ASX 200 Closes 0.4% Higher
The ASX 200 added 36 points, or 0.4%, to finish at 8,732 on Thursday, extending gains from the prior session as U.S. stock futures rallied after the Federal Reserve raised borrowing costs for the first time since 2023. Analysts said the move bolstered the central bank’s credibility and reassured markets of its resolve to curb inflation. Locally, bargain hunting persisted after Australian shares hit a near ten-week low earlier this week, driving strength in financials, industries, and logistics. The big four banks surged between 1.3% and 2.6% after a volatile week shaped by rising domestic rate expectations. Insurers also advanced, with QBE up 1.1% and Insurance Australia 0.6% higher. Energy stocks lagged after oil prices retreated on a surprise build in U.S. crude inventories, while miners were subdued, with BHP edging lower and Rio Tinto flat. Traders now anticipate remarks from Reserve Bank Governor Michele Bullock, who is scheduled to testify before Parliament on Friday.
S. stock futures rallied after the Federal Reserve raised borrowing costs for the first time since 2023. Analysts said the move bolstered the central bank’s credibility and reassured markets of its resolve to curb inflation. Locally, bargain hunting persisted after Australian shares hit a near ten-week low earlier this week, driving strength in financials, industries, and logistics.
6% after a volatile week shaped by rising domestic rate expectations. 6% higher. S. crude inventories, while miners were subdued, with BHP edging lower and Rio Tinto flat.
Traders now anticipate remarks from Reserve Bank Governor Michele Bullock, who is scheduled to testify before Parliament on Friday.