Australian shares advanced 31 points, or 0.4%, to 9,085 in Thursday morning trade, snapping a six-session losing streak as U.S. equity futures strengthened and Wall Street halted a three-day decline amid easing Treasury yields. The local market rebounded from a two-week low as bargain hunters moved in.
In China, the central bank kept its lending benchmarks unchanged for a 15th consecutive month, maintaining both the one- and five-year loan prime rates at record lows to support economic growth.
Domestic data, however, weighed on sentiment. July employment unexpectedly declined, while the unemployment rate rose to a three-month high. Reserve Bank of Australia Deputy Governor Andrew Hauser warned that further interest rate increases may be required if inflation risks persist, stressing that price growth remains “too high.”
Gains were led by consumer durables, non-energy minerals, healthcare, and utilities, supported by notable advances in heavyweights BHP Group (up 2.2%), CSL Ltd. (up 4.9%), and Northern Star Resources. In contrast, the four major banks underperformed, falling between 1.3% and 2.2%.
