Australian stocks rise on rising resources; focus on key economic figures – Markets


Australian stocks hit their highest level in more than a week on Monday as rising commodity prices boosted mining and energy stocks, with investors watching key data due this week.

The S&P/ASX 200 index rose almost 1% at 0019 GMT.

The U.S. consumer price report is due out on Tuesday, while Australian jobs data is due out later this week — readings that could help investors gauge the rate hike trajectories of Australian and US central banks.

Domestic miners led the gains, up 2.1%, as iron ore futures soared. BHP and Rio Tinto gained 2.8% and 1.3% respectively. Financials gained 0.8% and so-called “Big Four” banks rose 0.5% to 1.1%.

Westpac climbed 0.5% as it joined the other three ‘Big Four’ in raising its variable interest rates on home loans by 50 basis points per year, passing the central bank’s rate hike on in full to its customers .

Australian stocks rise on rising resources; New Zealander Fonterra jumps more than 2%

Local energy stocks gained 1.2%, with oil and gas majors Woodside Energy and Santos gaining 2% and 0.1% respectively.

Tech stocks rose 1.4%, following a rally among their Wall Street peers. ASX-listed shares of Block Inc soared 4.5%.

Meanwhile, high bullion prices pushed gold stocks up 0.7%.

Australia’s largest gold producer, Newcrest Mining, added 0.5%. In New Zealand, the benchmark S&P/NZX 50 index climbed 0.3% to 11,796.79 points.

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