Markets

The Australian sharemarket experienced a noon decline with the S&P/ASX 200 index slipping 0.15% due to losses in commodity stocks, particularly in the materials sector, driven by lower iron ore prices, leading to drops in BHP, Fortescue Metals, and Rio Tinto.

The gains come from Energy and Utilities. Energy shares saw a rebound, bouncing back from the previous day's decline.

In November, Australian manufacturing activity continued to decline, with the flash composite output index dropping to 46.4, marking its lowest level in eight years, excluding pandemic lockdowns. However, experts believe that this indicates a soft landing for the economy rather than a hard one, aligning with the Reserve Bank of Australia's expectations.

Aus. energy stocks are trading in the red due to the postponement of an OPEC meeting to later next week, dampening hopes of the cartel tightening its supplies.

Australia's stock markets remained stable ahead of the Thanksgiving Day holidays in the United States.

Australian shares are currently trading higher, with strong gains in mining stocks and utilities helping offset a fall in tech stocks following results from chipmaker Nvidia.

The Australian sharemarket saw gains driven by mining stocks and rising iron ore prices due to China's additional stimulus measures.

The S&P/ASX 200 is trading 0.33 per cent higher at 7,082.

Australian stock markets commenced the day with upward momentum, mirroring the positive trend seen on Wall Street. This surge was primarily attributed to Microsoft's strong performance, which ignited a significant rally in the largest technology companies in the United States.

On Monday, energy stocks were the primary drivers of ASX's upward movement, despite a generally uneventful start to the week.

Global energy stocks, particularly in the ASX, have surged, with the energy sector being the top performer among the ASX's 11 sectors, boosted by rising oil prices, including gains in US energy giants like ExxonMobil, Chevron, and ConocoPhillips

The Australian sharemarket declined despite a strong labor force report indicating the creation of 55,000 new jobs in October, with a previous upward revision of 8,000 jobs in September.

Australian employment increased by 55,000 in October, with a slight uptick in the unemployment rate to 3.7%.

The Australian sharemarket reached an eight-week high on Wednesday, driven by optimism stemming from a US inflation report indicating the possibility of a peak in interest rates in the United States.

Australian shares experienced early gains driven by the latest US inflation report, fueling speculation that interest rates may have peaked.

On Tuesday, the sharemarket rebounded, driven by gains in the energy and mining sectors due to a recovery in commodity prices.

The S&P/ASX 200 has risen by 0.6 percent to reach 6991, driven by a recovery in commodity prices. Investors are eagerly awaiting crucial US inflation data to gain insight into whether interest rates have reached their peak in the world's largest economy.

The Australian sharemarket declined on Monday, with a 0.4% drop in the benchmark S&P/ASX 200 index to 6948.8 points, primarily due to a sell-off in energy and bank stocks.

At noon, the S&P/ASX 200 stock index has decreased by 0.22 percent. This decline comes just before a series of economic indicators are due to be released, which will assess the accuracy of the Reserve Bank's initial forecasts during Michele Bullock's tenure as governor.

The Reserve Bank of Australia raised the official cash rate to the highest level in 12 years, just as retailers were hopeful about increased spending ahead of the festive season, impacting their sales during the Black Friday/Cyber Monday promotions.