Australian shares advanced 100 points, or 1.1%, to 9,130 in Tuesday morning trade, extending recent gains to reach an 11-week high. The market drew support from a strong rally on Wall Street, driven by technology stocks and a sharp fall in oil prices.
However, the upside was capped by new data showing weaker consumer and business sentiment at home, as households and firms continue to grapple with elevated cost pressures and higher interest rates. In China, a key trading partner, October inflation eased to a three-month low, while producer prices recorded their fastest increase in more than four years. The divergence between consumer and producer price trends underlined the challenges facing Beijing as it seeks to revive consumption and bolster industrial activity.
All major sectors on the local market moved higher, led by industrials, logistics, and transport. Among miners, BHP Group rose 1.3% and Rio Tinto added 0.9%, while gold producers Northern Star Resources and Evolution Mining gained 1.1% and 0.7%, respectively. Technology names were also strong performers, with Nextdc jumping 4.5% and WiseTech Global adding 1.7%. Three of the four major banks advanced, led by ANZ and Westpac.
