Australian shares rose on Friday, helped by resources stocks on firmer commodity prices, while investors focused on July retail sales data due later in the day to assess consumer demand prospects.
The S&P/ASX 200 index rose 0.4% to 8,073 by 0020 GMT.
The benchmark has fallen about 0.2% so far in the month after three consecutive months of advancements.
The retail sales report is expected to shed more light on consumer demand prospects in Australia where interest rates are at a 12-year high.
A Reuters poll showed retail sales likely rose by 0.3% from June.
Data released earlier this week showed that inflation slowed to a four-month low in July but was slightly above forecasts.
Investors were also awaiting a key US inflation report due later in the day for more clues about Federal Reserve interest rate cuts.
Overnight, the Dow Jones Industrial Average rose 0.59% to an all-time closing high.
The S&P 500 index ended barely changed at 5,591.96, just below its July record closing high. The Nasdaq declined 0.23% to 17,516.43.
In Sydney, mining stocks rose 0.3% after iron ore prices closed higher on Thursday, buoyed by renewed hopes of improving demand in top consumer China in the coming weeks. Gold stocks rose 1.2% after bullion prices gained 1% overnight, fuelled by strong expectations of a Fed rate cut in September.
Australian shares end lower as investors weigh mixed earnings, await data
Shares of Northern Star Resources and Evolution Mining climbed 0.7% and 1%, respectively.
Energy stocks gained 1.2% after oil prices rose overnight on supply disruptions in Libya and plans to lower output in Iraq. Overnight, Brent crude futures gained 1.6% to settle at $79.94 a barrel.
US West Texas Intermediate crude futures rose 1.9% to $75.91 a barrel. New Zealand’s benchmark S&P/NZX 50 index advanced 0.6% to 12,426.22.
Comments
Comments are closed.