Australian shares climbed on Wednesday, boosted by financials and gold stocks ahead of the local inflation print, while equities in New Zealand declined ahead of its central bank’s interest rate decision later in the day.
Australia’s S&P/ASX 200 index rose 0.5% to 8,401.3 points, as of 2310 GMT.
The benchmark had ended the last session 0.7% lower.
Investors awaited the country’s consumer price index data for October, due at 0030 GMT, for more insights into the Reserve Bank of Australia’s (RBA) near-term interest rate trajectory.
In October, inflation slowed to a 3-1/2 year low in the third quarter, even as the core measure remained sticky.
Among sub-indexes, financials gained as much as 0.9%, with the “Big Four” banks advancing between 0.7% and 1.1%.
Gold stocks rose as much as 1.8%, with gold miners Evolution Mining and Northern Star Resources gaining 1.3% and 2.7%, respectively. Gold, however, traded flat at $2,631.10.
Technology stocks rose as much as 0.9%, tracking overnight gains in their Wall Street peers. Following the trend, health care stocks added 0.6%.
Australian shares struggle for direction as gold stocks drag; NAB tumbles
Energy stocks inched 0.2% higher, while miners were flat. Overnight, the US Dow Jones Industrial Average rose 0.28% to 44,860.31 points.
The S&P 500 and Nasdaq gained 0.57% and 0.63%, respectively.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index traded 0.6% lower at 13,113.8 points.
The Reserve Bank of New Zealand is expected to lower interest rates by 50 basis points to support the economy, a Reuters poll showed, with economists predicting that the central bank would cut rates steadily next year.
The decision is due at 0100 GMT.
Source: Brecorder
