Australian stocks rose 94 points, or 1.1%, to 8,917 on Thursday morning, advancing for a third consecutive session and reaching their highest level in five weeks. Stronger U.S. equity futures supported risk appetite, offsetting the drag from overnight weakness on Wall Street after U.S. President Donald Trump threatened to bomb Iranian infrastructure in response to any attacks on ships transiting the Strait of Hormuz.
Gains were tempered by caution ahead of June domestic labor market data due later today, after May’s solid jobs growth contrasted with a near four-year high in the unemployment rate. Investors are also looking ahead to Friday’s release of flash PMI readings for July.
The advance was broad-based, led by technology, non-energy minerals, financials, and industrial services. The four major banks climbed between 1.1% and 1.4%, while heavyweight BHP Group added 1.1%. Other notable gainers included Mineral Resources (up 2.9%), PLS Group (2.7%), Goodman Group (2.4%), and Brambles Ltd. (1.2%).
