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Market Update: Australia Stocks Turn Higher in Afternoon Deals
The ASX 200 added 16 points or 0.2% to 7,046 after trading near a flatline in the early session, as traders shifted their focus on a preliminary report Friday that the IHS Markit US Composite PMI climbed to an all-time high of 68.1 in May, with both manufacturing and services rising at record paces. Meantime, Reuters reported that the RBA will likely lag its peers in tightening monetary policy even though Australia has emerged from the slump caused by the COVID-19 pandemic with strong growth momentum. Traders now look toward the release of US consumer prices later in the week, along with the 2nd estimate Q1 US GDP and President Biden’s FY2022 budget. Kogan.com jumped nearly 16%, after a 12% slump last Friday, following the release of new earning guidance that suggested it will fall short of FY21 forecasts by up to 18%. Gold Road Resources Ltd, meantime, climbed 5.3%, as gold prices were near a four-month high. [/s2If]
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