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Australian shares are heading into a data-heavy session, with September-quarter inflation figures set to shape expectations for the Reserve Bank’s next move on interest rates.
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Wall Street’s overnight gains offer some support, but after resources led Tuesday’s ASX rebound while banks slipped, investors will be watching whether that rotation has further to run.
What to watch today
Inflation takes centre stage
The September-quarter Consumer Price Index (CPI) is due today, with investors looking for clues on whether inflation is easing or whether another interest-rate rise is on the cards. The figures arrive ahead of the Reserve Bank of Australia’s next policy decision on November 3.
A stronger-than-expected result could put further pressure on rate-sensitive shares, including banks, property and consumer stocks. A softer reading may provide some relief, but underlying inflation will be just as important as the headline number.
Resources versus banks
The ASX 200 added 0.46% on Tuesday to close at 8,850.1 points, extending its rebound for a second session. Materials gained 2.78%, while financials fell 0.59%, highlighting a continued rotation towards resources.
Uranium stocks were among the standouts, with Boss Energy (ASX: BOE) and Paladin Energy (ASX: PDN) both rising 6.7%.
The question now is whether the buying can continue. Investors will be watching commodity prices and whether miners can sustain their recovery, particularly if inflation adds to concerns about interest rates.
Wall Street’s tech-led gains
US markets finished higher overnight, with the S&P 500 up 0.7% and the Nasdaq gaining 0.8% in the latest reported session. Technology shares helped drive the recovery as investors looked ahead to major company earnings.
The gains offer some support for local sentiment, although inflation, interest rates and the outlook for heavy AI investment remain in focus.
On the calendar
- Wednesday: Australian September-quarter CPI, due at 8:30am AWST, after the ASX opens. The release will be closely watched ahead of next week’s RBA decision.
- Thursday: US Federal Reserve interest-rate decision, with investors looking for signals on the outlook for borrowing costs.
- Tuesday, November 3: Reserve Bank of Australia cash rate decision.
Local market news
Australian Gold and Copper (ASX:AGC) has identified gold intercepts across Evergreen with historic sampling;
PLS Group (ASX: PLS) has signed a long term power agreement;
Antipa Minerals (ASX: AZY) has intercepted thick high-grade at Minyari deposit;
Talga Group (ASX: TLG) has signed a binding offtake term sheet with Japan’s Dainen; and
Tali Resources (ASX: TR2) has confirmed sedimentary copper and orogenic gold potential at West Arunta.
Buck and ore
Now – in forex, the Oz dollar is buying US$0.702,
Looking at commodities, all in the greenback,
Iron Ore was down 0.09% to $90.70 in Singapore today,
Brent Crude was down 1.37% to $114.220 per barrel,
Gold was selling at $4060.20,
US natgas futures were up 4.96% to $2.7310 per gigajoule.
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That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.
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