Jun 3, 2026, 13:51 GMT+7
Key points:
- ASX200 ends at early May high
- Q1 GDP growth trails forecast
- BHP, Rio notch closing peaks
- NZ50 closes at one-week low
By Nikita Maria Jino
Reuters - Australian shares finished at a nearly one-month high on Wednesday, with most sectors ending in the green after a weaker-than-anticipated economic growth report bolstered hopes of a respite in the central bank's tightening cycle.
The S&P/ASX 200 indexclosed up 0.7% at 8,785.70, a level last seen on May 7.
Data showed Australia's economy slowed in the March quarter as strength in business investment was offset by a drag from trade, while higher borrowing costs and rising petrol prices cooled consumer demand.
The pullback is likely to worsen as the Middle East conflict and rapid-fire policy tightening have sent household spending falling, house prices flatlining and the unemployment rate edging higher.
With the economy this soft, another rate rise looks unlikely, said Steven Dooley, head of market insights at Convera.
The Reserve Bank of Australia has raised interest rates three times this year to offset a war-driven energy shock, fully reversing the amount of policy easing made in 2025.
Wednesday's data should help the Australian equity market "play catch-up", with the benchmark lagging global markets so far this year due to the lack of AI and tech drivers as well as the RBA's three hikes, Dooley added.
Even as the rate outlook was little changed, swaps imply a near-certain probability of the central bank keeping its cash rate at 4.35% later this month, with bets of a hike in August looking largely divided.
Financialsrecouped early losses to close 0.8% higher, with all "Big Four" banks ending in positive territory.
Minersscored a record close, with sector heavyweights BHPand Rio Tintohitting all-time closing highs.
Energy stocksparalleled gains in crude prices on the back of renewed Gulf hostilities. Woodside Energyand Santosrose 0.1% and 0.8%, respectively.
Healthcare stocksand the technology sub-indexwere among the few outliers, declining 0.3% and 0.8%, respectively.
In New Zealand, the benchmark S&P/NZX 50 indexfinished down 0.4% at 13,115.08, its lowest since May 26.
Sumber : Reuters