April Market Update
The Australian market gained 1.20% for the past month, with markets relieved to see French presidential runner Emmanuel Macron coming through with a win in the first round of the presidential elections.
The key Resistance level is 6000 and support around 5,791.
US president Donald Trump released the proposed tax cuts which have failed to inspire another bullish run, instead markets started to slowly slide after his speech.
The release includes plans to cut corporate tax by 15% though analysts suggest that this would accelerate the deficit and the cuts would therefore be short lived.
The proposed tax cuts still need to be approved by congress which may be difficult.
Australian figures to be released shortly,
Retail Sales – Tuesday the 9th of May
Unemployment Rate – Thursday the 18th of May
Shares overall have gained for the month of April however caution is in the air with ongoing issues around North Korea and the final round of the French elections.
The RBA has kept rates at 1.50% as the RBA has concerns around household debt. The hold on rates was widely expected and has been the eighth meeting to keep them at the historical low.
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