ASX 200 Rebounds to One-Month Peak

Australia’s ASX 200 rose 61 points, or 0.7%, to close at 8,786 on Wednesday, recovering from subdued trade in the prior two sessions and reaching its highest level in a month. Meantime, a weaker Q1 GDP print reinforced views that the central bank may pause further policy tightening after delivering three rate hikes so far this year amid persistent inflation pressures. Gains were led by producer manufacturing, non-energy minerals, and process industries, which more than offset weakness in consumer, healthcare, and commercial services stocks. BHP Group jumped 2.5% to a record high as copper and iron ore prices increased. Rio Tinto gained 1.9%, also reaching a fresh peak. Northern Star Resources surged 4% after Morningstar highlighted the possibility of a sale of the gold miner. Fuel retailer Ampol added over 2% after Australia’s competition regulator approved its acquisition of EG Australia. Financial stocks also advanced, with the four major banks posting gains of between 1.0% and 1.7%.
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