Australian shares rose slightly on Wednesday, with gains in commodity stocks outweighing losses in heavyweight financials, while investors awaited a slew of US economic data for more clarity on the Federal Reserve’s interest rate cut timeline.
The S&P/ASX 200 index climbed 0.1% to 7,518.50 by 0033 GMT.
The benchmark closed 0.5% higher on Tuesday.
Market participants are focussing this week on the personal consumption expenditure index report, S&P Global PMI readings and an advance fourth-quarter GDP print from the United States.
The Fed is expected to keep rates steady when it meets next week, but investors will watch for clues on the timing of rate cuts. In Sydney, mining stocks led the gains, climbing as much as 2.4%.
Iron ore futures and copper prices rose on Tuesday, as investor confidence was boosted after policymakers in China pledged to stabilise its stock market.
Mining giants BHP Group, Rio Tinto and Fortescue advanced between 1.2% and 1.6%.
Lithium producer Pilbara minerals rose as much as 8.4% after the company posted a 22% sequential rise in quarterly spodumene concentrate production volumes from its Pilgangoora operation.
Gold stocks rose 2.8% after bullion prices inched higher overnight.
Australian shares hit 2-week high on banking boost
Northern Star Resources climbed as much as 7.2% after the gold miner forecast cash earning ahead of last year for the first half of 2024 fiscal year. Energy stocks gained as much as 0.3%.
Woodside Energy climbed 0.9% after the company reported a 3% rise in quarterly revenue and signalled an increase in 2024 production.
Meanwhile, rate-sensitive banking stocks fell 0.4% after a four-session winning streak.
The “Big Four” banks declined between 0.3% and 0.6%.
Technology stocks fell 1.5% and healthcare stocks lost 0.7%.
New Zealand’s benchmark S&P/NZX 50 index eased 0.1% to 11,787.72.
Data showed that the country’s consumer inflation was in line with expectations in the fourth quarter.
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