The local share market has started June on a strong note, with energy leading the way after the OPEC+ oil cartel agreed to extend production cuts well into 2025. At lunchtime AEST on Monday the benchmark S&P/ASX200 index was up 55.7 points, or 0.
72 per cent, to 7,757.4, while the broader All Ordinaries had gained 52.4 points, or 0.
66 per cent, at 8,023.8. After the ASX closed on Friday, the US personal consumption index - the Federal Reserve's preferred metric of inflation - came in slightly softer than expected, which traders saw as increasing the odds of a US rate cut in mid-September.
Over the weekend the OPEC+ members met in Saudi Arabia and agreed to extend its deep oil output cuts until the end of 2025 in a bid to shore up the market amid tepid demand growth. Journalism for the curious Australian across politics, business, culture and opinion. Domestically the Fair Work Commission on Monday announced that all minimum wage awards would increase by 3.
75 per cent from July 1, the midpoint of the 3.5 per cent to 4 per cent increase that had been expected. RBC Capital Markets chief economist Su-Lin Ong said there had been some trepidation in markets with unions seeking a five per cent increase and industry groups arguing for around half that, but the outcome was fair and prudent.
At lunchtime seven of the ASX's 11 sectors were higher, tech and health care were down and consumer discretionaries and telecommunications were basically flat. Energy was the biggest mover, up 1.4 p.
