The Australian sharemarket closed higher on Friday after Wall Street rallied overnight, as investors hope the US Federal Reserve may finally be done with raising interest rates.
Welcome to your five-minute recap of the trading day and an overview of how the experts saw it.The Australian sharemarket built on its bright start after retail sales numbers boosted optimism following a rally on Wall Street overnight, where investors are hoping the US Federal Reserve may finally be done with raising interest rates.
Origin continued to slide after its biggest shareholder, AustralianSuper, said on Thursday it wouldDespite successive rate rises, retail trade numbers showed consumers continued to increase spending in September, bolstering sentiment for the consumer discretionary sector . Longer-term Treasury yields fell as Fed chair Jerome Powell spoke following the central bank’s decision, and they kept sinking Thursday. The yield on the 10-year Treasury dropped to 4.67 per cent from 4.74 per cent late on Wednesday and from more than 5 per cent last week, when it reached its highest level since 2007.Lower yields provide oxygen across financial markets.
In London, the FTSE 100 climbed 1.4 per cent after the Bank of England left its main interest alone, like the Fed. A separate report, meanwhile, said slightly more US workers applied for unemployment benefits last week than expected. That’s bad news for those workers, but a cooler job market could also take pressure off inflation.Big US companies, meanwhile, continue to report better profits for the summer than analysts expected.
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