Australia Stocks Poised for First Monthly Drop in 6 Months
Australian shares edged up 17 points or 0.2% to 8,726 in Wednesday’s morning trade, marking a third straight gain as consumer durables, tech, and commercial services lifted sentiment. Support also came from stronger U.S. equity futures after New York Fed President John Williams’ remarks eased concerns over further rate hikes. Locally, the Reserve Bank reaffirmed its readiness to respond to economic shifts, stressing its dual focus on price stability and full employment. Heavyweights BHP Group and Rio Tinto added 0.8% and 0.4%, respectively, while Northern Star Resources surged 6.1%, Evolution Mining rose 1.7%, and Goodman Group gained 1.3%. Despite the recent rebound, the market remains on track for its first monthly decline in six months, down about 3.9% so far, pressured by persistent inflation and the drag from higher borrowing costs. Traders now await August inflation data due later today, alongside trade figures scheduled in the coming days.
2% to 8,726 in Wednesday’s morning trade, marking a third straight gain as consumer durables, tech, and commercial services lifted sentiment. S. equity futures after New York Fed President John Williams’ remarks eased concerns over further rate hikes. Locally, the Reserve Bank reaffirmed its readiness to respond to economic shifts, stressing its dual focus on price stability and full employment.
3%. 9% so far, pressured by persistent inflation and the drag from higher borrowing costs. Traders now await August inflation data due later today, alongside trade figures scheduled in the coming days.