The Reserve Bank of Australia cut benchmark interest rates for the first time in over four years, reducing rates by 25 basis points to 4.10% due to softening inflation, marking its first easing since November 2020. Despite progress on inflation, the RBA remains cautious about further easing and has been behind other major global central banks in starting an easing cycle, with the decision aligning with market expectations and government bonds rallying in anticipation of the cut. Unemployment near a historic low and uncertainties in economic activity and inflation pose challenges, with the Australian dollar strengthening and the ASX 200 index extending losses in response.
Full Article
Paladin Energy shares lose 11pc as Langer Heinrich guidance misses expectations
Shares of Paladin Energy, the most shorted stock on the ASX, fell 11.3% after disappointing output targets at its Langer Heinrich uranium mine, despite a 33% increase in quarterly production. The company faces two class action lawsuits for alleged misleading disclosures, as production forecasts were lower and costs higher than analysts expected, contributing to a 39.8% decline over the past year. Want More Context? ๐
Read more