Markets

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.

Yields on 30-year Treasuries are experiencing their most significant quarterly increase since 2009, causing concerns that the recent bond market turmoil could have broader implications for financial markets.

The ASX closed lower on Thursday, primarily due to a decline in consumer stocks following an unexpected drop in monthly retail sales figures.

Oil prices surged towards $100 per barrel as US storage hub stockpiles hit critical lows, with West Texas Intermediate trading near $94 per barrel after a 3.6% jump, driven by Cushing, Oklahoma inventories falling to their lowest levels since July the previous year.

The Australian stock market didn't react significantly to a 5.2 percent increase in inflation because it was in line with expectations.

The monthly consumer price index in Australia increased to 5.2% for the 12 months ending in August, up from 4.9% in July, according to the Australian Bureau of Statistics, matching market expectations.

On Tuesday, the Australian stock market experienced a decline primarily due to a sell-off in technology and real estate stocks.

At noon, the S&P/ASX 200 is 0.49 per cent lower at 7,042.10, primarily driven by losses in property and tech sectors.

The ASX experienced a midday rally in tech stocks, which helped it recover from earlier losses in the materials sector, driven by concerns related to China's economic growth.

Oil prices increased for a second consecutive day, driven by hedge funds' growing confidence in tightening oil supplies.

The Judo Bank Flash Australia Composite PMI Output Index for September improved to 50.2 from August's 48.0, indicating a return to expansion in Australia's private sector.

Consumers are becoming more cautious due to rising living costs, but UBS analysts believe this doesn't indicate an immediate drop in spending, as they note a slight improvement in future interest rate expectations.

The ASX experienced continued declines at midday, with banking stocks being particularly affected. This drop was triggered by the recent hawkish statements from the US Federal Reserve.

The ASX extended its three-day losing streak, with materials and energy stocks declining, as investors awaited rate decisions from the Bank of England, Bank of Japan, and US Federal Reserve in the next 48 hours, which could significantly impact global markets.

Oil prices have stabilised amid a cautious market atmosphere before a Federal Reserve meeting, with West Texas Intermediate for November holding just below $91 per barrel.