Australian Shares Rise Further as Week Begins
Australian stocks rose 32 points or 0.4% to 8,714 in early Monday trade, extending gains for a second straight session as most sectors advanced. Industrial services, consumer durables, and financials led the rise, supported by firmer U.S. equity futures after softer jobs data eased pressure on a Federal Reserve hike. Locally, September private sector growth was revised higher, driven by services, while factory output stayed weak. However, gains were constrained by holiday-thinned trade in several states, including New South Wales and Queensland, while markets in main trading partner China remained shut for the Golden Week. Meanwhile, Treasurer Chalmers said that the Middle East conflict is the central driver of Australia’s inflation challenge and keeps pressure on the Reserve Bank to stay hawkish. The big four banks added 0.4%—0.9%, with BHP and Rio Tinto up near 1%. Other standouts included Reece (1.6%) and Codan (1.9%), while QBE Insurance (-1.7%) and Lynas Rare Earths (-1%) lagged.
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4% to 8,714 in early Monday trade, extending gains for a second straight session as most sectors advanced. S. equity futures after softer jobs data eased pressure on a Federal Reserve hike. Locally, September private sector growth was revised higher, driven by services, while factory output stayed weak.
However, gains were constrained by holiday-thinned trade in several states, including New South Wales and Queensland, while markets in main trading partner China remained shut for the Golden Week. Meanwhile, Treasurer Chalmers said that the Middle East conflict is the central driver of Australia’s inflation challenge and keeps pressure on the Reserve Bank to stay hawkish. 9%, with BHP and Rio Tinto up near 1%. 7%) and Lynas Rare Earths (-1%) lagged.