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Australian shares rose on Thursday, with financials leading the gains in broad-based buying as economic growth data eased fears of further interest rate hikes, while soft US labour market data firmed bets of a September easing.

The S&P/ASX 200 index was up 0.6% at 7,812.9, as of by 0029 GMT, touching a nine-session high.

Data showed on Wednesday that Australia’s real gross domestic product (GDP) rose 0.1% in the first quarter, just under market forecasts of 0.2%, as high borrowing costs and still-elevated inflation put the brakes on consumer spending.

Financial markets have already priced out any risk of a further hike in the Reserve Bank of Australia’s 4.35% cash rate, but neither do they see much chance of a cut anytime soon.

Futures are not fully priced for a cut to 4.10% until May next year.

Meanwhile, US labour data firmed investor hopes for a Federal Reserve rate cut in September, leading to gains in equities across the globe.

Back in Sydney, rate-sensitive financials rose 0.6%, hitting the highest level in nearly three months in what would be their fifth straight session of gains.

Australian shares hit record high; RBA cautious on inflation

All the “Big Four” banks were in positive territory, with Commonwealth Bank up 1% and ANZ Group up 0.28%.

Heavyweight miners were up 0.4% after a two-day slide. However, mining giant Rio Tinto was down 1.1%. Gold and energy stocks were up 1.9% and 0.3%, respectively, as underlying commodity prices rebounded after US data boosted risk appetite.

Tracking Wall Street’s gains, the technology sub-index rose 1.3%.

Healthcare shares gained 0.8%, while real estate stocks were up 0.7%.

New Zealand’s S&P/NZX 50 index was down 0.6% at 11,922.15 after three straight sessions of gains.

Shares in SkyCity Entertainment fell as much as 22.5% after the casino operator cut its annual profit forecast and suspended dividends until fiscal 2026.

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