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Australian shares climbed 32 points, or 0.4%, to 8,714 in early Monday trade, extending gains for a second session as most sectors advanced. Industrial services, consumer durables, and financials led the market higher, supported by firmer U.S. equity futures after softer jobs data reduced pressure on the Federal Reserve to deliver another rate hike.
Domestically, September private-sector growth was revised higher, driven by strength in services, even as manufacturing output remained subdued. Trading volumes were partly constrained by holiday-thinned activity in several states, including New South Wales and Queensland, while markets in key trading partner China stayed shut for the Golden Week holiday.
Treasurer Jim Chalmers noted that the conflict in the Middle East is now a key driver of Australia’s inflation challenge, maintaining pressure on the Reserve Bank to preserve a hawkish stance. Among major stocks, the big four banks rose between 0.4% and 0.9%, while BHP and Rio Tinto each gained close to 1%. Other notable performers included Reece, up 1.6%, and Codan, up 1.9%. In contrast, QBE Insurance fell 1.7% and Lynas Rare Earths slipped 1%.
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