Australian shares rose on Thursday, aided by heavyweight miners and energy stocks, although US Federal Reserve Chair Jerome Powell’s comment weighed on investor sentiment.
The S&P/ASX 200 index rose 0.3% to 7,779.5, as of 0105 GMT.
The benchmark ended almost flat in the previous session.
Powell said on Wednesday the tariffs levied by US President Donald Trump were “larger” than they had expected earlier, adding to the uncertainty regarding the fallout of Trump’s punitive tariffs.
He added that the US central bank would take on a wait-and-see mode for its policies on Trump tariffs.
“Commentary from Fed Chair Jerome Powell…. has led the markets to believe that policy will not be eased in response to a growth slowdown…the Fed’s position is the most concerning of all to the markets,” said Kyle Rodda, a senior financial analyst with Capital.com.
Back in Sydney, miners gained 1.3%, with BHP rising 0.9% despite the global miner reporting a slightly lower quarterly iron ore output.
Diversified miner South32 rose 1%, even as its third-quarter manganese ore production missed estimates.
Financials traded flat, with Commonwealth Bank of Australia rising 0.4%.
IT stocks shed 0.4% in tandem with its US peers. Energy stocks rose 2.8%, with sector major Woodside Energy rising 2.2%.
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Health stocks lost 0.3%, with biotech giant CSL declining 0.8%.
Gold stocks gained 0.8% after the yellow metal touched a record high.
Investors also await the local jobs data, due later in the day, hoping to get clarity on the Reserve Bank of Australia’s monetary policy.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index traded flat.
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