Australian shares rose on Thursday boosted by gains in heavyweight miners and banks while traders braced themselves for crucial US inflation data due later in the day, hoping for cues on the Federal Reserve’s rate-cut stance.

The S&P/ASX 200 index rose 0.9% to 7,887.40 by 0048 GMT.

The benchmark closed 0.2% lower on Wednesday. Globally, market participants have set their eyes on the US inflation reading.

A favourable consumer price index data would bolster chances of a rate cut by the world’s most influential central bank.

Back in Sydney, bellwether miners gained as much as 1.2% with mining behemoth BHP Group added 0.3%. Rate-sensitive financials sub-index advanced 1% with the “Big Four” banks rising between 0.1% and 1.5%.

Energy stocks gained as much as 1.4%, eyeing their best day in a week.

Woodside Energy rose 1.3% and Santos rose 0.2%.

The healthcare sector gained 0.8% while real estate stocks advanced 1.3%.

Information technology firms rose in tandem with their US peers, gaining 1.3%.

Australian shares hit record high; RBA cautious on inflation

New Zealand’s benchmark S&P/NZX 50 index gained 0.4% to 1,996.94, hitting the highest since June 5, a day after the Reserve Bank of New Zealand kept its cash rate unchanged but signalled at possible rate cuts in the future.

Dairy producer Synlait Milk surged after its shareholder as well as key customer a2 milk company said it would vote in favour Synlait’s entry into a loan.

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