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Updated January 5th, 2024 at 08:26 IST

Australian stocks set for worst 10 weeks, eyes on CPI Data

The S&P/ASX 200 index rose 0.1 per cent to 7,503.70 by 00:18 GMT, with a 1.1 per cent decline for the week following five consecutive weekly gains.

Reported by: Business Desk
ASX
Australian shares | Image:ASX
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Australian stocks in focus: Australian stocks saw a slight uptick on Friday, but are on track for their most challenging week since late October amid cautious sentiment ahead of a crucial domestic inflation report. 

The S&P/ASX 200 index rose 0.1 per cent to 7,503.70 by 00:18 GMT, with a 1.1 per cent decline for the week following five consecutive weekly gains.

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Investors are closely watching the upcoming monthly inflation report for November, which will serve as a crucial indicator for gauging the Reserve Bank of Australia's (RBA) monetary policy decisions in the coming year. 

There is speculation that the RBA might initiate monetary easing around May or June, despite maintaining a nominal tightening bias.

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Globally, expectations of multiple interest rate cuts by the US Federal Reserve this year have been tempered by market participants. 

In Sydney, banks led gains on Friday, rising 0.5 per cent, but were still on course for their first weekly decline since mid-November. Commonwealth Bank of Australia gained 0.7 per cent, while Westpac saw a 0.1 per cent increase.

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Gold stocks rebounded by 0.8 per cent after four consecutive sessions of losses, benefiting from a recovery in bullion prices. Northern Star Resources and Evolution Mining gained 0.9 per cent and 0.8 per cent, respectively. 

However, tech firms experienced a third consecutive session of declines, falling 1.3 per cent and heading for their worst week since mid-October. Sector major Xero fell 1.1 per cent, while WiseTech Global lost 1.6 per cent.

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In New Zealand, the S&P/NZX 50 index dipped 0.1 per cent to 11,747.52 and was poised for its first weekly decline in over two months.

(With Reuters Inputs)

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Published January 5th, 2024 at 07:17 IST

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