ASX 200 Reverses Early Weakness to Close in the Green
The ASX 200 rose 40 points, or 0.5%, to end at 8,850 on Tuesday, turning early losses and extending gains for a third session. Easing oil prices helped temper inflation concerns ahead of Wednesday’s September CPI release, following August’s slowdown to 4.0%, below the 4.1% forecast but still above the RBA’s 2—3% target. Investors also awaited Governor Michele Bullock’s and other senior officials’ appearances before lawmakers, after Assistant Governor Sarah Hunter said the central bank had “not quite yet” done enough to curb inflation. Meanwhile, futures linked to the Dow Jones strengthened ahead of the Fed’s two-day policy meeting, which begins later today, with a rate decision due Wednesday. While a hold is widely expected, rate-hike expectations for December have increased. Gains in copper and iron ore lifted miners, including BHP Group (3.5%), Rio Tinto (2.5%), and Mineral Resources (2.4%). Lynas Rare Earths (3.5%), Qantas Airways (3.2%), and South32 (2.6%) also advanced.
The ASX 200 rose 40 points, or 0.5%, to end at 8,850 on Tuesday, turning early losses and extending gains for a third session. Easing oil prices helped temper inflation concerns ahead of Wednesday’s September CPI release, following August’s slowdown to 4.0%, below the 4.1% forecast but still above the RBA’s 2—3% target. Investors also awaited Governor Michele Bullock’s and other senior officials’ appearances before lawmakers, after Assistant Governor Sarah Hunter said the central bank had “not quite yet” done enough to curb inflation.
Meanwhile, futures linked to the Dow Jones strengthened ahead of the Fed’s two-day policy meeting, which begins later today, with a rate decision due Wednesday. While a hold is widely expected, rate-hike expectations for December have increased. Gains in copper and iron ore lifted miners, including BHP Group (3.5%), Rio Tinto (2.5%), and Mineral Resources (2.4%). Lynas Rare Earths (3.5%), Qantas Airways (3.2%), and South32 (2.6%) also advanced.