The Australian share market has risen for the third consecutive day, driven by optimism surrounding potential stimulus measures from Beijing and a cautious stance from the U.S. central bank regarding the inflation outlook in the event of a second Trump presidency.
On November 8, the S&P/ASX 200 index closed 0.8 percent higher at 8295.1, gaining 68.8 points. The broader All Ordinaries index also saw an increase of 0.8 percent, adding 38 points to reach 8552.6.
Both the U.S. Federal Reserve and the Bank of England announced 25 basis points rate cuts, aligning with market expectations. Federal Reserve Chair Jerome Powell addressed concerns about the economic impact of the U.S. election and potential inflation risks associated with the Trump administration’s policies.
Investors were hopeful for stimulus measures to support the Chinese economy as the National People’s Congress Standing Committee concluded its week-long briefing on November 8.
The U.S. election dominated market discussions throughout the week, with a focus on potential tax cuts, deregulation, and trade policies. AMP deputy chief economist Diana Mousina anticipated further rallies in share markets and cryptocurrencies in the short term, with U.S. equities expected to outperform global markets.
In the Australian market, energy stocks experienced a slight decline, while other sectors, including technology and property, performed well. Gains were seen in companies like GPT Group, Charter Hall Group, and ANZ despite challenges in the home loan market.
Key mining companies like BHP, Rio Tinto, and Fortescue also saw positive movement in their stock prices. However, digital payments company Block reported lower-than-expected revenue, leading to a decline in its share price.
Property listing firm REA Group recovered from losses and posted strong earnings and revenue growth figures. The Australian dollar strengthened against major currencies, trading at 66.54 US cents at the close of November 8.
Overall, the Australian share market showed resilience and positive momentum, influenced by both domestic and global economic factors.
For the full details of the market performance on November 8:
* S&P/ASX 200 index closed at 8295.1, up 0.8 percent
* All Ordinaries index reached 8552.6, gaining 0.8 percent
In terms of currency exchange rates:
* 1 AUD buys 66.54 US cents
* 1 AUD equals 101.63 Japanese yen
* 1 AUD is equivalent to 61.71 Euro cents
* 1 AUD trades at 51.31 British pence
* 1 AUD is worth 110.69 NZ cents
