The Mid Market Pulse | S&P/ASX200 scales new 52 Week high on back of economic recovery.

The shares are trading in green on Wednesday morning. The market is upbeat, as Reserve Bank of Australia said that the economy has been recovering faster than anticipated earlier. The benchmark S&P/ASX200 was up 58.40 points or 82 basis points to 7,201 at 1256 hours, after setting a 52-week high. Top losers included Ansell , Omni Bridgeway  and Fisher & Paykel Healthcare – all down by almost 3 per cent.

The rise in machinery and equipment investment was widespread and observed in both mining and non-mining industries,” Household spending increased 1.2 per cent and added 0.7 percentage points to growth. Spending on services rose 2.4 per cent as COVID-19 restrictions continued to ease. The household saving to income ratio fell slightly but remained elevated at 11.6 per cent. Meanwhile, on Tuesday, in a widely expected decision, the Reserve Bank of Australia’s (RBA) kept its monetary policy settings unchanged at 0.1%. The central bank sounded dovish as against expectations of a hawkish tone as it awaited inflation and wage pressures.

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