Australian shares rise early, but set for weekly decline
Australian stocks added 18 points, or 0.2%, to 9,037 in early trade Friday, building on prior-session gains. Most sectors advanced, led by non-energy minerals, tech and healthcare, but the week is on track for about a 0.7% decline.
Australian stocks added 18 points or 0.2% to 9,037 in early trade on Friday, building gains from the prior session following overnight gains on Wall Street as Treasury yields pulled back after Fed Waller said he’d be “inclined to support” holding rates steady barring any surprises in upcoming inflation data.
Locally, August services growth was revised higher amid improving confidence that came close to its level before the outbreak of war in the Middle East.
Most sectors advanced, led by non-energy minerals, tech, and healthcare.
Among major performers were Cochlear Ltd. (2.9%), Perseus Mining (2.1%), and JB Hi-Fi Ltd. (1.5%).
The four big banks added between 0.4% and 1.0%.
For the week, however, domestic markets are on track to post a decline, down around 0.7% so far following prior gains, dragged by worries that the Reserve Bank may deliver another rate hike at its meeting later this month following stronger-than-expected Q2 GDP data.