Australian shares gained 36 points, or 0.4%, to reach 8,697 in Friday’s morning session, rebounding after two days of losses. The move higher followed a modest rise in U.S. equity futures, even as Wall Street ended lower for a third consecutive session, weighed down by climbing Treasury yields and oil prices above $100 per barrel.
Upside momentum in local markets was tempered by caution ahead of next week’s September labor market report, after Australia’s unemployment rate in August rose to its highest level since 2021. Investors are also awaiting key data from China, Australia’s largest trading partner, with CPI, PPI, and trade figures due as activity resumes following the Golden Week holidays.
Tech, financial and consumer stocks led the advance, while weakness in communications, manufacturing, healthcare and industrial services limited gains. The big four banks rallied, alongside notable increases in Transurban (up 2.1%), QBE Insurance (2.0%), Suncorp (1.2%) and Aristocrat Leisure (1.0%).
For the week, the domestic market is on track for a second consecutive weekly gain, currently up about 0.2%.
