Australian shares inched higher on Thursday, as gains in banks and energy stocks outweighed losses in mining and gold stocks, while market participants awaited local jobs data due later in the day for further cues about the health of the economy.
The S&P/ASX 200 index rose 0.3% to 8,220.9 by 2323 GMT after a 0.8% fall on Wednesday.
Overnight, Wall Street ended mixed after October data showed consumer prices rose in line with expectations, adding support to bets that the Federal Reserve will cut rates in December.
In Sydney, investors awaited October jobs data, due at 0030 GMT, for further clarity on the interest rate trajectory.
Meanwhile, Reserve Bank of Australia (RBA) Governor Michele Bullock said monetary policy will stay restrictive until policymakers are confident that inflation is moving sustainably back to the target band.
Among sectors, rate-sensitive financials gained as much as 1.1%, with the “Big Four” banks advancing between 0.5% and 0.9%.
Energy stocks climbed as much as 0.6% after a four-session losing streak. Brent crude futures were up 0.19% at $72.03 a barrel.
Sector majors Woodside Energy and Santos gained 0.8% and 0.5%, respectively.
Australian shares retreat in broad selloff ahead of US inflation print
Miners fell as much as 0.5% and were on track for a fourth straight session of losses. BHP Group and Fortescue lost 0.4% and 1.1%, respectively, while Rio Tinto was marginally higher.
Gold stocks fell as much 1.5% to hit their lowest level since Sept. 13, after bullion prices declined for a fourth straight session overnight.
Gold miners Northern Star Resources and Evolution Mining shed 0.9% each.
In New Zealand, the benchmark S&P/NZX 50 index inched 0.3% lower to 12,636.51.
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