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The Australian sharemarket finished firmly higher on today, with the S&P/ASX 200 adding 106.50 points, or 1.18%, to close at 9,136.20.
The rally followed a strong recovery on Wall Street, with investors returning to beaten-down technology stocks as falling oil prices helped ease concerns about inflation and geopolitical risks.
Industrials led the local market, climbing 2.31%, followed by Real Estate (+2.23%) and Materials (+1.48%). Financials also gained 1.12%, while Staples (-0.20%) and Utilities (-0.37%) were the only sectors to finish lower.
However, the latest NAB business survey provided a less encouraging picture of the domestic economy. Business confidence slipped to -15 in October, conditions eased to -2, and forward orders fell sharply by 11 points to -12, suggesting trading conditions could soften further.
That leaves investors looking to tonight’s US October inflation figures and comments from Federal Reserve officials for the next clues on interest rates and the outlook for global markets.
The rebound delivered a welcome lift to the ASX, but the economic backdrop remains one to watch.
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