Hello, I'm Scott Hayward and welcome to the Money News Market Wrap podcast. Thanks to CMC Markets, an award winning trading provider backed by thirty plus years, experience your daily dose of money movements delivered straight to your device on this Wednesday, the twenty fifth of June twenty twenty five. After some wild swings on the mark in the last couple of days, the action was a little more sedate today,
sitting me flat for most of the session. The ASX two hundred closed up just three point seven points to eighty five hundred and fifty nine. Financial stocks again set the tone as good inflation numbers came in. More on that in the moment, but it was the materials and the energy sector at the bottom. But after a pretty tough fight with inflation, could it now be that we
can declare the dragon has been slaid? Headline inflation dropped in the twelve months to May to just two point one percent, down from two point four percent the month before. Underlying flation was also in a better spot, with the RBA's preferred measure dropping from two two point eight percent in April to two point four percent today. Fruit and vegetable prices rose two point eight percent over the period, but was down from six point one percent previously, as Mandarin's, oranges, avocados,
and Apple's all saw lower prices. Housing inflation also dropped, with rents going down by up to four point five percent over the twelve months, down from five percent the month before, and that news put a smile on the Treasurer's face.
To have headline inflation at two point one underlying inflation at two point four the lowest we've seen in four years on both fronts, the first time we've had six consecutive months of inflation within the Reserve Bank's target range. That is, those are very very welcome developments and all Australians deserve to share in the credit for that. We know there's more work to do.
But with those numbers, the expectations of rate cuts have also changed. The Reserve Bank has been cautious about cutting too soon, but it already made cuts of twenty five basis points in both March and May. This new might speed up the process, with expectations growing for a live decision at the July eighth meeting. Previously, most economists agreed that there would be a watch and wait, but at a lower result could prompt more action from the RBA
across the year. The market did react positively, heading upwards after the announcement, although the move didn't last for long. And you can hear more on the inflation fight when I speak to amp's deputy Chief Economist Deana Massena on Money News tonight from seven pm or via the podcast feed. Turning to the market, and while we've seen a lot of unrest in the Middle East and last week, it was a defense platform drone Shield that investors had an if.
Today it signed a new contract in Europe worth more than sixty million dollars, its single largest order in the company's history, and shares were boosted by twenty percent to close at two dollars fourteen. Financial stocks also saw gains.
CBA shares reaching an intra day high at one hundred and ninety two dollars, eventually closing up one point seven percent to one hundred and ninety one dollars forty and after a successful IPI yesterday, Virgin Australia continued to soar, rising by another three point four percent on its second day of trading to close at three dollars thirty four, taking a loss, though were mining stocks, with iron or futures dipping below ninety three dollars US a ton BHP
four one percent four toest you down two point three percent, but Rio recovered from earlier losses to only drop point six percent to close at one hundred and four dollars thirty As the need for safe haven withdrew, investors looked towards gross stocks instead of gold, and the spot price of the medal dropped a three thy three hundred US announce gold mine as Northern Star Resources, Evolution Mining, and
Newmont all took a hit. Turning to the currency markets, and the door experienced some weakness this afternoon to be back just below sixty five US cents. One dollar is also worth forty seven point seven British pence, just under fifty six euro cents, ninety four Japanese yen, and a
dollar oh seven New Zealand. The geopolitical tensions did not do much to the price of iron or, with futures slipping just under ninety three dollars US a ton, and while bitcoin was slightly higher to one one hundred and sixty three thousand, seven hundred and forty six Aussie dollars for just a single unit, and while you might get an apple or avocado at a healthier price point, picking
the rights supermarket might be the key. According to consumer group Choice, Aldi is once again at the top of the tree name the cheapest supermarket for grocery items, ahead of Coals and Wire Worse. Choice to a comparison of basic shopping carts including items like milk, carrots, chicken, breast, strawberries, drinking chocolate, brown onions, and garlic, and Choice found that Aldi was over three dollars cheaper than were Worse and four dollars cheaper than Coals, coming in at fifty five
dollars thirty five. And while prices are moderating, the pressure has still been on the supermarkets after allegations of price gouging, but an a trip will C report this year denied misconduct, although did admit that the grocery chains were up there as the most profitable in the world. And with so much in the world of business, it pays the shop around if you want to get the best deal, and
the supermarkets seem to be no different. Today, on the show The Inflation Dart and What It Means for You and the latest on what you Can and can't do before June thirty to get the benefit of a deduction that soon bums on your radio vice dreaming on your podcast feed. I'm Scott Hayward. I'll speak to you then