FX.co ★ Australian Shares Rebound on Financial Boost

On Monday, the S&P/ASX 200 gained 0.2% to settle at 8,895, recovering from earlier declines that had driven the index to its lowest point in over a month. This uptick was largely attributed to strong performances among major financial stocks. Westpac Banking Corporation increased by 2.8%, nearing a historic high, even as it announced a fall in annual profits and the sale of its RAMS mortgage portfolio. Similarly, Commonwealth Bank of Australia saw a rise of 2.3%, while both National Australia Bank and ANZ Group Holdings experienced an uptick of 0.9%. Economically, the landscape was varied ahead of the central bank's monetary policy meeting slated for Tuesday. ANZ-Indeed Job Ads dropped by 2.2% in October compared to the previous month, suggesting a continued easing in the labor market, which might support the argument for future interest rate reductions. Conversely, Australia’s Monthly Inflation Gauge from the Melbourne Institute registered a 0.3% increase from the previous month, indicating a rise in inflation and suggesting that a rate cut may be premature.