Australian shares rose 23 points, or 0.3%, to 9,083 in early Monday trade, recouping losses from the previous session as strength in materials, consumer services and healthcare improved sentiment. Risk appetite was further buoyed by a positive lead from Wall Street on Friday, with investors now focusing on Fed Chair Warsh’s remarks at the Jackson Hole symposium later this week, against a backdrop of elevated oil prices and global bond yields at multi‑decade highs.
Upside was capped by caution ahead of Australia’s July inflation data, due Wednesday, after headline inflation slowed to 3.8% in June from 4.0% but remained above the Reserve Bank of Australia’s 2%–3% target band. RBA Governor Michele Bullock has recently reiterated that underlying inflation is still too high and warned that further interest rate hikes cannot be ruled out, amid ongoing volatility linked to the Middle East conflict.
Among the notable gainers were PLS Group (up 2.2%), Fortescue (2.1%), Aristocrat Leisure (1.7%) and South32 (1.6%).
