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Australian shares rise on possibility of slower Fed rate hikes

11/23/2022 | 07:02pm EST

Nov 24 (Reuters) - Australian shares edged higher on Thursday, largely led by mining and gold sectors, as sentiment was lifted by the U.S. Federal Reserve's November meeting minutes that indicated of slower rate hikes ahead.

The S&P/ASX 200 index rose 0.2% to 7,249.4 points by 2335 GMT. The benchmark rose 0.6% on Wednesday.

The minutes showed that a "substantial majority" of officials favoured less aggressive rate hikes in the coming months, in order to allow the economy to absorb the outsized increases in borrowing costs.

Australia's mining index led the gains, rising 1.2%, with sector majors Rio Tinto, BHP Group and Fortescue Metals adding 0.6%-1.6%. The advance comes despite iron ore prices falling in top steel producer China.

The gold sector was boosted by a weaker greenback across the board, jumping 2.2%. Index majors Newcrest Mining and Northern Star Resources notched up 1.6% and 2%, respectively.

However, energy stocks fell about 0.6%, following lower Brent crude prices after the Group of Seven nations suggested a price cap on Russian oil above current market level.

Woodside Energy and Santos fell 0.1% and 0.5%.

The financial index slipped 0.1%, although shares in local healthcare firms traded 0.1% higher.

AGL Energy fell 0.8%. The company plans to shut down its gas-fired Torrens Island "B" power station in South Australia in June 2026, having closed the final unit at the "A" power station just a few months ago.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.4% to 11,275.9 points.

The Reserve Bank of New Zealand said that interest rates will have to go higher, threatening to tip the local economy into recession. (Reporting by Archishma Iyer in Bengaluru; editing by Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AGL ENERGY LIMITED 0.66% 7.67 Delayed Quote.-5.58%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -2.19% 0.6917 Delayed Quote.4.91%
BHP GROUP LIMITED -1.92% 47.91 Delayed Quote.7.06%
BRENT OIL -2.83% 79.73 Delayed Quote.-3.41%
BRITISH POUND / US DOLLAR (GBP/USD) -1.37% 1.20531 Delayed Quote.2.41%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.57% 0.7461 Delayed Quote.2.05%
EURO / US DOLLAR (EUR/USD) -1.02% 1.0793 Delayed Quote.2.90%
FORTESCUE METALS GROUP LIMITED -1.30% 21.95 Delayed Quote.8.43%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.50% 0.012132 Delayed Quote.1.21%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -2.31% 0.63245 Delayed Quote.2.63%
NEWCREST MINING LIMITED -2.86% 22.45 Delayed Quote.8.77%
NORTHERN STAR RESOURCES LIMITED -4.01% 12.69 Delayed Quote.21.17%
RIO TINTO PLC 1.06% 6128 Delayed Quote.5.69%
S&P GSCI BRENT CRUDE INDEX -2.71% 680.3413 Real-time Quote.-4.35%
S&P GSCI GOLD INDEX -2.81% 1092.57 Real-time Quote.6.38%
S&P/ASX 200 0.62% 7558.1 Real-time Quote.6.72%
SANTOS LIMITED 0.87% 6.99 Delayed Quote.-2.94%
WOODSIDE ENERGY GROUP LTD 0.65% 35.63 Delayed Quote.-0.11%
WTI 0.00% 73.419 Delayed Quote.-4.63%
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