Australian Stocks Inch Up, Still Facing Fifth Weekly Decline
Australian shares added 18 points or 0.2% to 8,631 in Friday morning trade, rebounding from a 2% slump in the prior session as bargain hunters returned after markets hit their lowest since mid-June amid domestic and global headwinds. Meanwhile, U.S. stock futures edged higher after Wall Street closed little changed overnight, with traders awaiting monthly jobs data and as the global bond sell-off eased. Gains were led by tech, consumer non-durables, and energy minerals, though weakness in healthcare and utilities capped momentum. The four major banks advanced modestly, while PLS Group (3.2%), QBE Insurance (2.9%), and Suncorp (1.3%) posted notable rises. Still, the market is on track for a fifth straight weekly decline, down about 0.3% so far, reflecting persistent inflation concerns, rising crude tied to Middle East tensions, and hawkish policy expectations. Traders now look to next week’s September final PMI and October consumer confidence for fresh economic signals.
2% to 8,631 in Friday morning trade, rebounding from a 2% slump in the prior session as bargain hunters returned after markets hit their lowest since mid-June amid domestic and global headwinds. S. stock futures edged higher after Wall Street closed little changed overnight, with traders awaiting monthly jobs data and as the global bond sell-off eased. Gains were led by tech, consumer non-durables, and energy minerals, though weakness in healthcare and utilities capped momentum.
3%) posted notable rises. 3% so far, reflecting persistent inflation concerns, rising crude tied to Middle East tensions, and hawkish policy expectations. Traders now look to next week’s September final PMI and October consumer confidence for fresh economic signals.