FX.co ★ Australian Stocks End Slightly Higher

The S&P/ASX 200 inched up by 0.1% to settle at 8,617 on Thursday, driven by an uptick in gold and tech stocks. This came amidst worries over rising inflation, which dimmed hopes for monetary easing and raised fears about a possible interest rate increase. The caution stemmed from Wednesday's data indicating that consumer prices rose for the fourth consecutive month in October, going further beyond the Reserve Bank of Australia's (RBA) target range of 2%–3%. The unexpected inflation figures significantly altered market expectations, now showing a minimal probability of a rate cut in May next year and an increased chance of a rate hike by the year's end. Meanwhile, a robust performance from Wall Street overnight bolstered confidence, with mounting expectations for a rate cut from the Federal Reserve. Gold miners gained 1.1%, reaching a two-week peak, buoyed by higher bullion prices amid the increasingly dovish outlook on the Fed. Similarly, technology stocks mirrored the upward trend of their U.S. counterparts, rising over 2%, with Wisetech Global surging nearly 5%.