On Wednesday, the stock market experienced a second consecutive day of gains as investors eagerly anticipated the Federal Reserve's policy statement, hoping to gain insights into the central bank's future interest rate decisions.

Australian building approvals in September fell by 4.6%, surprising analysts who had anticipated a 1.3% increase.

On Tuesday, the Australian sharemarket experienced a modest increase, driven by a rally in consumer staples and real estate stocks.

Oil prices fell as US crude stockpiles increased significantly by 10.2 million barrels, the largest rise since February, and demand for gasoline remained low, pushing gasoline futures to their lowest level since December 2022.

The Australian Competition and Consumer Commission plans to reject authorisation for electricity industry participants to coordinate repair, maintenance, and upgrades due to concerns that it wouldn't substantially enhance the Australian Energy Market Operator's outage management capabilities and might harm competition.

Oil prices remained stable, hovering around $83 per barrel, after an initial surge linked to Hamas' attacks on Israel over the weekend. This surge was reversed following a report suggesting Iran's surprise at these attacks, potentially reducing the chances of additional sanctions on Iranian oil and limiting Iran's involvement in the conflict in the Middle East.

Australian bond yields have decreased, following the trend of their US counterparts, in response to signals from Federal Reserve officials that the central bank is unlikely to raise interest rates further.

The S&P/ASX 200 surged back above 7000 on Tuesday, driven by a shift in rhetoric from US Federal Reserve members towards a more dovish stance and signs of easing inflation.

Oil prices held steady following a significant surge as Israel indicated that its retaliation against Hamas attacks had just begun, raising concerns of increased instability in the region.

On Monday, the ASX experienced gains, primarily driven by a significant increase in energy and gold stocks.

ASX rises at midday primarily due by a rally in energy and mining stocks, which was a response to the surge in oil prices in Asia.

On Thursday, the sharemarket experienced a rebound, influenced by a relief rally inspired by Wall Street. This rally was prompted by softer US jobs data, which temporarily alleviated concerns about high interest rates.

In August, Australia's trade surplus expanded to $9.6 billion, surpassing expectations, as exports increased by 4 percent, primarily led by gold, while imports declined by 0.4 percent, largely due to a decrease in industrial transport equipment.

The Australian sharemarket experienced its lowest point in 11 months, mirroring Wall Street's losses driven by concerns over rising interest rates following stronger-than-expected jobs data.

The S&P/ASX 200 is currently trading 0.68 per cent lower at 6,896.40. RBNZ expected to hold rates.

The Australian sharemarket hit a six-month low on Tuesday, driven by a US Treasury sell-off influenced by the US Federal Reserve's hawkish messaging, despite the Reserve Bank's decision to maintain the cash rate at 4.1%.

In August, new housing approvals experienced a significant rebound, growing by 7 percent compared to a revised figure of -8.1 percent in July. This increase was primarily driven by a 6 percent rise in house approvals and an 8.8 percent increase in approvals for attached dwellings, following two months of double-digit declines. The volatile monthly data series contributed to this fluctuation.