Banks, miners lift Australian shares; traders weigh Fed decison
RBA monetary policy announcement due May 7
Banks end up 0.7%, miners rise 0.4%
Woolworths records lowest closing since May 2020
By Roshan Thomas
May 2 (Reuters) -Australian shares rebounded from losses on Thursday, led by gains in financials and mining stocks, while investors assessed the Federal Reserve's monetary policy decision, whichsignalled further delays in interest rate cuts.
The S&P/ASX 200 .AXJO closed around 0.2% higher at 7,587 points. The benchmark lost 1.2% on Wednesday.
The Fed held interest rates steady overnight but said that recent disappointing inflation prints could delay rate cuts.
Investors now await the Reserve Bank of Australia's (RBA) monetary policy decision, due on May 7,for further cues on the domestic rate trajectory.
"We expect no change to the (RBA's) cash rate target and for the policy statement to continue to state that "the Board is not ruling anything in or out", analysts at Citi said.
The RBA governor could say that inflation is declining, but more work needs to be done, they added.
In Sydney, financials .AXFJ led sectoral gains, rising 0.7%, with the 'Big Four' banks ending between 0.5% and 1.5% higher, despite the National Australia Bank NAB.AX posting a 13% drop in its first-half profit on Thursday.
Miners .AXMM gained 0.4%on the back of improving metal prices. MET/L
Top miners BHP Group BHP.AX andFortescue FMG.AX rose 0.1%and 1%,respectively.
Gold stocks .AXGD advanced 1%, with shares of Northern Star Resources NST.AX, Evolution Mining EVN.AX and St Barbara SBM.AX up between 0.8% and 2%.
In contrast, energy stocks .AXEJ fell 0.5% after crude oil prices declined more than 3% on Wednesday to a seven-week low. O/R
Sector heavyweights Woodside Energy WDS.AX and Santos STO.AX slipped 1.2% and 0.8%, respectively.
Among other stocks, shares of Woolworths WOW.AX dropped 4.2%, their lowest closing level since May 2020, due to a slowdown in sales in its biggest segment.
Across the Tasman Sea, the New Zealand benchmark S&P/NZX 50 index .NZ50 advanced 0.05% to 11,874.04 points.
Reporting by Roshan Thomas in Bengaluru; Editing by Sonia Cheema
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