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Stocks Rise Ahead Of Inflation Data As Banks, Miners Do Well



Stocks Rise Ahead Of Inflation Data As Banks, Miners Do Well

(CTN News) – Australian inflation shares climbed after three straight losses, helped by gains in heavyweight financial and mining stocks. Market participants awaited announcements on interest rates based on third-quarter inflation data due on Wednesday.

Despite a one-year low hitting the S&P/ASX 200 index on Monday, the index advanced 0.5% to 6,876.9 by 1150 GMT, recovering from Monday’s one-year low.

In the Middle East, investors are closely following the developments as Israeli aircraft struck southern Lebanon and Israeli troops and Palestinians clashed in the occupied West Bank during the course of the day.

There will also be a slew of data released from the United States later in the week, including the third-quarter gross Inflation domestic product numbers and a report on personal consumption expenditures, which will be used by market participants to gauge the strength of the domestic economy.

Across the ditch in Australia, financial stocks fell 0.8%, with the so-called “big four” banks gaining between 0.3% and 0.6% on their shares.

Despite a three-day slide in mining stocks, mining stocks rose 0.5% on Friday. As a result, BHP Group and Rio Tinto both gained 0.6% each.

In the energy sector, stocks rose 1%, with Woodside Energy and Santos each rising 0.6% and 1.2%, respectively.

There was a 0.7% rise in technology Inflation stocks after four straight sessions of losses for the sector.

It was the worst day for gold stocks and inflation since October 3, as they fell 1.2%.

There was a 0.9% decline in Northern Star Resources shares. As far as individual stocks are concerned, Zip Co shares rose as much as 20% to reach their highest level since Aug. 30 after the buy-now-pay-later (BNPL) firm returned to profitability in the first quarter of fiscal 2024, earlier than anticipated, after returning to profitability earlier than expected last year.

Among the top gainers in the benchmark index, Core Lithium and Pilbara Minerals are among the best performers with rises of 6.1% and 4.9%, respectively.

There was a 0.4% decline in New Zealand’s Inflation benchmark S&P/NZX 50 index after trading resumed after the long holiday weekend, with the index retracing 0.4% at 10,952.99.


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