Markets

At noon, the S&P/ASX 200 is 0.37 per cent higher at 6,798. Asia-Pacific markets were mixed with markets awaiting monetary policy decisions by the Bank of Japan. The Bank of Japan is expected to finish its policy meeting later today Australian time. The key question on investors minds is the inflation outlook.

On Monday, the ASX experienced a decline of 0.8 percent at 6772.9 points. This drop below 6800 points marked the first time it had done so this year and is its lowest point since October 2022. The decline was influenced by renewed fears that the conflict between Israel and Hamas could escalate into a regional war, causing investors to move away from equities.

The ASX has reached a 12-month low due to investor concerns that the Israel-Hamas conflict may lead to a regional war.

Australian retail sales exceeded expectations by rising 0.9% in September, compared to economists' forecast of a 0.3% increase, following slower growth in August and July.

Australia's producer prices increased by 1.8% in September when compared to the previous quarter, and they rose by 3.8% over the past 12 months, according to the Australian Bureau of Statistics.

The Australian stock market reached its lowest point of the year, primarily driven by a substantial sell-off in technology stocks.

Governor of the Reserve Bank of Australia, Michele Bullock, has stated that they are still in the process of analysing the recent CPI (Consumer Price Index) figures.

Australian shares closed flat on Wednesday, ignoring a strong performance on Wall Street. The lackluster performance was attributed to a higher-than-expected inflation rate in the September quarter.

Australia's September quarter CPI data have exceeded market estimates, with the quarterly headline CPI rising 1.2 percent versus the expected 1.1 percent, and the annual headline CPI increasing by 5.6 percent compared to the anticipated 5.3 percent.

Energy stocks benefited from the rise in oil prices, with West Texas Intermediate trading around $86 per barrel. The avoidance of a Gaza invasion by Tel Aviv temporarily eased Middle East tensions. As a result, Santos saw a 0.6% increase to $7.85, and Viva Energy rose by 4% to $2.84 after receiving a "buy" rating from UBS broker.

The spotlight is on RBA Chief Michele Bullock's speech scheduled for 7pm AEDT at the Global Markets Conference hosted by CBA in Sydney.

Australian shares closed at their lowest level in a year on Monday, following a trend set by a weaker Wall Street. This decline was driven by concerns about an escalation of the Middle East conflict, which negatively impacted investor sentiment.

At noon, the S&P/ASX 200 is 0.76 per cent lower at 6,848.40. This drop was in line with Wall Street's performance, driven by concerns about potential interest rate hikes by the Federal Reserve and worries about the escalation of the Middle East conflict.

In August, Chinese investors recorded their highest selling activity of US bonds and stocks in four years, amounting to $21.2 billion, with a focus on treasuries and equities, as per data from the US Department of the Treasury. Additionally, Japanese investors have also been selling US securities, driven by the weakening yen and the strategy to bolster their currency by selling treasuries for dollars.

Australia's benchmark index had its worst one-day performance in four weeks on Thursday. This decline was attributed to rising tensions in the Middle East and an unexpected drop in the jobless rate for September, which raised concerns among investors.

The big four Australian banks are projecting various outcomes for the labor market: Commonwealth Bank (CBA) expects a 25,000 job gain with a higher unemployment rate of 3.8%, while National Australia Bank (NAB) forecasts a 30,000-job increase with unemployment at 3.7%. ANZ predicts a 20,000-job rise and steady unemployment at 3.7%, and Westpac anticipates a 20,000-job increase with no change in the unemployment rate, also at 3.7%.

The Australian sharemarket increased in value on Wednesday, as China's gross domestic product (GDP) for July-September grew by 4.9% compared to the previous year.

Oil prices surged by up to 1.7% in early Asian trading following a deadly explosion at a Gaza hospital, heightening tensions in the Middle East ahead of US President Joe Biden's visit. A summit between Biden and leaders of Jordan, Egypt, and the Palestinian Authority was canceled as the US president seeks to prevent further escalation in the Israel-Hamas conflict.

The ASX overcame a two-session losing streak thanks to a surge in technology-related stocks, despite some surprisingly cautious remarks from the Reserve Bank of Australia.

The Reserve Bank of Australia recently released its latest minutes regarding the cash rate decision. During the meeting, members contemplated increasing the cash rate target by 25 basis points but ultimately chose to keep rates unchanged for the fourth consecutive time.

On Monday, the Australian stock market experienced a decline as investors sought refuge in bonds and gold due to growing concerns about increasing tensions in the Middle East.