Market Close 4 July 24: ASX closes in on record high

Australian shares surged by 1.2% following fresh record highs in US markets, driven by expectations of potential US interest rate cuts, sparked by weaker-than-expected US economic data. Commodity prices also boosted local energy and mining stocks, with oil, gold, and iron ore prices all climbing. In company news, rumours of potential takeover bids for Santos sent its shares to a two-year high, while other resource firms faced challenges. Looking ahead, markets will watch for upcoming data from China and other global economic indicators.

 

 

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