ASX 200 closes higher, miners and tech stocks lift index
Australia's benchmark S&P/ASX 200 index closed 0.3% higher at 8,757.80, driven by a 0.6% gain in miners and a 2.7% jump in technology stocks. Energy stocks logged their worst session in a week, dropping 1.2%. In New Zealand, the S&P/NZX 50 index rose 0.4% to a two-week high.
7% Energy stocks log worst session in a week NZ50 closes at two-week high By Keshav SinghChundawat Sept 22 (Reuters) — Australian shares rose modestly on Tuesday as gains in mining and tech stocks outweighed weakness in energy stocks, while markets remained focused on next week's central bank meeting for clues on its future monetary path. 80, its highest closing level since September 10. Reserve Bank of Australia's Governor Michele Bullock said upside risk to inflation may be materialising given energy prices have stayed high, while local demand continues to be in excess.
Markets are pricing in a rate hike at the central bank's September 28-29 meeting, with attention now turning to the August employment data due later in the week, for clues on the extent of tightening that policymakers will bring in to combat inflation. A strong jobs report would support expectations of another rate increase later this year, while a weak report could see investors start pricing September as the final move of the cycle, said Philip Pepe, a senior equities analyst at Shaw and Partners. 7% higher. 3%.
2% to log its worst session in a week. 48 points, its highest in two weeks. The country's top central banker said that if higher energy prices persist, it would lead to higher inflation than previously forecast. com;)