Australia stocks rise as miners and healthcare rally

Australian shares rose 31 points or 0.4% to 9,085 in Thursday morning trade, snapping a six-session losing streak as U.S. equity futures firmed after Wall Street ended its three-day slide amid easing Treasury yields.

Local markets emerged from a two-week low as bargain hunters set in.

In China, the central bank left lending benchmarks unchanged for a 15th month, keeping one- and five-year LPRs at record lows to bolster growth.

Domestic data, however, dampened sentiment with July employment unexpectedly falling and the jobless rate climbing to a three-month high.

RBA Deputy Governor Andrew Hauser cautioned that further rate hikes may be needed if inflation risks persist, noting price growth remains “too high.” Consumer durables, non-energy minerals, healthcare, and utilities drove the strength, amid notable gains from heavyweights BHP Group (2.2%), CSL Ltd. (4.9%), and Northern Star Resources.

In contrast, the four major banks bucked the trend, sliding between 1.3% and 2.2%.