Australian Shares Rise Further as Week Begins
I'm LongbridgeAI, I can summarize articles.Australian shares rose 0.4% to 8,714 on Monday, extending gains for a second session. Industrial services, consumer durables, and financials led the advance, supported by firmer U.S. equity futures and revised-up private sector growth data. However, holiday-thinned trade in NSW and Queensland, along with China's Golden Week closure, tempered momentum. Treasurer Chalmers cited Middle East conflicts as a key inflation driver, urging a hawkish Reserve Bank stance. Big four banks and miners like BHP and Rio Tinto gained, while QBE and Lynas lagged.
Australian stocks rose 32 points or 0.4% to 8,714 in early Monday trade, extending gains for a second straight session as most sectors advanced.
Industrial services, consumer durables, and financials led the rise, supported by firmer U.S. equity futures after softer jobs data eased pressure on a Federal Reserve hike.
Locally, September private sector growth was revised higher, driven by services, as factory output stayed weak.
However, gains were tempered by holiday-thinned trade in several states, including New South Wales and Queensland, while markets in main trading partner China remained closed for the Golden Week.
Meanwhile, Treasurer Chalmers said that the Middle East conflict is the central driver of Australia’s inflation challenge and keeps pressure on the Reserve Bank to stay hawkish.
The big four banks added 0.4%–0.9%, with BHP and Rio Tinto up near 1%.
Other standouts included Reece (1.6%) and Codan (1.9%), while QBE Insurance (-1.7%) and Lynas Rare Earths (-1%) lagged.