FX.co ★ Australian Shares Rise Despite Softer GDP Data

The S&P/ASX 200 increased by 0.4% to approximately 8,610 on Wednesday, building on the gains from the previous session as investors evaluated the third-quarter GDP data. The economic figures revealed slower expansion than anticipated, with households choosing to save a larger portion of their income, casting doubt on the robustness of the recovery. Growth decelerated to 0.4% for the quarter and 2.1% on an annual basis, both slightly below predictions. This subdued result dampened expectations for further interest rate hikes from the Reserve Bank of Australia (RBA) ahead of next week's policy meeting, where rates are expected to remain unchanged following three reductions this year. Interest rate-sensitive sectors led the market, with financials and real estate stocks climbing by 0.7% and 1.1%, respectively. The "Big Four" banks rose between 0.5% and 1.5%, while Australia’s premier property developer, the Goodman Group, advanced by 0.6%. On an individual stock basis, Predictive Discovery surged by 16.8% to reach a ten-year high after the gold exploration company received an enhanced takeover proposal from Perseus Mining.