12.09.202501:03:50UTC+00Australian Shares Follow Wall Street Higher

On Friday morning, the S&P/ASX 200 rose by 0.7% to approximately 8,870, recovering from the losses incurred in the previous session. This rise was influenced by Wall Street's upbeat performance, marking a third consecutive record close. The global markets are buoyant as mixed economic data from the US bolstered the anticipation of a Federal Reserve interest rate cut expected next week, with a disappointing jobs report overshadowing stronger-than-anticipated inflation figures. Nevertheless, the ASX 200 is projected to conclude the week with little change, partly due to uncertainties surrounding global trade and the Reserve Bank of Australia's anticipated decision to maintain current interest rates this month. In corporate news, the financial and gold sectors were at the forefront of the rally. The "Big Four Banks" saw their shares increase between 1% and 1.5%, while gold mining companies like Newmont and Northern Star experienced gains of 1.3% and 0.9%, respectively, as gold prices remained near historic highs. In contrast, the energy sector witnessed declines, as Woodside's shares decreased by 0.8% and Santos Limited by 0.9%, amidst falling oil prices driven by fears of reduced US demand and excess supply, despite ongoing geopolitical tensions in the Middle East and Ukraine.