FX.co ★ Aussie Stocks End the Week Cautiously Higher

The S&P/ASX 200 concluded Friday with a modest increase of 0.2%, closing at 8,635, marking four consecutive days of gains largely fueled by rising mining and banking sectors. The index achieved a slight weekly rise of 0.2%, its second consecutive weekly improvement, in the absence of significant new economic or corporate developments. Investors maintained a cautious approach ahead of the upcoming Reserve Bank of Australia’s decision on interest rates. Market consensus largely anticipates unchanged rates, though steady growth paired with persistent inflation has intensified speculation about the possibility of easing resuming next year. The forthcoming labor market report is anticipated to play a critical role in guiding near-term expectations. The mining sector took the lead in market gains, advancing 0.9% to hit a new peak for the fourth consecutive day, spearheaded by industry giants BHP, which increased by 0.8%, and Fortescue, rising by 2.2%, with gold stocks also climbing by 1.4%. Furthermore, financial stocks saw a 0.4% uplift, bolstered by gains across all major banks. Conversely, the consumer discretionary sector experienced a decline of 1.2%, influenced by apprehensions over potential rate hikes, while energy stocks decreased by 0.6%.