Australia Stocks Rise Further
Australian equities advanced 43 points, or 0.5%, to 8,739 in early Thursday trade, extending prior gains as a rebound in U.S. stock futures lifted sentiment after an overnight retreat on Wall Street following the Federal Reserve’s first rate hike in three years. Bargain hunting persisted following a near ten-week local low earlier this week, with investors weighing sticky inflation and the likelihood of another Reserve Bank move later this month. Meanwhile, Reserve Bank Governor Michele Bullock is scheduled to testify before Parliament on Friday. In top trading partner China, mixed August data spurred hopes of fresh stimulus, offering some support. Financials, tech, and manufacturing led advances, offset by weakness in healthcare and resources. The big four banks rallied alongside insurers QBE (1.9%) and IAG (0.8%), while Qantas (2.2%), Bluescope Steel (2.1%), and Ramsay Health Care (1.2%) also outperformed. Energy lagged, with Woodside down 1.5% and Santos off 2.1%.
S. stock futures lifted sentiment after an overnight retreat on Wall Street following the Federal Reserve’s first rate hike in three years. Bargain hunting persisted following a near ten-week local low earlier this week, with investors weighing sticky inflation and the likelihood of another Reserve Bank move later this month. Meanwhile, Reserve Bank Governor Michele Bullock is scheduled to testify before Parliament on Friday.
In top trading partner China, mixed August data spurred hopes of fresh stimulus, offering some support. Financials, tech, and manufacturing led advances, offset by weakness in healthcare and resources. 2%) also outperformed. 1%.