Australian shares end just shy of record high after Fed's oversized rate cut
ASX hits fresh record high of 8,200.3 points
US Fed cuts key interest rate by 50 bps
Australia employment jumps sharply, jobless rate steady
NZ GDP fell 0.2% in June qtr from prior qtr
Updates to close
By Echha Jain
Sept 19 (Reuters) -Australian shares closed just below a record high on Thursday, with miners leading the gains, as traders cheered the U.S. Federal Reserve's super-sized interest rate cut.
The S&P/ASX 200 index .AXJO ended 0.6% higher at 8,191.9 points, marking its sixth consecutive session of gains. The benchmark hit a record high of 8,200.30 during the session.
Overnight, the Fed kicked off an anticipated series of interest rate cuts with a larger-than-usual half-percentage-point reduction.
"The hope is that by cutting rates the U.S. can avoid a hard economic landing scenario, which is the preferred outcome for other economies too including for Australia," Tim Waterer, market analyst at KCM Trade said.
Locally, data showed employment blew past forecasts for a third straight month in August, yet the jobless rate held steady as the workforce also expanded at a rapid rate, reinforcing the view that the labour market remains tight.
The report reinforces the Reserve Bank of Australia's (RBA) view that interest rate cuts are unlikely in the near term, with markets seeing scant prospects a change at the policy meeting next week.
Analysts at ANZ said in a note they do not expect the RBA to be directly influenced by the Fed's decision and to start its easing cycle in February 2025.
"The risks look to have tilted to a later rather than an earlier start, particularly given the current momentum in the labour market," ANZ said.
Miners .AXMM ended 2.2% higher and were the top gainers on the bourse. Heavyweights Fortescue FMG.AX, BHP Group BHP.AX and Rio Tinto RIO.AX gained 1.2%, 2.6% and 3.5%, respectively.
Financials .AXFJ gained 0.5% with the "Big Four" banks adding as much as 1.1%.
New Zealand's benchmark S&P/NZX 50 index .NZ50 ended 0.6% higher at 12,665 points. Data showed its economy contracted in the second quarter, keeping the central bank on track for more rate cuts this year.
Reporting by Echha Jain in Bengaluru; Editing by Mrigank Dhaniwala
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