Gold Miners Lift ASX, Origin Energy a Drag

The Australian Financial Review2023-11-28

Shares rebounded on Tuesday, buoyed by gains in real estate and gold, and the Australian dollar climbed to a four-month high on expectations that borrowing costs will stay elevated for longer than in ...

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Linlin noman
2023-11-28
Linlin noman
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The RBA is expected to leave the 4.35 per cent cash rate on hold on December 5 and markets imply a 68 per cent chance of a rate increase by June.At a central banking conference in Hong Kong, Reserve Bank governor Michele Bullock said household finances were holding up despite the central bank’s 13 interest rate rises, warning it is “very uncertain” whether inflation would return to target by the end of 2025.In stock news, the S&P/ASX 200 gained 0.4 per cent or 27.6 points to 7015.2 and the All Ordinaries also advanced 0.4 per cent.The main benchmark was on track to post a 3.5 per cent gain in November, the second-largest monthly rise this year. For the year, however, the index is still only back to where it was at the start of 2023.Energy was the biggest laggard, despite oil prices regaining a little bit of ground following three sessions of decline. 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PointsBet powered up 5.5 per cent to 77¢ after confirming it is on track to deliver revenue growth in 2024.The major banks lifted but a 2 per cent retreat in iron ore prices weighed on Rio Tinto and BHP Group.Elsewhere, the Australian dollar extended gains, reaching US66.31¢ – a level last seen on August 1 – buoyed by a weaker greenback on expectations the Federal Reserve could start cutting interest rates by the first half of next year.“In the past few trading sessions, the Australian dollar has been benefiting from the strengthening in the Chinese yuan and to the resilience in the iron ore price above $US130 a tonne,” said Ray Attrill, head of FX strategy at National Australia Bank.The local currency is often used as a liquid proxy for the yuan given China is the single biggest importer of Australian commodities.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":246273124770016,"gmtCreate":1701149334720,"gmtModify":1701149339178,"author":{"id":"4119226100765382","authorId":"4119226100765382","name":"Linlin noman","avatar":"https://community-static.tradeup.com/news/d4cf1beb7ca43413547c8dde5a4700e0","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4119226100765382","authorIdStr":"4119226100765382"},"htmlText":"♎️😄♎️","listText":"♎️😄♎️","text":"♎️😄♎️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246273124770016","repostId":1175762732,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1175762732"}