Markets

Australian stocks are building on their early gains as Thursday's trading session unfolds, displaying resilience in the face of a turbulent Wall Street session marred by worries about the worldwide economic outlook and interest rate fluctuations.

On Wednesday, the Australian stock market experienced a slight upward movement, driven by robust advancements in the technology sector, which counterbalanced a downturn in the mining industry heavyweights.

The Australian sharemarket is higher at noon, influenced by mixed factors including flat performance on Wall Street and weaker-than-expected Chinese data impacting commodity prices.

Local investors are closely watching the Reserve Bank's policy statement scheduled for 2.30 pm (AEDT). It is anticipated that policymakers will decide on a 0.25 percentage point hike in the cash rate target, bringing it to 4.35 percent. You can find a preview by clicking here.

The ASX experienced a subdued Monday session, with its benchmark index nearing 7000 points for the first time in over two weeks, anticipating the Reserve Bank's impending cash rate decision.

The Australian sharemarket began the week with a slight upward movement, as investors remained watchful for the Reserve Bank's cash rate decision scheduled for Tuesday, with both bond and equity traders exercising caution in their approach.

The Australian stock market has surged around midday, buoyed by the positive performance on Wall Street, amid growing optimism that the Federal Reserve might have concluded its series of interest rate hikes.

The ASX's rate-sensitive sectors saw gains on Thursday as the US Federal Reserve kept interest rates unchanged, leading traders to speculate that US rates had reached their peak.

The Australian dollar rose to a three-week high of US64.10c after Federal Reserve Chairman Jerome Powell's statements were seen as suggesting that interest rates had reached their peak, boosting risk asset demand.

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.

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.