Market Wrap / broad-based rally

There was a broad-based rally in markets this Thursday, as cooler inflation data from the US suggested the Fed remains on track to further cut rates this year.

The S&P/ASX200 rallied 1.4% to 8327 points. CBA’s 3% gain mirrored the financial sector’s positive performance. All major banks closed the session in the green. The local miners also lifted the market into positive territory, although BHP and Rio delivered meagre gains. Rio reported a 1% decline in iron ore shipments during the fourth-quarter of 2024, due to weather conditions and an easing in Chinese steel consumption. Rio is forecasting ore shipments between 323 million and 338 million tonnes for 2025.Genesis Minerals delivered a record quarterly gold production of more than 57,000 ounces in December at an all-in sustaining cost of A$2,202 per ounce. This sent the stock 4.4% higher.In other company news, Pro Medicus signed a $33 million dollar contract with the University of Kentucky as part of its expansion strategy in North American academic institutions. Shares lost 0.4%.Elsewhere, Tabcorp Holdings was one of today’s best performers, up 5.9%. The company has appointed Hong Kong Jockey Club executive Michael Fitzsimons as its first chief wagering officer.

Zip shares rose 10% after its US competitor Sezzle upgraded its revenue guidance. Regarding data on the local front, unemployment edged higher to 4%. The Aussie dollar spiked to US62.34c.

Tonight, investors will look at US retail sales for December.