Australian shares rise as energy stocks and banks shine
Investors digested and assessed the impact of the latest U.S. Inflation print on global interest rate outlooks.
As of 1236 GMT, the S&P/ASX 200 was up 0.6% to 8,035.1 points. The benchmark closed Wednesday's session 0.3% lower.
Market watchers have ruled out a Federal Reserve rate cut of 50 basis points (bp) next week and instead bet on a reduction of 25 bp.
Most sub-indices in Sydney traded in positive territory.
The "Big Four" banks saw a 0.8% increase in their rate-sensitive financials.
Energy stocks are trading near 1% higher, with major sector players Woodside Energy and Paladin Energy both up nearly 1%.
Brent crude futures increased 0.18%, to $70.74 per barrel. U.S. West Texas Intermediate crude (WTI), however, gained only 0.1% at $67.38 a barrel.
Gold stocks rose 0.6%, with Northern Star Resources and Evolution Mining each gaining 1.2%.
Local miners buck the trend and fell by 0.2%. BHP Group, the mining giant, lost 1.9% of its value, while Rio Tinto, Fortescue and Fortescue each gained 1.1%.
The Dow Jones Industrial Average in the United States rose 124.75 or 0.31% overnight to reach 40,861.71 on Wednesday. S&P 500 rose 58.61, or 1.07, and Nasdaq gained 369.65, or 2.17, points.
Nine Entertainment, a company that owns individual stocks in the market, dropped by as much as 4,4% to reach its lowest level since April 2020. The drop came after Nine Entertainment announced that CEO Mike Sneesby will step down from his position with effect on September 30. The broadcaster was one of the biggest laggards on the benchmark index.
The benchmark S&P/NZX 50 Index in New Zealand was up 0.5% to 12,692.24.
(source: Reuters)
