Afternoon update: ASX 0.53% higher, China unexpectedly cuts rates

The S&P/ASX 200 index is currently trading 0.53 per cent higher at 7,315.80. Wages have seen a 0.8 per cent increase, falling short of the anticipated 0.9 per cent growth, resulting in an annual wage growth of 3.6 per cent. This is below the projected 3.7 per cent and a decline from the 3.7 per cent growth observed in the previous March quarter.

The SPI futures have risen by 30 points.

Among sectors, the Health Care sector is leading with a gain of 3.68 per cent, while REITs are the worst performer, falling by 0.58 per cent.

Among large-cap stocks, Pro Medicus (ASX:PME) is performing the best, trading 6.15 per cent higher at $73.91, followed by Cochlear (ASX:COH) and CSL (ASX:CSL). Conversely, SEEK (ASX:SEK) is the worst-performing large cap, trading 5.67 per cent lower at $24.30, followed by Evolution Mining (ASX:EVN) and Cleanaway Waste Management (ASX:CWY).

In Asian markets, Japan's Nikkei has gained 0.80 per cent, China's Shanghai Composite has increased by 1.05 per cent, and Hong Kong's Hang Seng has lost 1.00 per cent.

Continuing on the Asian front, China's central bank has unexpectedly cut key policy rates for the second time in three months to boost the struggling economic recovery. This move follows concerns about declining credit growth, rising deflation risks, and financial market confidence due to housing developer defaults. The central bank also injected funds into the market and reduced borrowing costs.

In commodities and the currency market, gold is currently trading at US$1,937.60 per ounce, while light crude oil is trading 3c higher at US$82.54 per barrel.

The current exchange rate is one Australian dollar buying 65.03 US cents.
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Source: Finance News Network