Australian shares rose 32 points, or 0.4%, to 9,070 in early Friday trade, breaking a two-session losing streak and mirroring Wall Street’s rebound ahead of Fed Chair Kevin Warsh’s debut speech at Jackson Hole later today. Investors are watching closely for any hints on the future path of interest rates, even as Warsh has deliberately refrained from providing explicit guidance, instead emphasizing the Federal Reserve’s commitment to price stability.
On the domestic front, household spending increased more than expected in July, registering a third consecutive monthly gain. However, the upside was capped by investor caution ahead of next week’s July PMI releases for both Australia and key trading partner China, as well as domestic Q2 GDP and July trade figures.
Sector-wise, technology, commercial services, and healthcare led the advance, partly offset by softness in industrials and retail trade. The four major banks gained between 0.4% and 1.0%, while notable movers included Xero Ltd. (up 8.1%), Pro Medicus (up 3.8%), and REA Group (up 2.6%). For the week, the market is on track for a modest 0.2% rise so far, reversing declines over the previous two weeks.
