Australian Equities Set for Solid Weekly, Monthly Gains

Australian shares climbed 95 points, or 1.1%, to 8,986 in Friday morning trading, extending prior strength and reaching their highest in more than seven weeks, supported by strong domestic earnings. Meanwhile, private credit grew 0.6% mom in September, keeping the same pace for a third month, with gains across housing, business, and personal credit. However, upside was capped by overnight losses on Wall Street and caution ahead of official PMI data from top trading partner China. Traders also weighed the prospect of another RBA rate hike next week, following four increases this year, as Governor Bullock warned that inflation could remain elevated longer than expected. Nearly all sectors gained, led by industrials, commercial services, and healthcare. Major gainers included Reece Ltd. (9.8%), Brambles Ltd. (2.6%), and REA Group (2.4%), while the big four banks rose 1—1.5%. The ASX 200 rose around 2% for the week and 2.2% for October, recovering from the prior month's sharp decline.