ASX 200 Up 0.5% at Close
Australia’s ASX 200 rose 45 points, or 0.5%, to end at 8,892 on Thursday, recovering from a subdued finish in the prior session. Investors continued to assess the Federal Reserve’s decision to hold rates steady and signals of fewer policy meetings next year, prompting a reassessment of the rate outlook. Financials, energy minerals, and communications led gains, offsetting losses in retail, manufacturing, and tech. Gains were tempered, however, by caution ahead of official PMI data in top trading partner China due over the weekend. Locally, hotter-than-expected September inflation strengthened bets that the Reserve Bank of Australia will raise its cash rate again at next week’s meeting, following four hikes this year. The four major banks rallied 1.9%—2.3%, while Lynas Rare Earths (4.2%), Charter Hall Group (3.3%), and Bendigo & Adelaide Bank (2.5%) also advanced. In contrast, BHP Group fell 0.9%, alongside Wesfarmers (-4.0%), Woolworths Group (-3.3%), and Ramsay Health Care (-1.5%).
Australia’s ASX 200 rose 45 points, or 0.5%, to end at 8,892 on Thursday, recovering from a subdued finish in the prior session. Investors continued to assess the Federal Reserve’s decision to hold rates steady and signals of fewer policy meetings next year, prompting a reassessment of the rate outlook. Financials, energy minerals, and communications led gains, offsetting losses in retail, manufacturing, and tech. Gains were tempered, however, by caution ahead of official PMI data in top trading partner China due over the weekend.
Locally, hotter-than-expected September inflation strengthened bets that the Reserve Bank of Australia will raise its cash rate again at next week’s meeting, following four hikes this year. The four major banks rallied 1.9%—2.3%, while Lynas Rare Earths (4.2%), Charter Hall Group (3.3%), and Bendigo & Adelaide Bank (2.5%) also advanced. In contrast, BHP Group fell 0.9%, alongside Wesfarmers (-4.0%), Woolworths Group (-3.3%), and Ramsay Health Care (-1.5%).