Australian shares track Wall Street higher as US data eases recession fears

Reuters

Australian shares track Wall Street higher as US data eases recession fears

9 ago. 2024, ore 1:08 GMT

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Aug 9 (Reuters) -Australian shares opened higher on Friday, in tandem with Wall Street's overnight strength, as U.S. jobs data calmed investor fears over a possible recession, while local gold and energy stocks tracked a surge in commodity prices.

The S&P/ASX 200 index .AXJO was up 0.6% at 7,727.8 points, as of 0034 GMT. The benchmark closed 0.2% lower on Thursday.

Data showed the number of new applications last week for unemployment benefits fell more than expected in the United States, easing worries of an imminent slowdown in the world's largest economy.

Back in Sydney, energy stocks .AXEJ added 1.1% as oil prices settled higher after U.S. jobs data assuaged demand concerns while the Middle East war helped prices recover from multi-month lows.

However, Brent crude LCOc1 futures dipped 0.1% to $79.09 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 also lost 0.1% to $76.11 per barrel.

Shares of Woodside WDS.AX and Santos STO.AX gained 1.1% and 0.9%, respectively.

Australian gold stocks .AXGD climbed 2.6% as prices of safe-haven bullion jumped more than 1% overnight.

Northern Star Resources NST.AX and Evolution Mining EVN.AX rose 2.3% and 2%, respectively.

Mining companies, which were up 1% .AXMM, joined the rally with sector giants BHP Group BHP.AX and Rio Tinto RIO.AX rising 0.6% and 0.8%, respectively.

Investors found comfort in a local report that global miner BHP was set to reopen its Cerro Colorado copper mine in Chile towards the end of the decade.

The U.S. S&P 500 index .SPX climbed 2.3% on Thursday, while Nasdaq .IXIC gained 2.8%. S&P 500 E-minis futures EScv1 were down 0.07% while the yield on benchmark 10-year Treasury notes US10YT=RR rose to 3.98% compared with its U.S. close of 3.997%.

The Aussie dollar was 0.1% stronger against the greenback to A$0.66 on Friday.

Financials .AXFJ added 0.5%. Among individual stocks, Australian insurer QBE Insurance QBE.AX dropped 2.7% after missing estimates for its interim results.

Shares of REA Group REA.AX rose as much as 4.7% after the News Corp-owned real estate firm posted higher annual profit and raised its dividend.

New Zealand's benchmark S&P/NZX 50 index .NZ50 was up 0.6% at 12,326.1 points.

Reporting by Sneha Kumar in Bengaluru; Editing by Sherry Jacob-Phillips

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