Australian Stocks Jump to 11-Week High
Australian shares climbed 100 points, or 1.1%, to 9,130 in Tuesday morning trade, extending recent gains to an 11-week high. Sentiment was boosted by a strong Wall Street rally, led by tech stocks and a sharp drop in oil prices. However, gains were tempered by fresh data showing weaker consumer and business mood in Australia amid elevated cost pressures and higher interest rates. In key trading partner China, October inflation data hit a three-month low, while producer prices rose the most in over four years, highlighting diverging price trends that could complicate Beijing’s efforts to revive consumption and support industrial activity. All major sectors advanced, led by industrials, logistics, and transport. Miners BHP Group (1.3%) and Rio Tinto (0.9%) gained alongside gold producers Northern Star Resources (1.1%) and Evolution Mining (0.7%). Tech stocks such as Nextdc (4.5%) and WiseTech Global (1.7%) also surged, while three of the four major banks advanced, led by ANZ and Westpac.
Australian shares climbed 100 points, or 1.1%, to 9,130 in Tuesday morning trade, extending recent gains to an 11-week high. Sentiment was boosted by a strong Wall Street rally, led by tech stocks and a sharp drop in oil prices. However, gains were tempered by fresh data showing weaker consumer and business mood in Australia amid elevated cost pressures and higher interest rates. In key trading partner China, October inflation data hit a three-month low, while producer prices rose the most in over four years, highlighting diverging price trends that could complicate Beijing’s efforts to revive consumption and support industrial activity.
All major sectors advanced, led by industrials, logistics, and transport. Miners BHP Group (1.3%) and Rio Tinto (0.9%) gained alongside gold producers Northern Star Resources (1.1%) and Evolution Mining (0.7%). Tech stocks such as Nextdc (4.5%) and WiseTech Global (1.7%) also surged, while three of the four major banks advanced, led by ANZ and Westpac.