FX.co ★ Australian Stocks Open Little Changed

The S&P/ASX 200 index remained relatively stable at approximately 8,620 during Friday morning trading, ending a four-day winning streak. This stagnation was due to declines in sectors sensitive to interest rates, which overshadowed the gains made by gold and technology stocks. Despite potentially posting its largest monthly decline since March, influenced by a cautious outlook from the Reserve Bank of Australia (RBA), the index is still poised for its first weekly increase in five weeks. This optimism is partly fueled by increasing anticipation of a Federal Reserve rate cut in the upcoming month. The banking sector experienced notable losses, with three of the "Big Four" banks posting declines. Real estate stocks also slipped by 0.6%. A recent inflation report that exceeded expectations reinforced the belief that the RBA's policy easing may be finished and even sparked speculation about a potential interest rate hike before the end of the year. Major mining companies saw their shares drop as commodity prices softened, with BHP, Rio Tinto, and Lynas Rare Earths recording declines between 0.3% and 1%. Conversely, technology stocks continued their upward trend, ascending by 1.3% in line with gains from their U.S. counterparts, while gold mining stocks increased by 0.7% supported by robust bullion prices.