inflation Dart and What It Means for You
Speaker 1: and the latest on what you Can and can't do
Speaker 1: before June thirty to get the benefit of a deduction
Speaker 1: that soon bums on your radio vice dreaming on your
Speaker 1: podcast feed. I'm Scott Hayward. I'll speak to you then