Turning to the Australian market, the ASX 200 Index gained 0.68% on Thursday morning. Significantly, the Index brushed aside Wall Street losses to reach a new all-time high of 8,466. Banking and technology-related stocks contributed to the morning gains, countering a decline in gold stocks.
The S&P/ASX All Technology Index rose 0.45%, while the Commonwealth Bank of Australia (CBA) rose 1.02%. Rising bets on a Fed rate in December boosted demand for high-yielding Australian bank stocks. Westpac Banking Corp. (WBC) and National Australia Bank (NAB) also posted strong morning gains.
Meanwhile, Northern Star Resources Ltd. fell. (NST) 1.14%, while gold prices trended lower during the Thursday morning session.
Outlook
Investors should monitor developments in Beijing’s stimulus measures, central bank commentary and US trade policy. Further stimulus measures aimed at Chinese consumers could ease tariff concerns. However, increasing expectations for interest rate cuts by the Bank of Japan could boost demand for the yen, potentially impacting Nikkei-listed exporters. Stay up to date with our insights to address evolving market risks.