Weak wage woes 😣

Three from three became four from four, extending the bounce to 3.5%. So far so good for the rebuild. Mirroring Wall Street, buying was widespread, led materials, industrials, REITs and tech which added more than 1.8%. Curiously, big gains in the miners came despite big falls in Chinese commodity futures during the session. The strong performance may have been helped by a softer-than-expected Australian wages report, easing pressure on the RBA to deliver a supersized rate hike in June. While that helped sentiment, it didn’t help banks which are reliant on rate hikes to ease pressure on net interest margins. Financials finished flat. The supermarkets fell heavily on no news, dragging consumer staples down 1%. South32 topped the overall leader board, helped by Macquarie speculating the diversified miner may look to deliver additional share buybacks. It rose 5.7%. The broader S&P/ASX 200 climbed 1%, adding 70 points to 7182.7.Our top three VODs: Sectors that are primed for a bounce backFeeling good about tech stocksThree back to basics 'buys' Hosted on Acast. See acast.com/privacy for more information.