Australian shares rose 24 points, or 0.3%, to 8,740 in early Monday trade, extending prior gains as U.S. futures strengthened following Wall Street’s positive close last week. The advance came ahead of a busy slate of corporate earnings and key inflation data.
On the domestic front, investors looked ahead to the Reserve Bank’s latest meeting minutes due later this week, as well as September figures on the labor market, business confidence, and the leading index. Attention in China—Australia’s largest trading partner—was centered on upcoming CPI, PPI, and trade data.
Gains were limited by geopolitical tensions after reports that U.S. President Donald Trump may support Saudi Arabia in retaliatory action against Iran-backed Houthi forces in Yemen.
Sector-wise, technology, manufacturing, and consumer durables outperformed, while sharp losses in communications stocks curbed overall momentum. Among notable movers, BHP Group rose 2.3%, Bluescope Steel climbed 3.2%, South32 gained 2.8%, and Fortescue Ltd. advanced 1.6%. Three of the four major banks added between 0.2% and 0.8%.
