Australian shares inched higher on Monday, supported by financials and gold stocks, with investors awaiting domestic inflation data due this week to guide their outlook on the central bank’s rate hike trajectory.
The S&P/ASX 200 index was up 0.1% at 7,050 by 2355 GMT, set to extend gains for a second session, if current trend holds.
Australia on Wednesday will disclose its consumer price index (CPI) for October, a metric that will determine whether the Reserve Bank of Australia will hike interest rates again in its next meeting.
Gold stocks advanced 0.8%, with Evolution Mining and Northern Star Resources up 2.2% and 1.6%, respectively. Australia-listed shares of Newmont Corp fell 0.2%.
Banks climbed 0.4%, with the “Big Four” lenders up between 0.1% and 0.5%.
Technology stocks notched gains of nearly 1%, catching the tailwind from a bounce on Wall Street in the previous session.
ASX-listed shares of Cash app owner Block rose 0.3%, and software firm Xero climbed 0.4%.
Commodity stocks fell, with the energy sub-index down by 0.2%, tracking a decline in oil prices.
Shares of Woodside Energy fell 0.3%, while Santos rose 0.3%. Buyout-target Origin Energy fell 0.7% after the energy giant said it will adjourn its scheme meeting with Brookfield-led consortium until Dec. 4.
Miners and energy stocks drag Australian shares lower
Miners inched 0.3% lower.
Heavyweights Rio Tinto fell 0.3% while BHP Group slipped 0.5%.
Australia’s IGO Ltd slumped 1.3% after the battery minerals producer said Ivan Vella will head the company following his dismissal from Rio Tinto last month for leaking confidential information.
New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 11,198.82.
The central bank will hold its overnight cash rate at 5.50% on Wednesday and at least through mid-2024, a Reuters poll showed.
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