Australian shares were flat with a negative bias at close on Monday, as investors look out for the US Federal Reserve's decision on monetary policy, as worse-than-expected consumer sentiment data showed that long-term inflation expectations have risen.
The S&P/ASX 200 was little changed to close at 8,853.
On Friday on Wall Street, the Nasdaq index rose 0.4% to another record high as the Magnificent Seven technology group, Amazon.com, Alphabet, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla jumped. However, the S&P 500 inched down 0.05% while the Dow Jones Industrial Average fell 0.6%.
In domestic news, A mid-year surge in Australian consumer spending has provided a welcome surprise, but its long-term sustainability remains uncertain due to potential one-off factors, Westpac said. Australia's economy grew by 0.6% in the June quarter and 1.8% over the year, marking its first annual per capita increase in over two years.
Consumer spending appears to be on a more solid recovery path, despite some one-off factors, but investment is growing more slowly. As a result, the gross domestic product growth forecasts for 2025 and 2026 have been revised up by 0.2 percentage points each, to 1.9% and 2.4% respectively
In company news, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) and the Australian Securities and Investments Commission (ASIC) are set to request the Federal Court to fine the bank AU$240 million in total in relation to separate proceedings after ANZ admitted to engaging in unconscionable conduct in services it provided to the Australian government and to widespread misconduct across products and services.
Each matter will be separately considered and determined by the Federal Court, and it will determine whether the penalties are appropriate and make other orders. Its shares fell nearly 1% at closing.
Gold Road Resources (ASX:GOR) said 2025 annual gold production for its Gruyere joint venture project is now expected to be between 310,000 ounces and 320,000 ounces, with 150,000 ounces and 160,000 ounces attributable to the company.
WiseTech Global (ASX:WTC) said that Executive Chair Richard White sold 550,700 shares in the company at an average price of AU$94.23 per share through an on-market transaction. The firm's shares were up over 3% on close.